Auto finance market refers to the various financial products which allow someone to acquire a vehicle that includes car loans and leases. In addition, it refers to a variety of financial products that enable people to purchase automobiles using any arrangement other than a full-cash single lump payment. Moreover, it is a type of scheme that provides financial goods and services to help customers buy cars without needing to pay in full upfront with the help of products like auto loan and vehicle loan. Borrowing money from financial institutions like banks, credit unions, brokers, and other informal money lenders is one example of such a scheme.
According to the report published by Allied Market Research, the global Auto Finance market was estimated at $1.9 Trillion in 2021 and is expected to hit $5.6 Trillion by 2031, registering a CAGR of 11.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Furthermore, emergence of online automotive finance applications and increasing the vehicle prices is boosting the growth of the global auto finance market trends. In addition, the adoption of digital technologies for automotive financing is positively impacts growth of the auto finance market. However, high competition and market saturation and the emergence of rideshare services and the surge in debts from various borrowers is hampering the auto finance market growth. On the contrary, the enactment of technologies in existing product lines and the untapped potential of emerging economies is expected to offer remunerative opportunities for expansion during the auto finance market forecast
Depending on vehicle type, the passenger vehicle segment holds the largest auto finance market share owing to, increasing demand for passenger cars in developing countries key to this dominance due to improving disposable incomes and lifestyles. However, the commercial vehicles segment is expected to grow at the highest rate during the forecast period, owing to these vehicles are high-priced compared to passenger vehicles thus auto finance plays a important role in sales of these vehicles.
Region-wise, the auto finance market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, large scale adoption of digital auto financing solution. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing demand for electric vehicles in countries such as India and China and cloud native countries like Japan.
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With alarming increase in COVID-19 patients, various governments have implemented lockdown, which significantly reduced the number of vehicles on roads, which, in turn, increased the number of digital banking and access of premiums. Furthermore, with rise in digitization among both the financial institutes and end users, the demand for advanced machine learning and AI technology in order to improve the credit underwriting process, analyze the data, accurately predict whether the applicant can turn delinquent, and thus enhance the approval process. Various automotive artificial intelligence technology providers are making efforts to develop AI-enabled lending platforms. For instance, in October 2021, Upstart, a leading AI lending platform, announced the launch of Upstart Auto Retail indirect financing. This indirect financing includes AI-enabled financing features which enable the lenders to improve their customer experience. Thus, number of such developments across the globe are anticipated to provide lucrative opportunities for the expansion of the auto finance market.
Key benefits for stakeholders
- The study provides an in-depth analysis of the global auto finance market forecast along with current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global auto finance market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The auto finance market analysis from 2022 to 2031 is provided to determine the market potential.
Auto Finance Market Key Segments:
Vehicle Age
- New Vehicles
- Used Vehicles
Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Purpose
- Loan
- Leasing
Loan Provider
- Banks
- OEMs
- Credit Unions
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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