Automotive Fintech Market Size Worth USD 3.51 Trillion, Globally, by 2030 at a CAGR of 5.16%
Automotive Fintech Market to Reach USD 3.51 Trillion by 2030; Tinkoff Auto Envisions a Marketplace within Electric Cars, Offering a Range of Services
Pune, India., Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global automotive fintech market size was USD 2.29 trillion in 2022. The market is anticipated to expand from USD 2.47 trillion in 2023 to USD 3.51 trillion in 2030 at a CAGR of 5.16% over the analysis period. The rise is driven by the rising introduction of on-demand transportation, in-vehicle payments, and pay-per-mile insurance.
*Market Drivers & Restraints-*
*Rising Demand for Connected Vehicle Technologies such as Telematics and In-Vehicle Payments to Fuel Industry Growth*
One of the major factors driving automotive fintech market growth is the increasing launch of connected vehicle technologies including in-vehicle payment systems. Some of the market players focused on the introduction of future mobility and connectivity technologies include Ford, Toyota, Robert Bosch, and Continental AG.
However, the automotive fintech industry may be impeded by the surging risk of data breaches and the enforcement of strict cyber laws for this technology.
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*Report Highlights:*
*Report Coverage* *Details*
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 5.16%
2030 Value Projection USD 3.51 Trillion
Base Year 2022
Market Size in 2023 USD 2.47 Trillion
Historical Data for 2019-2021
No. of Pages 200
*Competitive Landscape-*
*Leading Companies Ink Partnership Deals to Strengthen Industry Foothold*
Major industry participants in the automotive fintech market focus on adopting numerous strategies for strengthening the positions of their businesses. Several companies enter partnerships, collaborations, and the launch of new automotive fintech products. These companies also forge merger agreements, acquisitions, and undertake research activities for increasing their geographical footprints and enhancing their product portfolios.
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*Segments-*
*Passenger Cars Segment to Lead Impelled by Higher Product Demand for Daily Commuting*
On the basis of vehicle type, the market is subdivided into commercial vehicles and passenger cars. The passenger cars segment accounted for the largest market share in 2022 and is poised to register notable expansion over the projected period. The surge can be attributed to the increasing vehicle demand for daily commute by consumers.
*ICE Segment to Gain Traction Owing to Well-Supported Conventional Vehicle Infrastructure*
By propulsion, the market is fragmented into electric and ICE. The ICE segment accounted for a dominant market share in 2022 and is slated to depict considerable growth throughout the estimated period. The expansion is due to the availability of gas stations and well-supported ICE infrastructure.
*Auto Rental and Leasing Segment Dominated the Market Impelled by Increasing Vehicle Rental Demand*
On the basis of industry, the market is subdivided into auto insurance, connected vehicle, auto finance, and auto rental and leasing. The auto rental and leasing segment accounted for a key share in the market in 2022 and is anticipated to exhibit lucrative growth over the study period. The growth is on account of the surging demand for vehicle rentals and cheaper on-demand transportation. Based on geography, the market for automotive fintech has been studied across North America, Europe, Asia Pacific, and the rest of the world.
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*Regional Insights:*
*North America Held Major Market Share Owing to Rising Product Demand*
North America accounted for a dominating automotive fintech market share in 2022 and is slated to record appreciable expansion over the projected period. The rise is driven by the escalating product demand and surging dependence of consumers on vehicle rental and auto financing.
Asia Pacific market held the second-largest share in 2022 and is anticipated to depict the highest CAGR over the analysis period. The expansion is driven by the soaring vehicle sales on account of increasing vehicle demand in Asia.
*Report Coverage:*
The automotive fintech market research report offers vital insights into the key trends in the global market. It also delves into the pivotal factors impelling the business scenario across various regions. Other aspects include an account of the prominent strategies deployed by leading companies in strengthening their industry positions.
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*A list of prominent **Automotive Fintech manufacturers operating in the global market:*
· General Motors (U.S.)
· Toyota Motor Corporation (U.S.)
· Uber (U.S.)
· Ola (India)
· Ally Finance (U.S.)
