Latest News- Automotive Financing Market: Used vehicle is expected to lead the Application segment during 2024-2028

The Automotive Financing Market is being driven by Rise in cab service financing

The Automotive Financing Market is expected to grow at a CAGR of 3.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 17.6 billion. In the cutting-edge realm of automotive innovation, autonomous cars emerge as self-governing vehicles that navigate roads without human intervention. Utilizing advanced technologies such as Radio Detection and Ranging (RADAR), Global Positioning System (GPS), and Advanced Driver-Assistance Systems (ADAS), these vehicles sense their surroundings and operate independently. Also recognized as self-driving, automated, or driverless cars, their intricate functioning has driven industry leaders and Original Equipment Manufacturers (OEMs) to collaborate, pooling resources to design and develop successful prototypes. Notable stakeholders in this market include Volvo, Volkswagen, Audi, BMW, General Motors, Ford Motor, and Google. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Used vehicle
  • New vehicle
• Type
  • Passenger vehicle
  • Commercial vehicle
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in cab service financing
• Digitization in automotive financing
• Increasing motorization in emerging countries

However, the market also witnesses some limitations, which are as follows:

• Increase in ride-sharing services
• Growing use of public transport due to increase in air pollution
• Growing deep subprime auto loans

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Market Scope in Automotive Financing Market Research Report

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Research Analysis Overview

The automotive financing sector is experiencing significant technological advancements, with online and mobile banking, digital payments systems, and blockchain technology leading the charge. These innovations are transforming the way consumers access and manage their funds for auto finance services. The demand for automotive financing continues to grow year-on-year, with commercial vehicles and leasing being popular choices. Credit unions and banks are embracing digital transformation, offering seamless loan applications and approvals through artificial intelligence technology. Upstart, Cion Digital, Car Now, and other fintech companies are disrupting traditional auto finance services with their innovative solutions. The rise of blockchain and cryptocurrency is also making waves in the automotive financing sector, with Eulers Hiload EV leading the way in blockchain-enabled car financing. The integration of these technologies is expected to streamline sales activities, making the process more efficient and accessible for both new and used vehicle buyers. Moreover, the advent of autonomous vehicles is expected to bring about new financing models, such as subscription services and pay-per-mile plans. With technological advancements continuing to shape the automotive financing landscape, it's an exciting time for consumers and industry players alike. Loan-to-value ratios, captive automotive financing, and credit unions are other important aspects of the automotive financing sector that continue to evolve with technological advancements. Stay tuned for more updates on this dynamic industry.

Market Research Overview

The Automotive Financing Market is a segment of the broader global specialized consumer services industry. This market specifically pertains to revenue generated by providers of financing solutions for automotive purchases. According to Technavio's market research, the specialized consumer services sector encompasses various providers of consumer services such as residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. The market size is determined by the earnings of these specialized service providers. The report excludes consumer services classified under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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