Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Automotive Fintech Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Amidst ever-evolving technological advancements and increasing digitalization, the automotive fintech market has witnessed a significant surge, particularly propelled by the integration of zero-emission technology financing platforms. The market, which includes digital loans and purchases, online leasing, online insurance, and in-vehicle payments, showcases a robust growth trajectory, demonstrating a compound annual growth rate (CAGR) of 9.22% from the year 2022, anticipating an upward climb to $54.12 billion in 2023.
The integration of internal combustion engines (ICE) and electric vehicles (EVs) within the automotive fintech realm underscores the industry's dynamic nature. Subscription services, which provide customers with transparent upfront fee information, and on-demand channels are instrumental in enhancing consumer engagement and financial processing efficiency within the automotive sector.
Navigating Through Global Challenges
Despite the global setbacks caused by the Russia-Ukraine conflict, which severely impacted economic stability across various regions, the automotive fintech market persists with steadfast growth, projecting to reach a valuation of $78.02 billion by 2027.
- In-vehicle Payment Solutions
- Online Automotive Insurance
- Advanced Subscription Models
Reflecting this paradigm shift, entities within the market are focusing on launching innovative platforms aimed at financing EV sales. This initiative is set to encourage the purchase of electric vehicles and support consumers in achieving their financial and environmental objectives. A notable example includes Tenet, a climate-oriented financing enterprise, which unveiled an EV financing platform in mid-2022.
Strategic Market Alliances and Acquisitions
Key acquisitions have marked the sector's expansive growth, such as Cars.com Inc.'s strategic acquisition of CreditIQ for $80 million, catapulting the company into the automotive fintech space and augmenting its platform capabilities.
North America Emerges as Market Leader
Dominating the automotive fintech landscape, North America has emerged as the largest regional market, followed by comprehensive coverage of other significant areas such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
Driving Forces Behind the Market Expansion
The rise of the automotive industry propels the automotive fintech market forward. The correlation between manufacturing, development, and vehicle sales with digital finance solutions translates into seamless financing, insuring vehicles, and the overall enhanced customer experience.
The report encapsulates the market’s revenues, which consist of income generated by delivering digital payment services, alongside auto finance and vehicle leasing services. It carefully delineates the market value as the aggregate of revenues accrued by entities from the sale of goods/services within the industry.
Notable Market Players
The research report spotlights prominent players within the automotive fintech market, including but not limited to Liberty Mutual Group, Fiserv Inc., and Stripe Inc., aligning with numerous others that are defining the industry's current and future state.
This latest addition to our research publications offers an exhaustive analysis of the current and future automotive fintech market scenario. Industry stakeholders, investors, and participants can leverage the insights provided to navigate the market's intricacies and tap into the potential growth avenues outlined within this comprehensive analysis.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $54.12 billion |
| Forecasted Market Value (USD) by 2027 | $78.02 billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Liberty Mutual Group
- Fiserv Inc.
- Stripe Inc.
- Global Payments Inc.
- Coinbase Global Inc.
- Grab Financial Group
- Euroclear Holding SA/NV
- Robinhood Markets Inc.
- Ant Group
- The Savings Group Inc.
- Bajaj Auto Finance
- Creditas Soluções Financeiras Ltd.
- Root Insurance Company
- Oodle Car Finance
- Cambridge Mobile Telematics
- AutoFi Inc.
- HC Liquidating Inc.
- Blinker Inc.
- Cuvva
- By Miles Ltd.
- Clearcover Insurance Co
- Bumper.com
- CarConnect Group
- Fair Financial Corp
- Tractable Ltd.
- Lendbuzz Inc.
- Eze Wheelz
- AlgoDriven
- Naked Insurance
- Just Insure Inc.
For more information about this report visit https://www.researchandmarkets.com/r/v0ad56
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