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Global Car Finance Market Overview and Analysis Report 2024
Car Finance Market Overview
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According to The Business Research Company's, The car finance market size has grown strongly in recent years. It will grow from $276.55 billion in 2023 to $298.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to regulatory changes, economic conditions, vehicle affordability, shifts in preferences towards vehicle ownership, and increasing urbanization.
The car finance market size is expected to see strong growth in the next few years. It will grow to $406.25 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to shifts in consumer preferences, environmental regulations, demographic trends, global economic conditions, and electric vehicle adoption. Major trends in the forecast period include digital transformation, integration of AI, adoption of digital platforms, integration of machine learning, and personalized financing solutions.
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Market Drivers and Trends:
An increase in vehicle prices is expected to propel the growth of the car finance market going forward. The increase in vehicle prices is driven by the costs of raw materials such as steel, aluminum, and rare earth metals used in the production of vehicles. Additionally, general inflation affects the cost of goods and services, including those related to automotive manufacturing and logistics, leading to higher vehicle prices. Car finance facilitates the purchase of vehicles despite increasing prices by allowing consumers to spread the cost over time through loans or leasing options. For instance, in January 2023, according to JP. Morgan, a US-based investment banking solutions company, U.S. consumers spent an average of $46,437 on a new automobile, representing a 4.2% rise yearly. Therefore, an increase in vehicle prices will drive the growth of the car finance market.
Major companies operating in the car finance market are focusing on adopting online and digital platforms, such as the online car finance platform, to streamline the loan application process and improve the customer experience. An online car finance platform is a digital service that allows consumers to apply for and manage car loans or leases through an internet-based interface, streamlining the entire financing process. For instance, in March 2022, MG Motor India, an India-based automotive brand, launched MG e-Pay, an online car finance platform, in partnership with ICICI Bank, HDFC Bank, Kotak Mahindra Prime, and Axis Bank. This platform lets customers conveniently secure flexible and transparent loan approvals from home. The process includes selecting a car and dealership, completing a booking form, making an initial payment, and applying for a pre-approved loan online. Once approved, customers finalize the down payment, and the loan is disbursed to the dealership for seamless vehicle delivery to their doorstep.
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Major Key Players of the Market:
Ford Motor Credit Company LLC, JPMorgan Chase Bank, Bank of America, Wells Fargo Auto, Volkswagen Financial Services AG, BNP Paribas S.A., Capital One Bank, PACCAR Financial Corp., The Bank of Nova Scotia (Scotiabank), General Motors Financial Company Inc., Ally Bank (Ally Financial), Fifth Third Bank, Citizens Financial Group Inc., Santander Consumer USA Holdings Inc., BBVA USA (BBVA), KeyBank National Association (KeyBank), Hyundai Motor Finance Company, Toyota Financial Services, American Honda Finance Corporation (Honda Financial Services), TD Auto Finance LLC, Chrysler Capital, Mercedes-Benz Financial Services USA LLC, Nissan Motor Acceptance Corporation (Nissan Motor Acceptance Company LLC), The Huntington National Bank (Huntington Financial), BMW Financial Services LLC
Car Finance Market 2024 Key Insights:
• The car finance market size is expected to see strong growth in the next few years. It will grow to $406.25 billion in 2028 at a compound annual growth rate (CAGR) of 8%.
• Impact Of Increasing Vehicle Prices On The Car Finance Market
• Enhancing Customer Experience Through Digital Car Finance Platforms
• North America was the largest region in the car finance market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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