Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Auto Finance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The latest market research report on the global auto finance industry has been released, showcasing vital insights into the burgeoning sector. In a significant development, the industry has seen stellar growth, moving from $1.85 trillion in 2022 to a projected $2.08 billion in 2023, with a CAGR of 12.3%.
This comprehensive analysis provides an in-depth view of the auto finance market, detailing its current state and projected trajectory through to 2027. The report throws light on the fact that, by 2027, the market is anticipated to reach an impressive $3.21 trillion, growing at a CAGR of 11.4%.
Key Highlights and Geographic Insights
Fueled by rising vehicle costs and evolving financing preferences, this surge is reflective of the industry's resilience amid global challenges, including the ongoing Russia-Ukraine conflict and pandemic-induced economic uncertainties.
Of particular note is the Asia-Pacific region, which not only dominated the market in 2022 but is also predicted to be the fastest-growing region in the forthcoming period. Other regions covered in the report include Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. This comprehensive study delves into the dynamics within countries such as Australia, Brazil, China, France, and others, offering unparalleled regional analysis.
Emerging Trends and Corporate Moves
An exciting trend gaining momentum within the auto finance industry is the introduction of innovative products. Leveraging advanced technologies like artificial intelligence, key market players are redefining the landscape. For example, the establishment of Solera Auto Finance promises to enhance precision and streamline the financing process for both dealers and customers.
Another noteworthy corporate move within the sector comes from Stellantis N.V. which expanded its offerings through the acquisition of F1 Holdings Corp., thereby fortifying its position in the U.S. market.
Driving Factors Behind the Industry’s Growth
The report highlights the direct correlation between the increase in vehicle prices and the growth of the auto finance market. In light of data reflecting the rise in consumer price index for used cars and trucks, along with substantial investments in the electric car industry, it's clear that escalating vehicle costs are significantly contributing to market expansion.
Comprising a gamut of services such as dealership financing, lease financing purchases, and hire purchase services, the report elucidates the various revenue streams within the market.
Backed by robust data and comprehensive analyses, this report stands as an essential resource for stakeholders keen on navigating the dynamic terrain of the auto finance industry. Entities involved in providing a spectrum of services, from loan issuance to refinancing solutions, will find this report particularly advantageous in strategizing their market positions.
Industry Leaders at the Forefront
The report includes a detailed examination of the competitive landscape, highlighting prominent players like Ford Motor Credit Company, JPMorgan Chase, HSBC Holdings, Volkswagen Finance Services, Toyota Financial Services, Mercedes-Benz Financial Services, and various emerging fintech players.
With these insights at their disposal, industry professionals are better equipped to decipher the prevailing market scenarios and align their strategies accordingly. As the auto finance market continues to evolve, this report serves as a key indicator of the trends shaping the future of global vehicle financing.
While the auto finance sector may face headwinds due to macroeconomic factors, it stands poised to navigate through the turbulence, powered by product innovation and strategic acquisitions that could redefine consumer accessibility and lender services in the times to come.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.08 billion |
| Forecasted Market Value (USD) by 2027 | $3.21 billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Ford Motor Credit Company LLC
- General Motors Financial Company Inc.
- JPMorgan Chase
- Bank of America Corporation
- Hitachi Capital Corp
- Santander Bank NA
- Wells Fargo & Co.
- HSBC Holdings PLC
- Volkswagen Finance Services
- Capital One Financial Corporation
- PNC Bank
- Westlake Financial
- HDFC Bank Limited
- Carvana Co
- Mahindra & Mahindra Financial Services Limited
- Ally Financial Inc.
- Toyota Financial Services
- Infiniti Financial Services
- Standard Bank Group Ltd.
- Huntington Bancshares Inc.
- Equifax Inc.
- LendingTree Inc.
- Exeter Finance Corp
- Honda Financial Services
- TD Auto Finance
- Autopay
- Mercedes-Benz Financial Services
- CarsDirect
- AutoFi
- Caribou Auto Refinancing
For more information about this report visit https://www.researchandmarkets.com/r/5ek7fp
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