The Automotive Finance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Finance Global Market Report 2024, The automotive finance market size has grown strongly in recent years. It will grow from $268.97 billion in 2023 to $291.31 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. 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 $402.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. 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.
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.
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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
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 democratizes 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 report table of contents includes:
1. Executive Summary
2. Automotive Finance Market Characteristics
3. Automotive Finance Market Trends And Strategies
4. Automotive Finance Market – Macro Economic Scenario
5. Global Automotive Finance Market Size and Growth
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31. Global Automotive Finance Market Competitive Benchmarking
32. Global Automotive Finance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Finance Market
34. Automotive Finance Market Future Outlook and Potential Analysis
35. Appendix
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