Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 260 Billion | USD 452 Billion | 7.31% | 2022 |
FrequentlyAsked Questions
Automotive finance refers to the act or services that allow consumers to purchase automotive vehicles without having to pay the entire amount of the vehicle in one payment also known as outright payment.
The global automotive finance market is projected to grow owing to the rise in the number of sales in the automotive industry which is currently one of the largest growth propellers as automotive financing is highly dependent on how well the automotive industry is performing.
According to study, 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.
The CAGR value of the automotive finance market is expected to be around7.31% during 2023-2030.
The global automotive finance market registered the highest growth in North America in the previous years and could be a significant contributor during the forecast period. The US and Canada are the major revenue-generating economies in the region.
The global automotive finance market is led by players like Chase Auto Finance, Volkswagen Financial Services, Ally Financial, Daimler Financial Services, GM Financial Inc, Bank of America, Toyota Financial Services, Hitachi Capital, Ford Motor Credit Company, and Capital One.
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