The global automotive finance market size was worth around USD 260 Billion in 2022 and is predicted to grow to around USD 452 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.31% between 2023 and 2030.
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➤ Market demand will be stimulated by an increase in vehicle sales.
Currently, the automotive industry is one of the greatest growth propellers, and the global automotive finance market is expected to expand due to the increase in sales. Automotive financing is heavily reliant on the performance of the automotive industry. The global market is anticipated to exhibit the same trend as the demand for various types of automobiles increases in the years ahead.
➤ The market’s expansion will be restricted by the economic downturn.
One of the most significant obstacles that the automotive finance industry is anticipated to encounter is the global economic downturn, which is already evident in numerous regions. The global economies are on the brink of an imminent recession, as per analysts. The repercussions of this recession have already begun to manifest in the form of thousands of layoffs at numerous large-scale companies, including Microsoft and Google. This has a direct impact on the consumer’s confidence in purchasing vehicles or obtaining financial services to purchase a vehicle, which many modern-day consumers consider a long-term liability.
➤ Developing economies are expected to offer exceptional development prospects.
The global automotive finance market is anticipated to experience the most significant development opportunities in emerging or developing economies, particularly in the Asia-Pacific and Africa regions. The increase in double-income families, the overall improving employment rate, and the rising standard of living are all contributing to the accelerated growth of these areas.
➤ Market growth is threatened by fluctuating interest rates.
The interest rate that the automotive finance industry provides to consumers is the primary factor. The overall growth of the company providing the service can be significantly impacted or a substantial loss of consumers can result from any change in the interest rate. Therefore, it is crucial to consistently uphold a balance when determining the interest rate, as it should be advantageous to both the company and the consumer.
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The Global Automotive Finance Market is segmented based on product, application and region
Global Automotive Finance Market: Product Segment Analysis
● OEMs
● Banks
● Others
Global Automotive Finance Market: Application Segment Analysis
● Passenger Vehicles
● Commercial Vehicles
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The global Automotive Finance market profiles key players such as:
● Alan Wire Company
● Prysmian Group
● Ningbo Jintian Copper (Group) Company
● Nexans
● Tongling Jingda Electromagnetic Wire Company Limited
● Aviva Metals
● SH Copper Products Co. Ltd.
● Sumitomo Electric Industries Ltd.
● General Technologies Corporation
● Schneider Electric SE
● Hitachi Metals Ltd.
● Belden Inc
???? Recent Developments:
• Maruti Suzuki, an Indian automobile manufacturer, announced the launch of a new campaign in March 2022 known as “Finance your car from anywhere.” The company’s objective with this launch was to increase consumer awareness of the advantages of the Smart Finance platform, which has revolutionized the modern car purchasing experience. The platform has disbursed over INR 15,000 crore in loan amounts since its inception.
• Honda Cars India disclosed its partnership with the Indian Bank in December 2022. The latter will now offer financial assistance or loans to consumers. It is anticipated that this partnership will facilitate the loan application process by providing reasonable and affordable interest rates, flexible policies, and special offers via a highly simplified process.
➤ The market share of North America is expected to be the highest.
North America has experienced the most significant development in the global automotive finance market in recent years and is expected to continue to contribute significantly during the forecast period. The United States and Canada are the primary revenue-generating economies in the region. The substantial population that purchases vehicles and necessitates financial assistance are the factors that have a positive impact on regional growth.
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