The global Automotive Finance Market size is expected to reach USD 451.71 billion by 2030, registering a CAGR of 7.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growing global demand for autonomous cars is expected to drive the market growth. Increasing government regulations on rising road safety are creating the need for autonomous cars with highly advanced technologies worldwide.
The investment made in the automotive finance industry
is also creating new opportunities for market growth. For instance, in January
2021, MotoRefi, an automotive refinancing company, announced that it raised USD
10.0 million in a round that Moderna Ventures led. The company uses this
funding to hire more employees and expand its offerings.
Various auto car manufacturers are entering into a
partnership with automotive finance providers to enhance their customer
experience. For instance, in March 2022, CIG Motors, a GAC brand distributor,
announced its collaboration with Polaris Bank Limited. By means of this
partnership, the former company aims to make vehicle ownership and acquisition
easy for Nigerians through the Easy Buy scheme.
COVID-19 had a negative impact on the market growth in
2021. However, the global auto manufacturers, lenders, and dealers have got
adjusted to the current COVID-19 situation. For instance, the automotive
manufacturers incentivized their new car sales to grow their sales amid
COVID-19. These efforts taken by the automakers are expected to improve the
demand for automotive finance during the forecast period.
Related Press Release@ Automotive Finance Market Report
Automotive Finance Market Report
Highlights
- The banks segment is expected to dominate the market growth during
the forecast period as banks offer secure financing to their customers.
Banks also offer customers the facility to apply for pre-approval. This
facility helps customers in comparing estimated loan offers
- The direct segment is expected to dominate the market growth during
the forecast period. Numerous customers across the globe prefer direct
auto loans as they can easily access and get loans from the credit unions,
banks, and other loan lending companies
- The leasing segment is expected to register the highest CAGR during
the forecast period. Customers are focusing on adopting the leasing model
as it is a more flexible model in comparison to others for new, shared,
and used vehicles that could comprise services such as insurance
- The passenger segment dominated the market in 2021 and is expected
to show similar trends during the forecast period. The number of passenger
vehicles including pickup trucks and others on the road, continues to rise
across the globe, thereby creating growth opportunities for the passenger
vehicles segment during the forecast period
- The presence of many prominent automotive finance providers in the
European region and the adoption of innovative tools, such as biometrics,
e-contracts, and machine learning, is expected to drive the regional
market growth during the forecast period
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in San Francisco. The company provides syndicated research reports, customized
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technology, chemicals, materials, healthcare and energy.
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