According to the report published by Allied Market Research, Automotive Fintech Market Size, Share, Competitive Landscape and Trend Analysis Report, by End Use, by Channel, by Vehicle Type, by Propulsion Type : Global Opportunity Analysis and Industry Forecast, 2021-2031. The global automotive fintech market size was valued at $47.1 billion in 2021, and is projected to reach $112.1 billion by 2031, growing at 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 competitive scenario. The report is a helpful 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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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 hurdles as the pandemic brought the industry to a halt. This was due to the closure of production plants and showrooms, as well as a decrease in consumer spending.
- Nevertheless, the pandemic drove the shift to digital payments and contactless transactions, which aided in the growth of automotive fintech startups.
- Furthermore, the need for financial stability and flexible payment options grew at that time, leading to the surge in the demand for inventive financing solutions provided by automotive fintech firms.
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 with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on end use, the digital loans and purchase segment held 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 captured the largest market share of more than two-thirds of the global automotive fintech market in 2021 and is expected to lead the trail 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 trail 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 of 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 of 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 developments by every market player.
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