The Global Auto Finance Market is fragmented, with the top companies occupying a major share. Major players in the Auto Finance market globally include Ally Financial, Bank of America, Capital One, Chase Auto Finance, etc. Competition is expected to intensify by the end of the forecast period due to the lucrative opportunities available to various players in the market. The key market players, such as banks, are focusing on strategic partnerships to increase their market share and expand their regional base.
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What is the Expected Future Outlook for the Overall Global Auto Finance Market?
The global auto finance market was valued at USD 250 Billion in 2022 and is projected to grow to USD ~400 billion by 2027, growing at a robust CAGR from 2022 to 2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The inflation in commodity prices globally has compelled automotive manufacturing companies to increase vehicle prices in the last few years. The increasing vehicle prices are propelling the demand for auto finance services. Furthermore, demand for auto finance is relatively saturated in developed countries, and developing countries are anticipated to emerge as the lucrative target market for financing companies. In addition, the increasing demand from developing nations, high government taxes, and stringent policies further boost the growth of the market.
Excessive investments in autonomous vehicles, as well as prompt financing from dealers, banks, and credit unions, will likely contribute to the automotive financing market’s growth.
Additionally, the growing practice of switching to newer models of automobile, which boosts auto sales and consumer preference for a shorter vehicle cycle, creates opportunities for car financiers. Moreover, car dealership buyback programs and OEM warranty programs that may necessitate refinancing will likely open up new opportunities in the automotive financing market.
The Asia-Pacific region is expected to lead the market, followed by North America and Europe. The region is expected to provide several growth opportunities for market vendors during the forecast period. As a result, the market may witness significant growth. In addition to this, increased consumer preference for owning a car over using public transportation is another important factor affecting the region’s used car market. The possession of a car, which was once a status symbol, has recently become a necessity. Since its inception, the automotive industry will experience exponential growth. Electric vehicle growth in Asia-Pacific countries is expected to remain a major market driver.
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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Banks and its Subsidiaries
- Captive Finance Companies
- Government and Institutions
- Automobile Companies
- Car Dealers
- Government and Institutions
- Existing Car Finance Companies
- OEM Dealerships
- New Market Entrants
- Auto mobile Associations
Time Period Captured in the Report
- Historical Period: 2017-2022
- Base Period: 2022
- Forecast Period: 2022-2027
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