Auto Finance Market is Expected to Top Nearly $5.6 trillion by 2031; growing at a CAGR of 11.5%

Auto Finance Market

NEW CASTLE, DELAWARE, UNITED STATES, December 16, 2023 /EINPresswire.com/ — Auto finance market refers to the various financial products which allow someone to acquire a vehicle that includes car loans and leases. In addition, it refers to a variety of financial products that enable people to purchase automobiles using any arrangement other than a full-cash single lump payment. Moreover, it is a type of scheme that provides financial goods and services to help customers buy cars without needing to pay in full upfront with the help of products like auto loan and vehicle loan. Borrowing money from financial institutions like banks, credit unions, brokers, and other informal money lenders is one example of such a scheme.

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According to the report published by Allied Market Research, the global Auto Finance market was estimated at $1.9 Trillion in 2021 and is expected to hit $5.6 Trillion by 2031, registering a CAGR of 11.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

The key market players analyzed in the global Auto Finance market report include Ally Financials Inc., Bank of America, Capital One Financial Corporation, Chase Auto Finance, Ford Motor Company, General Motors Financial Company, Inc., Mercedes-Benz Mobility, Novuna, Toyota Financial Services and Volkswagen Finance Private Limited. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.

The global Auto Finance market is analyzed across type, loan provider, purpose, vehicle type, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

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By vehicle type, the passenger vehicles segment held the largest share in 2021, garnering more than two-fifths of the global Auto Finance market revenue, and is projected to maintain its dominance by 2031. The commercial vehicles segment, on the other hand, would showcase the fastest CAGR of 13.8% during the forecast period.

By vehicle age, the new vehicle segment contributed to nearly one-fifth of the global Auto Finance market share in 2021 and is projected to rule the roost by 2031. The used vehicles segment, on the other hand, it would display the fastest CAGR of 12.5% throughout the forecast period.

By purpose, the loan segment accounted for the highest share in 2021, generating around half of the global Auto Finance market revenue. The leasing segment, simultaneously, would portray the fastest CAGR of 16.2% during the forecast period. The Banks, OEMs, Credit Unions segments are also analyzed through the report.

By region, Asia-Pacific held the major share in 2021, garnering more than two-thirds of the global Auto Finance market revenue. The LAMEA region would also showcase the fastest CAGR of 14.7% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and LAMEA.

Key benefits for stakeholders

• The study provides an in-depth analysis of the global auto finance market size forecast along with current & future trends to explain the imminent investment pockets.

• Information about key drivers, restraints, & opportunities and their impact analysis on global auto finance market trends is provided in the report.

• The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

• The auto finance market analysis from 2022 to 2031 is provided to determine the market potential.

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Auto Finance Market Key Segments:

Vehicle Age

• New Vehicles
• Used Vehicles

Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

Purpose

• Loan
• Leasing

Loan Provider

• Banks
• OEMs
• Credit Unions
• Others

By Region

• North America (U.S., Canada)
• Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Australia, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

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