US Automotive Finance Industry Overview:
The study documents by MRFR state that
the US Automotive Finance Market
Research Report Information by Provider Type, Vehicle Type, Purpose
Type, Finance Type, and Region - Forecast Till 2032,
the US Automotive Finance Market is predicted to expand substantially during
the evaluation era from 2022 to 2032 at a sizable CAGR of closely 7.80%.
The study documents suggest projections
related to the global market's mounting revenue data, which will likely attain
a market of USD 495.2 Billion by the end of 2032. As per the reports, the
market was priced at almost USD 251.9 Billion in 2022. The US
Automotive Finance Market has recently advanced. Increasing vehicle prices is
the main feature causing a rise in market performance.
Get a Free PDF Sample US Automotive Finance Market
The list of the top leaders across the global
Market for Automotive Finance includes players such as:
·
Daimler Financial Services
·
Bank of America
·
Ford Motor Credit Company
·
Capital One
·
GM Financial Inc.
·
Hitachi Capital
·
Volkswagen Financial Services
·
Toyota Financial Services
Market Drivers
The US
Automotive Finance Market has recently advanced. Increasing vehicle prices is
the main feature causing a rise in market performance. Furthermore, low-interest rates are
also considered to be one of the vital parameters enhancing the performance of
the global market.
Moreover, the shift towards electric
vehicles (EVs), lease options, easy access to financing, longer loan terms, and
growing demand for vehicles will boost the global market's development over the
coming years. In addition, the growing vehicle prices are also likely to
positively impact the development of the global market for automotive finance
over the review era.
Market Restraints
On the contrary, various aspects may
harm expanding the global market for Automotive Finance. One of the main
restraints in advancing the market's growth is the elevated prices allied with
raw materials.
Segment Analysis
The global market for automotive finance
has been fragmented into various segments based on vehicle types, purpose types,
Finance types, Provider Types, and Regions.
Based on the provider type, the global
market for automotive finance is split into OEMS, banks, and other financial
institutions.
Based on the finance type, the global
market for automotive finance is divided into indirect and direct.
Based on purpose type, the global market
for automotive finance is split into leasing, loans, and others.
Based on the vehicle type, the global
market for automotive finance is fragmented into passenger and commercial
vehicles.
The
study offers market data by region for North America, Asia-Pacific, Europe, and
the Rest of the World.
The
study documents by MRFR entail that The
European Region ensured the prime position across the US Automotive Finance
Market in 2022, with a maximum share of about 45.80%. The area is recognized
for dynamic development contributors such as Germany, France, and the U.K. The
primary aspect boosting the development of the regional US Automotive Finance
Market is the
incentives and subsidies provided by several European governments to encourage
the use of electric and other environmentally friendly vehicles. These
incentives drive the demand for automobile financing in the electric vehicle
category.
The North American Region is estimated to hold the second
position across the US Automotive Finance Market over the assessment era. The
area is recognized for dynamic development contributors such as Mexico, Canada,
and the U.S. The primary aspect boosting the development of the regional US
Automotive Finance Market is the strong credit culture thanks to a long
history of consumer borrowing for numerous products, including automobiles.
Furthermore, the availability of credit and consumers' familiarity with
financing options is also considered to be one of the vital aspects causing a
surge in the growth of the regional market for automotive finance.
The Asia-Pacific region will grow at the
maximum CAGR across the US Automotive Finance Market from 2023 to 2032. The
area is recognized for dynamic development contributors such as China, India,
and Indonesia. The primary aspect boosting the development of the regional US
Automotive Finance Market is the significant increase in the middle-class
population in the Asia-Pacific region. Furthermore, the increased demand for
automobiles and the increased disposable income across the region are also
considered to positively affecting the regional US Automotive Finance Market's
performance. In addition, this expanding middle class is propelling the
burgeoning car finance sector.
US Automotive Finance Market
Segmentation
Automotive Finance Provider Type Outlook
- Banks
- OEMs
- Other
Financial Institutions
Automotive Finance Finance Type Outlook
- Direct
- Indirect
Automotive Finance Purpose Type Outlook
- Loan
- Leasing
- Others
Automotive Finance Vehicle Type Outlook
- Commercial
Vehicles
- Passenger
Vehicles
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