· Santandar Bank (Spain)
· Tesla (U.S.)
· Honda Motors (Japan)
· Hertz Global Holdings (U.S.)
· Europcar Mobility Group (France)
· ALD Automotive (France)
· Mastercard Inc. (U.S.)
· BMW AG (U.S.)
· Visa Inc. (U.S.)
· Grab Holdings Limited (Singapore)
· •Tata Motors (India)
*COVID-19 Impact:*
*Supply Chain Disruptions Hampered Industry Expansion during COVID-19 Pandemic*
The pandemic led to the temporary closure of manufacturing units and factories, affecting economic activity across various regions. This led to an impact on the financial services demand in the auto sector. However, the escalated adoption of in-vehicle payments, telematics, and connected technology, among others, helped the revival of product demand in 2021 and 2022.
*Notable Industry Development:*
*August 2023 – *Tinkoff Auto shared plans to develop a fintech platform for Auto, the Russian electric car. The marketplace incorporated into the electric car’s on-board management system is expected to offer automotive and associated services, including car insurance and table reservation in restaurants.
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*Table of Content: *
· Introduction
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· Executive Summary
· Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Market Trends
· Key Insights
· Key Industry Developments - Mergers, Acquisitions & Partnerships
· Latest Technological Advancements
· Porters Five Forces Analysis
· Impact of COVID-19 Pandemic on Global Automotive Fintech Market
· Global Automotive Fintech Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Definition
· 5.1. Market Analysis, Insights and Forecast - By Vehicle Type
· · Passenger Cars
· Commercial Vehicles
· Market Analysis, Insights and Forecast - By Propulsion
· ICE
· Electric
· Market Analysis, Insights and Forecast - By Industry
· Auto Finance
· Connected Vehicle
· Auto Insurance
· Auto Rental and Leasing
· Market Analysis, Insights and Forecast - By Region
· North America
· Europe
· Asia-Pacific
· Rest of the World
· North America Automotive Fintech Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Cars
· Commercial Vehicles
· Market Analysis, Insights and Forecast - By Propulsion
· ICE
· Electric
· Market Analysis, Insights and Forecast - By Industry
· Auto Finance
· Connected Vehicle
· Auto Insurance
· Auto Rental and Leasing
· Market Analysis, Insights and Forecast - By Country
· U.S.
· Market Analysis, Insights and Forecast - By Vehicle Type
· Canada
· Market Analysis, Insights and Forecast - By Vehicle Type
· Mexico
· Market Analysis, Insights and Forecast - By Vehicle Type
· Europe Automotive Fintech Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Cars
· Commercial Vehicles
· Market Analysis, Insights and Forecast - By Propulsion
· ICE
· Electric
· Market Analysis, Insights and Forecast - By Industry
· Auto Finance
· Connected Vehicle
· Auto Insurance
· Auto Rental and Leasing
· Market Analysis, Insights and Forecast - By Country
· U.K.
· Market Analysis, Insights and Forecast - By Vehicle Type
· Germany
· Market Analysis, Insights and Forecast - By Vehicle Type
· France
· Market Analysis, Insights and Forecast - By Vehicle Type
· Rest of Europe
· Market Analysis, Insights and Forecast - By Vehicle Type
· Asia-Pacific Automotive Fintech Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Cars
· Commercial Vehicles
· Market Analysis, Insights and Forecast - By Propulsion
· ICE
· Electric
· Market Analysis, Insights and Forecast - By Industry
· Auto Finance
· Connected Vehicle
· Auto Insurance
· Auto Rental and Leasing
· Market Analysis, Insights and Forecast - By Country
· Japan
· Market Analysis, Insights and Forecast - By Vehicle Type
· China
· Market Analysis, Insights and Forecast - By Vehicle Type
· India
· Market Analysis, Insights and Forecast - By Vehicle Type
· South Korea
· Market Analysis, Insights and Forecast - By Vehicle Type
· Rest of APC
· Market Analysis, Insights and Forecast - By Vehicle Type
· Rest of the World Automotive Fintech Market Analysis, Insights and Forecast, 2019-2030
· Market Analysis, Insights and Forecast - By Vehicle Type
· Passenger Cars
· Commercial Vehicles
· Market Analysis, Insights and Forecast - By Propulsion
· ICE
· Electric
· Market Analysis, Insights and Forecast - By Industry
· Auto Finance
· Connected Vehicle
· Auto Insurance
· Auto Rental and Leasing
· Competitive Analysis
· Key Industry Developments
· Global Market Rank Analysis (2022)
· Competitive Dashboard
· Comparative Analysis - Major Players
· Company Profiles (Overview, Products & Services, SWOT Analysis, Recent Developments, Strategies, Financials (Based on Availability)
· General Motors (U.S.)
