The global automotive finance market is projected to grow from USD 245.62 billion in 2021 to USD 385.42 billion by 2028. The market is expected to grow at CAGR of 6.5%. Mazda Motor of America Inc. turns to Toyota financial services for consumer auto loans and leasing, states Fortune Business Insights™
Pune, India., Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to latest report published by Fortune Business Insights, the global automotive finance market size was valued USD 248.10 billion in 2020. Growing Online Automotive Finance Applications and increasing vehicle prices boosting the growth of market. Also factors such as, technological advancements in digital lending and online platforms, increase in vehicle sales and financing options contributing the growth of automotive finance market. The global market size for automotive finance market to grow worth USD 385.42 billion during forecast period of 2021 to 2028.
The growth of the automotive finance market is driven by factors such as rising consumer demand, increased vehicle sales, technological advancements in digital lending, expanded credit access, growth in leasing and rental options, government incentives for electric vehicles, and growing popularity of connected and electric vehicles.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.5% |
| 2028 Value Projection | USD 385.42 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 245.62 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
Key Takeaways:
- The European automotive market is undergoing rapid changes. The introduction of advanced technologies such as electric vehicles, connected cars, and autonomous cars fosters market growth.
- High Competition and Market Saturation to Affect Market Growth
- Emergence of Online Automotive Finance Applications to Propel Market Growth
- Ally Financial is a Key Player in the Market Backed by Digitization of Processes
- Europe is the Largest Market Owing to Presence of Major OEMs
Drivers & Restraints-
Rising Usage of Mobile and Web-based Platforms to Augment Growth
One of the most innovative technologies that are currently gaining traction in the market for automotive financing is online loan service. Various web and mobile-based platforms are helping people to apply for loan services, compare with other companies, and easy viewing. Financial companies nowadays are striving persistently to enter developing countries. People living in these countries usually reach out to national banks, rather than financial companies for getting loans. However, as the industry contains several renowned companies, the entry of new firms is very challenging, which, in turn, may hinder the automotive finance market growth in the near future.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-finance-market-100122
Competitive Landscape
Crucial Players Emphasize on Collaborations and Procurements to Reinforce Their Positions
The global market for automotive finance bags a huge number of enterprises that are incessantly instigating collaborations as well as partnership deals with other corporations to deliver better services to their clienteles.
Segments-
Others Segment Held 24.1% Share in 2020, says Fortune Business Insights™
Based on the provider type, the market for automotive financing is segregated into banks, OEMs, and others. Out of these, the others segment generated 24.1% in terms of the automotive finance market share in 2020. By the purpose type, it is divided into loan and leasing. Based on the vehicle type, it is bifurcated into passenger cars and commercial vehicles. Amongst these, the passenger car segment currently holds the largest share owing to their high demand, especially from developing nations.
| Segmentation |
By Provider Type
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By Purpose Type
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By Vehicle Type
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By Vehicle Condition
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Regional Insights-
Emergence of Connected Cars and Electric Vehicles to Aid Growth in Europe
Geographically, Europe earned USD 90.21 billion in 2020 backed by the introduction of novel technologies, such as autonomous cars, connected cars, and electric vehicles. Hence, independent and captive companies operating in this region are expected to showcase high demand for such vehicles in the upcoming years. In Asia Pacific, the rising trends of car sharing and rental services are anticipated to spur the demand for automotive financing services.
Europe is expected to hold the majority of automotive finance market share and to lead in the market. The presentation of progressive technologies such as electric vehicles, connected cars, and autonomous cars is expected to nurture market growth.
The North American region is perceiving decent growth in the automotive finance sector, primarily owing to the COVID-19 pandemic and rising economic unpredictability.
A list of prominent Connected Cars manufacturers operating in the global market:
- Ally Financial (Michigan, USA)
- Bank of America (New York, USA)
- Capital One (Virginia, USA)
- Chase Auto Finance (California, USA)
- Daimler Financial Services (Stuttgart, Germany)
- Ford Motor Credit Company (Michigan, USA)
- GM Financial Inc. (Texas, USA)
- Hitachi Capital (Tokyo, Japan)
- Toyota Financial Services (Aichi, Japan)
- Volkswagen Financial Services (Brunswick, Germany)
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Table Of Content:
-
Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
-
Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
-
Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Automotive Finance Market - By Vehicle Type (in Value)
- Impact of COVID-19
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Global Automotive Finance Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
-
Market Analysis, Insights and Forecast – By Provider Type
- Bank
- OEMs
- Others
-
Market Analysis, Insights and Forecast – By Purpose Type
- Loan
- Lease
-
Market Analysis, Insights and Forecast – By Vehicle Condition
- Passenger Cars
- Commercial Vehicles
-
Market Analysis, Insights and Forecast – By Vehicle Type
- New
- Used
-
Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
-
North America Automotive Finance Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
-
Market Analysis, Insights and Forecast – By Provider Type
- Bank
- OEMs
- Others
-
Market Analysis, Insights and Forecast – By Purpose Type
- Loan
- Lease
-
Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
-
Market Analysis, Insights and Forecast – By Vehicle Condition
- New
- Used
-
Market Analysis, Insights and Forecast – By Region
- U.S
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- Canada
-
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- Mexico
-
- By Provider Type
- By Purpose Type
- By Vehicle Condition
- By Vehicle Type
-
Europe Automotive Finance Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
-
Market Analysis, Insights and Forecast – By Provider Type
- Bank
- OEMs
- Others
-
Market Analysis, Insights and Forecast – By Purpose Type
- Loan
- Lease
-
Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
-
Market Analysis, Insights and Forecast – By Vehicle Condition
- New
- Used
-
Market Analysis, Insights and Forecast – By Country
- UK
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- Germany
-
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- France
-
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- Rest of Europe
-
- By Provider Type
- By Purpose Type
- By Vehicle Condition
- By Vehicle Type
-
Asia Pacific Automotive Finance Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
-
Market Analysis, Insights and Forecast – By Provider Type
- Bank
- OEMs
- Others
-
Market Analysis, Insights and Forecast – By Purpose Type
- Loan
- Lease
-
Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
-
Market Analysis, Insights and Forecast – By Vehicle Condition
- New
- Used
-
Market Analysis, Insights and Forecast – By Country
- China
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- India
-
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- Japan
-
- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- South Korea
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- By Provider Type
- By Purpose Type
- By Vehicle Condition
-
By Vehicle Type
-
- Rest of Asia Pacific
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- By Provider Type
- By Purpose Type
- By Vehicle Condition
- By Vehicle Type
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Rest of The World Automotive Finance Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
-
Market Analysis, Insights and Forecast – By Provider Type
- Bank
- OEMs
- Others
-
Market Analysis, Insights and Forecast – By Purpose Type
- Loan
- Lease
-
Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
-
Market Analysis, Insights and Forecast – By Vehicle Condition
- New
- Used
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