Press release
Global Auto Finance Market Projected to Grow at 11.3% CAGR, Reaching $4008.79 Billion by 2029
Auto Finance Market
What Will the Auto Finance Industry Market Size Be by 2025?
The size of the auto finance market has seen significant growth in past years. Its size is projected to expand from $2325.08 billion in 2024 to $2607.74 billion in 2025, representing a compound annual growth rate (CAGR) of 12.2%. Factors contributing to this historic growth period include an increase in consumer credit, the advent of installment plans, the rise of leasing options, the creation of credit scoring systems, and the evolution of the auto industry.
What's the Long-Term Growth Forecast for the Auto Finance Market Size Through 2029?
The automobile finance market is predicted to experience swift expansion in the impending years. The market cap is projected to surge to $4008.79 billion by 2029, scaling at a compound annual growth rate (CAGR) of 11.3%. The market swell in the future can be linked to factors like the digital transformation in auto finance, the transition towards electric and shared mobility, novel financing paradigms, and strengthened measures for data privacy and security, as well as the impact of economic trends. The upcoming period is expected to witness trends such as touchless transactions, eco-friendly financing incentives, pay-per-use insurance and finance, and the implementation of blockchain technology in the auto finance sector.
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What Are the Key Growth Drivers Fueling the Auto Finance Market Expansion?
The escalation in automobile prices is playing a crucial role in the expansion of the auto finance market. Essentially, vehicle costs are what a buyer has to pay a dealer to acquire a car. With car prices on the rise, loans amounts and tenors are also seeing an increase, rendering larger loans seemingly more economical and enhancing the requirement for superior auto finance options. For example, statistics provided by the U.S. Bureau of Labor Statistics, a US government agency specialising in labour economics and statistics, revealed in May 2023, that the consumer price index (CPI) for used cars and trucks escalated from 184.997 in March 2023 to 193.394 in April 2023. Also, data from the International Energy Agency, a French autonomous intergovernmental organization, disclosed in October 2021 that $120 billion was spent by consumers on electric cars in 2020, which marked a 50% hike from the prior year. This resulted in a 41% increase in sales and a 6% rise in average costs. Consequently, the upswing in vehicle prices is fuelling the expansion of the auto finance market.
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What Are the Key Trends Driving Auto Finance Market Growth?
Product innovation is currently a prominent trend in the auto finance market, with major companies leveraging new products or technologies to bolster their market presence. For example, in March 2022, US-based vehicle lifecycle management company Solera Holdings LLC launched its new product, Solera Auto Finance. This unique used car lending solution is designed to provide quick and suitable financing specifically for independent and franchised used car dealers and their customers. The platform has full integration with Solera's Dealer Management Systems (DMS), including Auto/Mate for franchise dealers and iDMS for independent dealers, thus presenting a fresh competitive financing alternative. It harnesses Solera's well-established AI and data science capabilities to create an advanced and highly precise financing tool. This offers several benefits, like attracting new clientele, offering a faster and simpler solution, enhancing accuracy, minimizing friction, and reducing expenses.
How Is the Auto Finance Market Segmented?
The auto finance market covered in this report is segmented -
1) By Finance: Direct, Indirect
2) By Vehicle Age: New Vehicles, Used Vehicles
3) By Loan Provider: Banks, Original Equipment Manufacturer (OEM), Credit Unions, Other Loan Providers
Subsegments:
1) By Direct: Bank Loans, Credit Unions, Captive Finance Companies
2) By Indirect: Dealership Financing, Third-Party Lenders, Retail Installment Contracts
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Which Companies Are Leading the Charge in Auto Finance Market Innovation?
Major companies operating in the auto finance market include Ford Motor Credit Company LLC, General Motors Financial Company Inc., JPMorgan Chase, Bank of America Corporation, Hitachi Capital Corp, Santander Bank NA, Wells Fargo & Co., HSBC Holdings PLC, Volkswagen Finance Services, Capital One Financial Corporation, PNC Bank, Westlake Financial, HDFC Bank Limited, Carvana Co, Mahindra & Mahindra Financial Services Limited, Ally Financial Inc., Toyota Financial Services, Infiniti Financial Services, Standard Bank Group Ltd., Huntington Bancshares Inc., Equifax Inc., LendingTree Inc., Exeter Finance Corp, Honda Financial Services, TD Auto Finance, Autopay, Mercedes-Benz Financial Services, CarsDirect, AutoFi, Caribou Auto Refinancing
Which Regions Are Leading the Global Auto Finance Market in Revenue?
Asia-Pacific was the largest region in the auto Finance market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the auto finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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