North America Automotive Finance Market Size & Outlook
North America automotive finance market, 2017-2030 (US$B)
Related Markets
North America automotive finance market highlights
- The North America automotive finance market generated a revenue of USD 78.4 billion in 2023.
- The market is expected to grow at a CAGR of 6.4% from 2024 to 2030.
- In terms of segment, banks was the largest revenue generating provider type in 2023.
- OEMs is the most lucrative provider type segment registering the fastest growth during the forecast period.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 78.4 billion |
| Market revenue in 2030 | USD 121.3 billion |
| Growth rate | 6.4% (CAGR from 2023 to 2030) |
| Largest segment | Banks |
| Fastest growing segment | OEMs |
| Historical data covered | 2017 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD billion |
| Market segmentation | Banks, OEMs, Other Financial Institutions |
| Key market players worldwide | Ally Financial Inc, Bank of America Corp, Capital One Financial Corp, JPMorgan Chase & Co, Mercedes-Benz Group AG, Ford Motor Co, General Motors Co, Hitachi Ltd, Toyota Motor Corp, Volkswagen AG |
Other key industry trends
- In terms of revenue, North America region accounted for 28.4% of the global automotive finance market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 89.8 billion by 2030.
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Automotive Finance Market Scope
Automotive Finance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
North America automotive finance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to automotive finance market will help companies and investors design strategic landscapes.
Banks was the largest segment with a revenue share of 55.74% in 2023. Horizon Databook has segmented the North America automotive finance market based on banks, oems, other financial institutions covering the revenue growth of each sub-segment from 2017 to 2030.
According to the analysis provided by Brookings, people in North America prefer using their own cars to travel for work. Thus, the growing demand for personnel cars in the region is expected t o drive the need for automotive finance in current days.
Various companies in the U.S. are making efforts t o implement advanced technologies in their functioning in order to reduce frauds in automotive financing. For instance, in November 2019, JPMorgan, an financial services provider based in the U.S., announced that it is testing the use of blockchain technology for tracking inventory of cars t o prevent frauds.
This will help the company to overcome the concern regarding the dealers using the same car for more than one loan. In the U.S., the Federal Trade Commission (FTC) plays a significant role in ensuring that the consumers get a reasonable deal in the automotive market.
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Target buyers of North America automotive finance market databook
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Our clientele includes a mix of automotive finance market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America automotive finance market , including forecasts for subscribers. This continent databook contains high-level insights into North America automotive finance market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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North America automotive finance market size, by country, 2017-2030 (US$B)
North America Automotive Finance Market Outlook Share, 2023 & 2030 (US$B)
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