Automotive Finance Market expected to register at a CAGR of 7.2% from 2022 to 2030
Automotive Finance Industry Overview The global automotive finance market size was valued at USD 244.88 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030. The increasing global demand for electric vehicles is one of the major factors, expected to drive market growth. According to the Experian’s State of the Automotive Finance report, electric vehicles comprised 4.56% of new vehicle financing in Q4 2021, up from 2.25% in Q4 2020 and 1.34% in Q4 2019 in the U.S. According to this report, consumers in the U.S. are more likely to purchase new electric vehicles rather than lease them. Gather more insights about the market drivers, restrains and growth of the Global Automotive Finance Market The growing importance of captive automotive finance worldwide is creating new opportunities for market growth. Captive finance is a subsidiary of an automaker that provides loans and financial serv...