Global Automotive Finance Market Report 2023-2032: Europe Leads Automotive Finance Market with Asia-Pacific on the Rise, Fueled by Vehicle Price Hikes

DUBLIN, Oct. 3, 2023 /PRNewswire/ — The “Automotive Finance Global Market Report 2023” report has been added to’s offering.

The global automotive finance market is expected to grow from $248.99 billion in 2022 to $266.65 billion in 2023 at a compound annual growth rate (CAGR) of 7.09%. The automotive finance market is expected to grow to $360.89 billion in 2027 at a CAGR of 7.86%.

The anticipated growth of the automotive finance market is set to be driven by the increasing prices of vehicles. Vehicle prices encompass the costs associated with a car’s production, manufacturing, and placement in the market. Automotive financing, on the other hand, involves the acquisition of vehicles, often enabling consumers to purchase more expensive cars than they could afford outright.

For instance, in June 2022, data from Kelly Blue Book, a US-based vehicle valuation and information source under Cox Automotive, revealed a noteworthy year-over-year increase of 13.5% in average transaction prices (ATP) for new vehicles. This surge brought the ATP from $41,534 in May 2021 to $47,148 in May 2022. Notably, trucks experienced the highest gain, with an ATP of $56,216, reflecting an $888 increase. Vans also saw a substantial increase of $726, resulting in an ATP of $48,671, while SUVs recorded a $526 gain, elevating their ATP to $46,073.

Consequently, the upward trajectory of vehicle prices is a significant driver of growth in the automotive finance market. Technological advancements have emerged as a prominent trend gaining momentum within the automotive finance sector. Leading companies operating in this market are prioritizing innovation in technology to maintain their competitive positions.

For instance, in September 2022, Kuwy, an India-based automotive fintech startup and a subsidiary of Volkswagen Finance, introduced KUWY-LaaS, an AI-driven platform incorporating blockchain technology for online auto sales. This technology not only democratizes online auto transactions while ensuring complete transparency but also provides extensive information to assist sellers, buyers, and lenders in making well-informed decisions. It empowers customers to select financing options, choose lenders, and undergo a rapid, paperless approval process.

In another significant development, Protective Life Corporation, a US-based financial service holding company, acquired AUL Corporation in May 2022, further enhancing its capabilities and growth prospects. AUL Corporation is a US-based provider of automotive finance and insurance solutions. This strategic acquisition bolsters Protective’s Asset Protection Division and expands its product portfolio.

In 2022, Europe emerged as the largest region in the automotive finance market, with Asia-Pacific projected to exhibit the fastest growth in the forecast period. This report encompasses an analysis of various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, offering insights into market dynamics and opportunities.

The countries covered in the automotive finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Major players in the automotive finance market are 

  • Ally Financial
  • Bank of America
  • Capital One
  • Chase Auto Finance
  • Daimler Financial Services
  • Ford Motor Credit Company
  • GM Financial Inc.
  • Hitachi Capital
  • Toyota Financial Services
  • Volkswagen Financial Services
  • BNP Paribas
  • HDFC Bank Limited
  • Standard Bank Group Ltd.
  • Banco Bradesco SA
  • Wells Fargo & Co
  • HSBC Holdings plc

Key Topics Covered:

1. Executive Summary

2. Automotive Finance Market Characteristics

3. Automotive Finance Market Trends And Strategies

4. Automotive Finance Market – Macro Economic Scenario
4.1. COVID-19 Impact On Automotive Finance Market
4.2. Ukraine-Russia War Impact On Automotive Finance Market
4.3. Impact Of High Inflation On Automotive Finance Market

5. Automotive Finance Market Size And Growth
5.1. Global Automotive Finance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Automotive Finance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Automotive Finance Market Segmentation
6.1. Global Automotive Finance Market, Segmentation By Provider Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Banks
  • OEMs
  • Other Provider Types

6.2. Global Automotive Finance Market, Segmentation By Finance Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Direct Finance
  • Indirect Finance

6.3. Global Automotive Finance Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Passenger Vehicles
  • Commercial Vehicles
  • Other Vehicle Types

7. Automotive Finance Market Regional And Country Analysis
7.1. Global Automotive Finance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Automotive Finance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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