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Rising Vehicle Prices Fueling Growth In The Automotive Finance Market Emerges as a Core Driver of the Automotive Finance Market in 2025
Automotive Finance
What Is the Expected CAGR for the Automotive Finance Market Through 2025?
The scale of the automotive finance market has seen a substantial increase in recent times. The market is forecasted to expand from $290.06 billion in 2024 to $314.36 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.4%. The growth during the historic period was driven by factors such as consumer demand, transformation in lending practices, the advent of leasing, favorable interest rates, and the overall economic environment.
What's the Projected Size of the Global Automotive Finance Market by 2029?
It is anticipated that the automotive finance market will witness substantial expansion in the upcoming years, reaching a value of $440.55 billion in 2029, with an 8.8% compound annual growth rate (CAGR). The anticipated growth during this forecast period is due to factors such as adaptable financing plans, risk mitigation tactics, customer-focused experiences, custom financing solutions, and subscription-based models. Key trends expected during this period include improved customer experience, partnerships with dealers, enhancements to credit accessibility, longer loan periods, and changes in regulations.
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Top Growth Drivers in the Automotive Finance Industry: What's Accelerating the Market?
The escalating prices of vehicles are anticipated to boost the expansion of the automotive finance market. The term "vehicle prices" points to the sum a car maker considers reasonable to charge for the design, manufacture, and market launch of a vehicle. Auto finance pertains to the act of buying a car, usually more costly than would be otherwise viable. For example, data from Kelly Blue Book, an American vehicle valuation and intelligence firm owned by Cox Automotive, demonstrated in June 2022 that the average transaction prices for new vehicles had surged by 13.5% year on year, transitioning from $41,534 in May 2021 to $47,148 in May 2022. Trucks observed the most considerable gain ($888), boasting an average transaction price (ATP) of $56,216. Vans saw a $726 rise in May, advancing their ATP to $48,671, and SUVs experienced an upshot of $526, escalating their ATP to $46,073. Consequently, the growing vehicle prices are fuelling the development of the automotive finance market.
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What Trends Will Shape the Automotive Finance Market Through 2029 and Beyond?
The rise of technology stands out as an emerging trend gaining traction in the realm of automotive financing. Leading organisations in this sector are striving to introduce new technologies to maintain their market standing. For instance, in September 2022, an Indian automotive fintech startup named Kuwy, which is a subsidiary of Volkswagen Finance, released KUWY-LaaS. This AI-driven platform harnesses blockchain technology to facilitate online auto sales. This technology not only streamlines online auto transactions providing total transparency but also offers extensive information critical to the seller, buyer, and lender in making optimal decisions. The technology provides the customer with the ability to select from various financing options, pick a lender, and gain rapid approval in a completely paperless process.
What Are the Main Segments in the Automotive Finance Market?
The automotive finance market covered in this report is segmented -
1) By Provider Type: Banks, OEMs, Other Provider Types
2) By Finance Type: Direct Finance, Indirect Finance
3) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Other Vehicle Types
Subsegments:
1) By Banks: Traditional Banks, Credit Unions, Online Banks
2) By OEMs (Original Equipment Manufacturers): Manufacturer Financing Services, Captive Finance Companies
3) By Other Provider Types: Independent Finance Companies, Peer-To-Peer Lending Platforms, Leasing Companies
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Which Top Companies are Driving Growth in the Automotive Finance Market?
Major companies operating in the automotive finance market are Ally Financial Inc., The Bank of America Corporation, Capital One Financial Corporation, Chase Auto Finance, Daimler Financial Services India Private Limited, Ford Motor Credit Company, General Motors Financial Company Inc., Hitachi Capital Corporation, Toyota Financial Services, Volkswagen Financial Services, BNP Paribas, HDFC Bank Limited, Standard Bank Group Ltd., Banco Bradesco SA, Wells Fargo & Co., HSBC Holdings PLC, Oodle Car Finance Services Limited, Lendbuzz Inc., OTO Capital, Bajaj Finance Limited, Three Wheels United, Moneybarn Limited, Yixin Group Limited, Caribou Financial Inc., Euler Motors, Nissan Infiniti Finance, Honda Motor Co. Ltd., American Express Company, MX Technologies Inc.
Which Regions Will Dominate the Automotive Finance Market Through 2029?
Europe was the largest region in the automotive finance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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