Global Auto Finance Market Report 2023: Sector to Reach $400 Billion by 2027 from $250 Billion in 2022

DUBLIN, May 22, 2023 /PRNewswire/ -- The "Global Auto Finance Market Outlook to 2027" report has been added to  ResearchAndMarkets.com's offering.

The report provides a comprehensive analysis of the potential of the Auto Finance industry Globally. The report covers an overview and genesis of the industry, and market size in terms of credit disbursed.

Its market segmentations include by types of vehicles financed, distribution channel, tenure for new and used vehicles, purpose type, types of commercial and passenger vehicles, Geography; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to publisher estimates, the demand for automobiles has increased significantly since the latter part of the year, which has propelled the automotive finance industry and is likely to continue to fuel the market over the projection period. 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 Asia-Pacific region is expected to lead the Auto Finance market, followed by North America and Europe. The region is expected to provide several growth opportunities for market vendors during the forecast period.

Banks have been the dominant players as they have a huge pre-built database that they leverage for their own advantage.

The market for automotive financing for passenger cars is projected to rise as spending power rises, the number of female drivers increases, customers' lifestyles change, the level of automotive manufacturing grows, and the market for fuel-efficient vehicles increases.

Key Trends by Market Segment:

• By Distribution Channel: In terms of Distribution Channels, the banks hold the maximum auto finance market size, increasingly adopting digital automotive finance in order to meet the changing customer needs across the globe. However, the OEM segment is expected to grow at the highest rate during the forecast period as it provides better after-sales services due to the availability of identical automobile parts
• By Type of Financing: The commercial vehicles segment is anticipated to witness significant growth during the forecast period. Since, commercial vehicles are expensive in comparison to other vehicles, numerous banks, and financial institutions have introduced reasonable loan schemes, which include simple terms and conditions. Moreover, the processing time needed to approve commercial vehicle loans is less in comparison to passenger vehicles

Competitive Landscape
Future Outlook

The Global Auto Finance Market will witness significant growth during the period 2022-2027, owing to increasing investments in autonomous vehicles, growing demand for EVs, and Government investment. Over the forecast period, Asia-Pacific is expected to be the fastest-growing regional market. The increasing number of favourable government initiatives in economies such as India, Japan, and China to promote the automotive industry's growth and maintain consumer interest is expected to create opportunities for the growth of the regional market.

Moreover, advanced technologies like blockchain, AI, digital payment systems, and online mobile banking systems, will be the most prominent technologies used by financial industries, to provide the best auto loan services to clients. Heavy investments in the automobile industry, robust R&D programs, rising penetration of electric cars, and the implementation of autonomous vehicles are just a few of the factors that will drive the Auto Finance industry forward.

Key Topics Covered:

1. Executive Summary
1.1 Executive Summary: Global Auto Finance Market

2. Global Auto Finance Market Size and Segmentation, 2017-2022
2.1 Ecosystem of Global Auto Finance Market
2.2 Value Chain of Global Auto Finance Market
2.3 Market Sizing of Global Auto Finance Market, 2017-2022
2.4 Global Auto Finance Market Segmentation by Component, 2017 and 2022
2.5 Global Auto Finance Market Segmentation by Deployment, 2017 and 2022
2.6 Global Auto Finance Market Segmentation by Application, 2017 and 2022
2.7 Global Auto Finance Market Segmentation by Function, 2017 and 2022
2.8 Auto Finance Market by Region, 2022
2.9 Regional Market Growth Drivers

3. Regional Analysis of North America Auto Finance Market

4. Regional Analysis of Europe Auto Finance Market

5. Regional Analysis of Asia- Pacific Auto Finance Market

6. Regional Analysis of South America Auto Finance Market

7. Regional Analysis of MEA Auto Finance Market

8. Competition Analysis of Auto Finance Market
8.1 Gartner Magic Quadrant
8.2 Vendor Landscape
8.3 Cross Comparison of Major Auto Finance Market providers
8.4 Competitive Dashboard Analysis
8.5 Impact Analysis of Recent Mergers and Acquisitions
8.6 Impact Analysis of Recent Product Development
8.7 Impact Analysis of Recent Partnership and Collaborations

9. Company Profiles of Major Players in Auto Finance Market

10. Industrial Analysis of Auto Finance Market

11. Future Outlook & Projections of Auto Finance Market

12. Analyst Recommendations

13. Research Methodology

A selection of companies mentioned in this report includes

• BMW Financial Services
• Toyota Financial Services
• GM Financial
• Honda Financial Services
• Subaru Motors Finance
• Mercedes-Benz Financial Services (Daimler)
• Ford Credit
• Volkswagen Credit
• Hyundai Motor Finance
• Lexus Financial Services
• Ally Financial
• Bank of America
• Santander
• Wells Fargo
• Chase
• Capital one
• FIDITALIA

For more information about this report visit https://www.researchandmarkets.com/r/9zhy6n

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