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The Business Research Company's Automotive Finance Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LANDON, GREATER LANDON, UNITED KINGDOM, October 8, 2024 /EINPresswire / -- The automotive finance market has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Automotive Finance Market And Its Annual Growth Rate?
The automotive finance market is projected to continue its strong growth, reaching $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.
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Growth Driver of The Automotive Finance Market
The growing adoption of electric vehicles is expected to boost the growth of the automotive finance market going forward. An electric vehicle (EV) refers to a vehicle that can drive forward using an electric motor that is powered by a battery and can be externally charged. The surge in consumer interest in electric vehicles is generating a heightened demand for specialized financing solutions, providing financial institutions and lenders with opportunities to craft tailored products that cater to the unique needs of electric vehicle buyers.
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Which Market Players Are Driving The Automotive Finance Market Growth?
Key players in the market include 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.
What Are The Key Trends That Influence Automotive Finance Market Share Analysis?
Major companies operating in the automotive finance market are developing innovative products leveraging cutting-edge technologies, such as RateSetter Technology, to meet larger customer bases, more sales, and increase their revenues in the market. Ratesetter offers simple personal loans tailored to customers, with an instant online personalized rate that doesn't impact their credit score.
How Is The Global Automotive Finance Market 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
Geographical Insights: Europe Leading The Automotive Finance Market
Europe was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Finance Market Definition
Automotive finance refers to the financial support received to buy a car with a small down payment from pocket. The lender's loan can be repaid over a certain length of time in equal monthly installments with an agreed-upon interest rate.
Automotive Finance Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive finance market report covering trends, opportunities, strategies, and more
The Automotive Finance Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive finance market size , automotive finance market drivers and trends, automotive finance market major players and automotive finance market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
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