The automotive finance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Finance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive finance market size has grown strongly in recent years. It will grow from <b>$268.97 billion in 2023 to $291.31 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. </b> The growth in the historic period can be attributed to consumer demand, evolution of lending practices, introduction of leasing, low-interest rates, economic conditions.
The automotive finance market size is expected to see strong growth in the next few years. It will grow to <b>$402.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. </b> The growth in the forecast period can be attributed to flexible financing options, risk management strategies, customer-centric experience, personalized financing solutions, subscription-based models. Major trends in the forecast period include enhanced customer experience, collaborations with dealerships, credit accessibility improvements, extended loan terms, regulatory changes.
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Scope Of Automotive Finance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Finance Market Overview
Market Drivers –
Increasing vehicle prices are expected to propel the growth of the automotive finance market going forward. Vehicle prices refer to the amount a car manufacturer is willing to demand for creating, producing, and putting a vehicle on the market. Automotive financing refers to purchasing a car, often a more expensive one than would otherwise be feasible. For instance, in June 2022, according to data shared by Kelly Blue Book, a US-based vehicle valuation and information source company owned by Cox Automotive, average transaction costs for new vehicles climbed by 13.5% year over year, from $41,534 in May 2021 to $47,148 in May 2022. The highest gain ($888) was seen in trucks, with an ATP of $56,216. Vans witnessed a gain of $726 in May, bringing their ATP to $48,671, while SUVs saw an increase of $526, bringing their ATP to $46,073. Therefore, increasing vehicle prices are driving the growth of the automotive finance market.
Market Trends –
Technological advancements have emerged as a key trend gaining popularity in the automotive finance market. Major companies operating in the automotive finance market are focused on innovating new technologies to sustain their position in the market. For instance, in September 2022, Kuwy, an India-based first automotive fintech startup and a subsidiary of Volkswagen Finance, launched KUWY-LaaS, an AI-driven platform with blockchain technology for online auto sales. The technology not only democratises online auto transactions while maintaining complete transparency, but it also offers more information to help the seller, buyer, and lender make the best decisions possible. The technology enables a customer to choose financing options, select a lender, and receive fast approval in a completely paperless journey.
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
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Regional Insights –
Europe was the largest region in the automotive finance market in 2023. 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.
Key Companies –
Major companies operating in the automotive finance market report 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, NASN Automotive Electronics, Nissan Infiniti Finance, Honda Motor Co. Ltd., American Express Company, MX Technologies Inc.
Table of Contents
1. Executive Summary
2. Automotive Finance Market Report Structure
3. Automotive Finance Market Trends And Strategies
4. Automotive Finance Market – Macro Economic Scenario
5. Automotive Finance Market Size And Growth
…..
27. Automotive Finance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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