New York, US, Sept. 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Finance Market Research Report Information by Provider Type, Vehicle Type, Purpose Type, Finance Type, and Region - Forecast Till 2032, the Automotive Finance market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 7.80%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 495.2 Billion by the end of 2032. As per the reports, the market was priced at almost USD 251.9 Billion in 2022.
Automotive Finance Market Scope:
The Automotive Finance market has recently advanced. Increasing vehicle prices is the main feature causing a rise in market performance.
Automotive Finance Competitive Analysis
The list of the top leaders across the global Market for Automotive Finance includes players such as:
- Ally Financial
- Daimler Financial Services
- Bank of America
- Ford Motor Credit Company
- Capital One
- GM Financial Inc.
- Chase Auto Finance
- Hitachi Capital
- Volkswagen Financial Services
- Toyota Financial Services
- Among others.
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Automotive Finance Market USP Covered
Market Drivers
The Automotive Finance market has recently advanced. Increasing vehicle prices is the main feature causing a rise in market performance. Furthermore, low-interest rates are also considered to be one of the vital parameters enhancing the performance of the global market. Moreover, factors such as the shift towards electric vehicles (EVs), lease options, easy access to financing, longer loan terms, and growing demand for vehicles are also projected to boost the global market's development over the coming years.
Automotive Finance Market Restraints
On the contrary, various aspects may harm expanding the global market for Automotive Finance. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | USD 495.2 Billion |
| CAGR during 2023-2032 | 7.80% (CAGR) |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Provider Type, Finance Type, Purpose Type, Vehicle Type, and Region |
| Key Market Opportunities | Increasing car pricing to stimulate market expansion. |
| Key Market Dynamics | The emergence of online applications for auto financing will drive industry expansion. |
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COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has not only impacted public health but also caused a severe disruption in industrial operations of almost all kinds. The global market for Automotive Finance is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
Segment Analysis
Among all the provider types, the bank's segment secured the leading position across the global market for automotive finance in 2022. The fast processing needs with minimal documentation requirements, coupled with the high dependability requirements, are considered to boost the market segment's growth. Earlier, banks would only finance between 70 and 80 percent of the net cost of the automobile.
Among all the finance types, the direct category secured the leading position across the global market for automotive finance in 2022. Consumers focus on recognizing the funding source that most closely matches their needs. Customers apply directly for auto loans from banks, credit unions, and other lending institutions.
Among all the purpose types, the loan segment secured the leading position across the global market for automotive finance in 2022. Most of the world's population utilizes loans as a common car purchase method. Leasing and finance companies have extra capital sources to make available to customers as the credit landscape is enhanced. In addition, low-interest loans are a target market for banks and credit unions.
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Among all the vehicle types, the passenger vehicles segment secured the leading position across the global market for automotive finance in 2022. The main parameter supporting the expansion of the market segment is the rising need for mobility brought on by longer commutes to work, retail, leisure, school, and family destinations. Given the current consumer needs changes, the automobile sector is expanding. Innovations in telematics, safety systems, driverless vehicles, entertainment systems, advanced driver assistance systems, and in-dash controls are all becoming more and more necessary, specifically in passenger cars.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The European Region ensured the prime position across the Automotive Finance market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Automotive Finance market is the incentives and subsidies provided by several European governments to encourage the use of electric and other environmentally friendly vehicles. These incentives drive the demand for automobile financing in the electric vehicle category.
The North American Region is estimated to hold the second position across the Automotive Finance market over the assessment era. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Automotive Finance market is the strong credit culture thanks to a long history of consumer borrowing for numerous products, including automobiles. Furthermore, the availability of credit and consumers' familiarity with financing options is also considered to be one of the vital aspects causing a surge in the growth of the regional market for automotive finance.
The Asia-Pacific region will grow at the maximum CAGR across the Automotive Finance market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Automotive Finance market is the significant increase in the middle-class population in the Asia-Pacific region.
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Furthermore, the increased demand for automobiles and the increased disposable income across the region are also considered to positively affecting the regional automotive finance market's performance. In addition, this expanding middle class is propelling the burgeoning car finance sector.
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