Portland, OR, March 15, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, fintech market for cars generated USD 47.1 billion in 2021, and is projected to reach USD 112.1 billion by 2031, with a CAGR of 9.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competition scenario. The report is a useful source of information for leading market players, new entrants, investors and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage and details:
| Report coverage | Details |
| Forecast period | 2022–2031 |
| Foundation year | 2021 |
| Market size in 2021 | 47.1 billion dollars |
| Market size in 2031 | 112.1 billion dollars |
| CAGR | 9.2% |
| Number of pages in the report | 297 |
| Segments covered | End use, channel, vehicle type, propulsion type and region |
| Drivers | Cooperation between taxi rental companies and fintech companies |
| Digitization in the automotive industry | |
| Possibilities | Increasing demand for fintech based on car use and the use of blockchain technology in cars |
| Limitations | Security and privacy concerns |
Covid-19 scenario:
- The outbreak of the COVID-19 pandemic had a significant impact on the automotive fintech market. The market which was in a growth phase witnessed many obstacles as the pandemic halted the industry. This was due to the closure of production facilities and showrooms, as well as a decrease in consumption expenditure.
- Nevertheless, the pandemic drove the shift to digital payments and contactless transactions, which contributed to the growth of fintech startups in the automotive industry.
- Furthermore, the need for financial stability and flexible payment options grew at the time, leading to an increase in demand for inventive financing solutions provided by fintech firms in the automotive industry.
The report offers a detailed segmentation of the global automotive fintech market based on end-use, channel, vehicle type, propulsion type and region. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors and new entrants to determine the sub-segments to use to achieve growth in the coming years.
Based on end-use, the digital loans and purchases segment had the largest share in 2021, accounting for nearly half of the global automotive fintech market and would dominate the market in terms of revenue through 2031. The in-vehicle payments segment, on the other hand , is estimated to witness the fastest CAGR of 11.5% during the forecast period. The report also discusses the online leasing and online insurance segments.
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In terms of channel, the on-demand segment captured the largest market share of nearly three-fifths of the global automotive fintech market in 2021 and is expected to dominate the market in terms of revenue through 2031. However, the subscription segment is likely to achieve the fastest CAGR of 10 .2% through 2031.
In terms of vehicle type, the passenger car segment took the largest market share of more than two-thirds of the global automotive fintech market in 2021 and is expected to lead the way during the forecast period. However, the commercial vehicle segment is likely to achieve the fastest CAGR of 10.1% through 2031. The report also studies the segments.
In terms of propulsion type, the ICE segment captured the largest market share of nearly 90% of the global automotive fintech market in 2021 and is expected to lead the way during the forecast period. However, the electric segment is likely to achieve the fastest CAGR of 14.5% through 2031.
Based on region, the market in North America was the largest in 2021, accounting for over one-third of the global automotive fintech market in 2021 and is likely to maintain its dominance during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 11.4% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
Leading players in the global automotive fintech market analyzed in the research include Blinker, Inc., Cuvva, ROUTEONE, The Savings Group, Inc., By Miles Ltd., Creditas Solues Financeiras, Euroclear, AutoFi Inc., Grab and Kuwy Technology Service Private Limited.
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The report analyzes these key players in the global automotive fintech market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio and development of each market player.
Similar reports we have about the car industry:
Market for car buying process Research report 2023-2035
Online car buying market Research report 2023-2035
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Allied Market Research (AMR) is a full-service market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a single-minded approach to providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relationships with various companies and this helps us to dig out market data which helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasts. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help clients in every possible way to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the concerned domain. Our secondary data sourcing methodology includes deep online and offline research and discussion with knowledgeable industry professionals and analysts.
