Automotive Financing Market Size to Grow by USD 16.35 billion from 2022 to 2027; Rise in cab service financing expected to drive the market growth

NEW YORK, May 30, 2023 /PRNewswire/ — Technavio estimates that the automotive financing market and it is poised to grow by USD 16.35 billion during 2023-2027, progressing at a CAGR of over 3.38% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Global Automotive financing market – Vendor Analysis

Vendor Landscape – The global automotive financing market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive financing in the market are Ally Financial Inc., Banco Santander SA, Bank of America Corp., Bayerische Motoren Werke AG, BNP Paribas, Capital One Financial Corp., Citigroup Inc., Deutsche Bank AG, Ford Motor Co., General Motors Co., HDFC Bank Ltd., HSBC Holdings Plc, Hyundai Motor Co., ICICI Bank Ltd., JPMorgan Chase and Co., Mercedes Benz Group AG, Nissan Motor Co. Ltd., Toyota Motor Corp., Volkswagen AG, and Wells Fargo and Co.

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Vendor Offerings –

• Banco Santander SA: The company offers automotive financing such as small business vehicle loans.

• Bank of America Corp.: The company offers automotive financing such as BMW basic financing.

• BNP Paribas: The company offers automotive financing such as financial loans for commercial vehicles.

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Global Automotive Financing Market – Segmentation Assessment

Technavio has segmented the market based on type, Application (Used vehicle and New vehicle), Type (Passenger vehicle and Commercial vehicle), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

Segment Overview

Used vehicle segment holds a major market share in the global automotive financing market. With more automakers entering the used car market and an increasing number of online used car dealers, there is a growing customer perception of quality. Most used car buying decisions depend on the customer’s confidence in the quality of the vehicle they own. The quality of used cars is an important factor, ownership information is unclear and post-purchase damage is not covered under warranty. Buying criteria for used cars are also influenced by the customer’s ability to pay. With the demand for used cars growing, dealers are offering used car loans to help customers purchase vehicles such as cars and trucks. For example, Indian financial services and investment firm Tata Capital offers used car financing. These factors drive the growth of the segment during the forecast period.

Geography Overview
By geography, the global automotive financing market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive financing market.

• APAC is estimated to contribute 62% to the growth of the global market during the forecast period. The Asia-Pacific auto finance market is expected to grow due to increasing vehicle sales in major markets such as India, Japan, China, and South Korea. Auto finance companies in the region are constantly focusing on strategic alliances to expand their product portfolios and gain a competitive edge over their competitors.

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Global Automotive Financing Market – Market Dynamics

The rise in cab service financing is the key factor driving the growth of the global automotive financing market. – The growing demand for taxi services has led to many technology platforms offering taxi services around the world. Taxi drivers register on these platforms to earn a stable and attractive income. Many taxi service providers offer financing programs with benefits that encourages drivers to adopt new vehicles. For instance, few of the common financing programs offered by taxi services include flexible leases, weekly rentals, and discounts on new car purchases to potential drivers. Also, many taxi service providers partner with financiers and auto dealers to offer drivers discounts and low-interest rates on purchases when they work with them.

Increasing investment in autonomous vehicles is the primary trend in the global automotive financing market growth. – Self-driving cars can navigate without human intervention by sensing their surroundings using technologies such as radio location positioning (RADAR), GPS, and ADAS. These cars are also known as self-driving cars, self-driving cars, or driverless cars. The highly complex operation of self-driving cars has prompted the company and its OEM to pool R&D resources to design and develop powerful prototypes that improve performance.

The increase in ride-sharing services is a major challenge impeding the growth of the global automotive financing market – The ridesharing industry has grown rapidly in recent years. Ride sharing helps reduce traffic, save money, and protect the environment. It also reduces the number of vehicles on the road and shortens travel time. This has led to companies like Lyft offering rideshare platforms. The providers are also forming strategic alliances to expand their global footprint and customer base to meet the growing demand for ridesharing.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Automotive Financing Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Automotive Financing Market between 2023 and 2027

• Precise estimation of the size of the Automotive Financing Market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the Automotive Financing Market industry across APAC, Europe, North America, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Automotive Financing Market vendors

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Table of Content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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