Press release
Soaring Demand Set to Propel Automotive Fintech Market to $96.79 Billion by 2029
Automotive Fintech Market
What Is the Expected CAGR for the Automotive Fintech Market Through 2025?
The scale of the automotive fintech market has witnessed a powerful surge in its growth over the past few years. The market, which is predicted to escalate from a valuation of $59.04 billion in 2024 to $64.33 billion in 2025, boasts a compound annual growth rate (CAGR) of 9.0%. This growth observed in the historical era is largely due to the digital revolution, initiation of online marketplaces, surge in the acceptance of automobiles, changes in regulation, and the disruption caused by fintech startups.
What's the Projected Size of the Global Automotive Fintech Market by 2029?
In the forthcoming years, the automotive fintech market is poised to experience a swift expansion, estimated to touch the $96.79 billion mark by 2029, growing at a compound annual growth rate (CAGR) of 10.8%. This predicted growth during the forecast period is primarily due to the increasing adoption of usage-based financing, the integration of API and open banking, a stronger emphasis on cybersecurity, changes brought about by the pandemic, and incentives for green financing. The period is also predicted to see significant trends like a focus on financial literacy, the adoption of blockchain technology, customized financial services, subscription-based car financing, automation and contactless transactions, and data-driven decision making.
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Top Growth Drivers in the Automotive Fintech Industry: What's Accelerating the Market?
The boom in the auto industry is anticipated to push forward the expansion of the automotive fintech industry. When referring to the auto industry, it entails the processes of manufacturing, developing, and selling vehicles. Automotive fintech is about digital transformation that introduces more streamlined and efficient ways of financing and insuring cars, providing automotive companies with perks like improved customer satisfaction, data scrutiny, and cost reduction. For instance, the European Automobile Manufacturers Association, a trade association based in Belgium, reported in May 2023 that global vehicle manufacturing tallied 85.4 million units in 2022, marking a 5.7% growth from the year before. As such, the burgeoning automotive sector leads to an increased appetite for the automotive fintech industry.
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What Trends Will Shape the Automotive Fintech Market Through 2029 and Beyond?
The emergence of auto finance platforms aimed at adopting zero-emission technology is becoming a major trend in the auto fintech market. The leading players in the auto fintech market are concentrating on introducing new platforms designed to finance the sales of electric vehicles, thereby promoting more purchases of these vehicles. For example, in June 2022, Tenet, a climate financing company based in America, initiated a financing platform for electric vehicles (EVs) to hasten their adoption. This inventive approach to EV financing inspires consumers to embrace zero-emission technology, helping them more successfully reach their financial and sustainability objectives.
What Are the Main Segments in the Automotive Fintech Market?
The automotive fintechmarket 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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