Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 250.14 Billion | USD 506.04 Billion | 7.3% | 2024 |
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 expected to grow due to increasing vehicle ownership, rising disposable income, availability of flexible loan and lease options, and the expansion of digital lending platforms.
According to a study, the global automotive finance market size was worth around USD 250.14 Billion in 2024 and is expected to reach USD 506.04 Billion by 2034.
The global automotive finance market is expected to grow at a CAGR of 7.3% during the forecast period.
North America is expected to dominate the automotive finance market over the forecast period.
Leading players in the global automotive finance market include 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., among others.
The report explores crucial aspects of the automotive finance market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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