Overview and Scope
Auto finance refers to the variety of financing options that enable customers to purchase an automobile under any arrangement other than a single, full cash payment. Auto finance makes it easy for customers to buy vehicles without using their savings upfront, which provides convenience and saves them time.
Sizing and Forecast
The auto finance market size has grown rapidly in recent years. It will grow from $2.08 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to consumer credit expansion, introduction of installment plans, rise of leasing options, establishment of credit scoring systems, auto industry evolution.
The auto finance market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to digitalization in auto finance, shift to electric and shared mobility, alternative financing models, data privacy and security measures, economic trends impact. Major trends in the forecast period include contactless transactions, green financing incentives, usage-based insurance and financing, blockchain in auto finance, blockchain in auto finance..
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the auto Finance market in 2023, 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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Major Driver Impacting Market Growth
Rising vehicle costs are significantly contributing to the growth of the auto finance market going forward. Vehicle costs refer to the sum paid to a dealer in exchange for the vehicle. The increase in car prices is increasing loan amounts and lengths, making the larger loans seem more affordable, which increases the need for better auto financing. For instance, in May 2023, according to data released by the U.S. Bureau of Labor Statistics, a US-based fact-finding agency in the field of labor economics and statistics for the U.S. government, the consumer price index (CPI) of used cars and trucks increased from 184.997 in March 2023 to 193.394 in April 2023. Furthermore, in October 2021, according to the International Energy Agency, a France-based autonomous intergovernmental organization, consumers spent $120 billion on electric car purchases in 2020, up 50% from the previous year, which translates to 41% more sales and 6% higher average costs. Therefore, rising vehicle costs are driving the growth of the auto finance market.
Key Industry Players
Major companies operating in the auto finance market are Ford Motor Credit Company LLC, General Motors Financial Company Inc., JPMorgan Chase, Bank of America Corporation, Mitsubishi HC Capital Inc, 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
The auto finance market report table of contents includes:
1. Executive Summary
2. Auto Finance Market Characteristics
3. Auto Finance Market Trends And Strategies
4. Auto Finance Market – Macro Economic Scenario
5. Global Auto Finance Market Size and Growth
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31. Auto Finance Market Other Major And Innovative Companies
32. Global Auto Finance Market Competitive Benchmarking
33. Global Auto Finance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Auto Finance Market
35. Auto Finance Market Future Outlook and Potential Analysis
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