Global Auto Finance Market to Reach $325 Billion by 2029, Driven by Rising Vehicle Costs and Growing Consumer Awareness
• Global automotive finance market valued at $231.6 billion in 2023, forecast to reach $325.2 billion by 2029 with 5.9% CAGR
• Key drivers include rising vehicle costs, growing consumer awareness of financing options, technological advancements, and competition among financial institutions
• Emerging trends include electric vehicle financing, subscription models, AI and data analytics, blockchain technology, personalization of products, and sustainable finance
• Challenges include economic uncertainty, shifting regulations, evolving consumer preferences and technological disruption, and effective risk management
• Market segmented by provider type (banks, OEMs, others), purpose (loans, leasing), vehicle type (passenger, commercial), and region (North America, Europe, Asia Pacific, South America, Middle East & Africa)