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Surge In Automotive Industry Boosts Growth Prospects For The Automotive Fintech Market: Powering Innovation and Expansion in the Automotive Fintech Market by 2025
Automotive Fintech
What Is the Expected CAGR for the Automotive Fintech Market Through 2025?
The size of the automotive fintech market has seen a significant expansion in recent times. The market is projected to surge from $59.04 billion in 2024 to $64.72 billion in 2025, presenting a Compound Annual Growth Rate (CAGR) of 9.6%. Factors such as digital transformation, the rise of online marketplaces, expanded automotive adoption, changes in regulation, and disruption caused by fintech startups contributed to the growth during the historic period.
What's the Projected Size of the Global Automotive Fintech Market by 2029?
Anticipated to experience a significant surge in the coming years, the automotive fintech market is projected to expand to a staggering $96.91 billion by 2029, with a compound annual growth rate (CAGR) of 10.6%. This growth within the forecasted timeframe is primarily ascribed to factors such as the increasing traction of usage-based financing, the marriage of API and open banking, a strong emphasis on cybersecurity measures, changes spurred by the pandemic, and the introduction of green finance incentives. Major trends to watch during the forecast period include the importance placed on financial literacy, the adoption of blockchain, customised financial services, the rise of subscription-based car financing, the move towards automated and touchless transactions, and data-centric decision making processes.
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Top Growth Drivers in the Automotive Fintech Industry: What's Accelerating the Market?
The upward trend in the automotive sector is predicted to drive the expansion of the automotive fintech market. The term automotive industry encompasses the manufacture, development, and sales of vehicles. Automotive fintech brings about digitisation, introducing more efficient and simpler ways of vehicle financing and insurance, presenting opportunities for automotive firms to benefit from improved customer satisfaction, data analytics, and cost savings. For example, in May 2023, the European Automobile Manufacturers Association, a trade organisation based in Belgium, stated that there was a production of 85.4 million motor vehicles worldwide in 2022, marking a growth of 5.7% from the preceding year. Consequently, the burgeoning automotive sector is fuelling the demand for the automotive fintech market.
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What Trends Will Shape the Automotive Fintech Market Through 2029 and Beyond?
The growing popularity of automotive finance platforms embracing novel zero-emission technologies signifies a major trend in the automotive fintech market. Many leading firms in this market space are introducing distinct platforms designed specifically to finance sales of electric vehicles - a move designed to inspire more people to purchase these environmentally-friendly vehicles. For instance, in June 2022, Tenet, a leading environmental finance company from the United States, unveiled an innovative financing platform dedicated to fast-tracking the adoption of electric vehicles. This fresh financing approach for electric vehicles promotes greater consumer uptake of cutting-edge zero-emission technologies, simultaneously helping consumers attain their financial and sustainability targets more effectively.
What Are the Main Segments in the Automotive Fintech Market?
The automotive fintech market covered in this report is segmented -
1) By Propulsion Type: Internal Combustion Engine (ICE), Electric
2) By Vehicle Type: Passenger Car, Commercial Vehicle
3) By Channel: On Demand, Subscription
4) By End User: Digital Loans And Purchase, Online Leasing, Online Insurance, In-Vehicle Payments
Subsegments:
1) By Internal Combustion Engine (ICE): Gasoline Vehicles, Diesel Vehicles, Hybrid Vehicles
2) By Electric: Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs)
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Which Top Companies are Driving Growth in the Automotive Fintech Market?
Major companies operating in the automotive fintech market include Liberty Mutual Group, Fiserv Inc., Stripe Inc., Global Payments Inc., Coinbase Global Inc., Grab Financial Group, Bajaj Auto Finance, Creditas Soluções Financeiras Ltd., Root Insurance Company, Oodle Car Finance, Cambridge Mobile Telematics, AutoFi Inc., Blinker Inc., Cuvva, By Miles Ltd., Clearcover Insurance Co, Bumper.com, CarConnect Group, Fair Financial Corp, Tractable Ltd., Lendbuzz Inc., Eze Wheelz, AlgoDriven, Naked Insurance, Just Insure Inc.
Which Regions Will Dominate the Automotive Fintech Market Through 2029?
North America was the largest region in the automotive fintech market in 2024. The regions covered in the automotive fintech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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