Automotive Finance Market Size To Register At 7.2% CAGR Till 2030

Jyoti Waghmare03 Jun, 2022Business

The global automotive finance market size was valued at USD 244.88 billion in 2021 and is expected to reach USD 451.71 billion by 2030, registering a CAGR of 7.2% during forecast period. The increasing global demand for electric vehicles is one of the major factors, expected to drive market growth. According to the Experian?s State of the Automotive Finance report, electric vehicles comprised 4.56% of new vehicle financing in Q4 2021, up from 2.25% in Q4 2020 and 1.34% in Q4 2019 in the U.S. According to this report, consumers in the U.S. are more likely to purchase new electric vehicles rather than lease them.