Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Automotive Fintech Market size is expected to reach $82.6 billion by 2028, rising at a market growth of 9.0% CAGR during the forecast period.
The Subscription segment is showcasing a CAGR of 10% during (2022 - 2028). This is because, with the subscription method, the company can concentrate more on its current subscriber base and spend less time looking for new clients. Customers that sign up for subscriptions develop a feeling of community and feel like an integral part of the company. The subscription model makes it possible to manage cash flow more effectively since it provides a consistent income stream for the firm and helps them control inventories.
The Passenger Car segment is leading the Global Automotive Fintech Market by Vehicle Type in 2021 thereby, achieving a market value of $59.8 billion by 2028. This is due to the rise in the demand for passenger cars. There is a surge in middle-income groups' population and an increase in living standards in developing nations. The availability of affordable alternatives to these cars is another factor influencing consumer preference for them. In addition, increased technical developments, such as incorporating all-EV charging station systems with the Internet of Things (IoT) and real-time information solutions.
The Electric segment has shown the growth rate of 11.2% during (2022 - 2028). This is because of the benefits, like substantially reduced operating costs. Due to their greater efficiency and the lower cost of power, charging an electric car is more affordable than purchasing gasoline or diesel for travel needs. In addition, the usage of electric cars may be more environmentally benign when powered by renewable energy sources.
The Digital Loans & Purchase segment is generating highest revenue share in the Global Automotive Fintech Market by End Use in 2021 thereby, achieving a market value of $37.8 billion by 2028. This is because consumers of car retail are exerting intense pressure for digital, multichannel experiences. This entails digital encounters on their terms, including exploring, transacting, signing contracts, and receiving goods. Fintech stands out as a leader in bringing about this shift, with disruption in car financing being a big driving force in the auto industry's overall technological drive.
The North America market dominated the Global Automotive Fintech Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $29.4 billion by 2028. The Europe market is exhibiting a CAGR of 8.8% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 9.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/automotive-fintech-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Kuwy Technology Services Pvt Ltd. (Volkswagen Financial Services AG) (Volkswagen AG), Creditas Soluções Financeiras Ltda., Euroclear SA/NV (Euroclear Holding SA/NV), Grab Holdings Inc, Blinker Inc., The Savings Group, Inc. (Autopay), Cuvva Limited, RouteOne LLC, By Miles, and AutoFi, Inc.
By Vehicle Type
By Propulsion Type
By End User
Unique Offerings from KBV Research
North America Automotive Fintech Market size & Opportunities 2022-2028
Europe Automotive Fintech Market & Growth Forecast 2022-2028
Asia Pacific Automotive Fintech Market Share & Industry Outlook to 2028
LAMEA Automotive Fintech Market Growth, Trends & Forecasts 2022-2028