The Business Research Company’s report on the Auto Finance Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the auto finance market in recent years?
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.
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What is the projected market size of the auto finance industry, and how is it expected to grow?
The auto finance market size has grown rapidly in recent years. It will grow from $2325.08 billion in 2024 to $2607.74 billion in 2025 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 $4008.79 billion in 2029 at a compound annual growth rate (CAGR) of 11.3%. 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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Who are the key players driving competition in the auto finance market?
Major companies operating in the auto finance market include Ford Motor Credit Company LLC, General Motors Financial Company Inc., JPMorgan Chase, Bank of America Corporation, Hitachi Capital Corp, 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
What key trends are expected to drive the autism spectrum disorders treatment market during the forecast period?
Product innovations are the key trend gaining popularity in the auto finance market. Major companies operating in the auto finance market are developing new products or technologies to strengthen their position in the market. For instance, in March 2022, Solera Holdings LLC, a US-based vehicle lifecycle management company, launched Solera Auto Finance. This innovative used car lending solution offers rapid, adequate financing for independent and franchised used car dealers and their clients. The finance platform is fully integrated with Solera’s Dealer Management Systems (DMS), which include Auto/Mate for franchise dealers and iDMS for independent dealers, providing a new competitive financing option. It uses Solera’s established AI and data science expertise to produce a sophisticated, highly accurate financing instrument. It offers compelling advantages such as attracting new customers, providing a fast, simplified solution, improving accuracy, reducing friction, and cutting costs.
Which key geographies are driving the growth of the auto finance market?
Asia-Pacific was the largest region in the auto Finance market in 2024 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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What are the key segments driving growth in the auto finance market?
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
Subsegments:
1) By Direct: Bank Loans, Credit Unions, Captive Finance Companies
2) By Indirect: Dealership Financing, Third-Party Lenders, Retail Installment Contracts
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What defines the structure and scope of the auto finance market?
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.
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