· Toyota Motor Corporation (U.S.)
· Uber (U.S.)
· Ola (India)
· Ally Finance (U.S.)
· Santadar Bank (Spain)
· Tesla (U.S.)
· Honda Motors (Japan)
· Hertz Global Holdings (U.S.)
· Europcar Mobility Group (France)
· ALD Automotive (France)
· Mastercard Inc. (U.S.)
· BMW AG (U.S.)
· Visa Inc. (U.S.)
· Grab Holdings Limited (Singapore)
· Tata Motors (India)
*List of Figures:*
Figure 1: Global Automotive Fintech Market Revenue Breakdown (USD Trillion, %) By Region, 2022 & 2030
Figure 2: Global Automotive Fintech Market (%) Breakdown, By Vehicle Type, 2022 & 2030
Figure 3: Global Automotive Fintech Market (USD Trillion) Breakdown, By Passenger Cars, 2019-2030
Figure 4: Global Automotive Fintech Market (USD Trillion) Breakdown, By Commercial Vehicles, 2019-2030
Figure 5: Global Automotive Fintech Market (%) Breakdown, By Propulsion, 2022 & 2030
Figure 6: Global Automotive Fintech Market (USD Trillion) Breakdown, By ICE, 2019-2030
Figure 7: Global Automotive Fintech Market (USD Trillion) Breakdown, By Electric, 2019-2030
Figure 8: Global Automotive Fintech Market (%) Breakdown, By Industry, 2022 & 2030
Figure 9: Global Automotive Fintech Market (USD Trillion) Breakdown, By Auto Finance, 2019-2030
Figure 10: Global Automotive Fintech Market (USD Trillion) Breakdown, By Connected Vehicle, 2019-2030
Figure 11: Global Automotive Fintech Market (USD Trillion) Breakdown, By Auto Insurance, 2019-2030
Figure 12: Global Automotive Fintech Market (USD Trillion) Breakdown, By Auto Rental and Leasing, 2019-2030
Figure 13: Global Automotive Fintech Market Share (%) By Region, 2022 & 2030
Figure 14: Global Automotive Fintech Market Forecast (USD Trillion), By North America, 2019-2030
Figure 15: Global Automotive Fintech Market Forecast (USD Trillion), By Europe, 2019-2030
Figure 16: Global Automotive Fintech Market Forecast (USD Trillion), By Asia-Pacific, 2019-2030
Figure 17: Global Automotive Fintech Market Forecast (USD Trillion), By Rest of the World, 2019-2030
Figure 18: North America Automotive Fintech Market Value (USD Trillion) By Vehicle Type, 2022 & 2030
Figure 19: North America Automotive Fintech Market Value Share (%) By Vehicle Type, 2022
Figure 20: North America Automotive Fintech Market Value (USD Trillion) By Propulsion, 2022 & 2030
Figure 21: North America Automotive Fintech Market Value Share (%) By Propulsion, 2022
Figure 22: North America Automotive Fintech Market Value (USD Trillion) By Industry, 2022 & 2030
Figure 23: North America Automotive Fintech Market Value Share (%) By Industry, 2022
Figure 24: North America Automotive Fintech Market Value (USD Trillion) By Country, 2022 & 2030
Figure 25: North America Automotive Fintech Value Share (%) By Country, 2022
Figure 26: Europe Automotive Fintech Market Value (USD Trillion) By Vehicle Type, 2022 & 2030
Figure 27: Europe Automotive Fintech Market Value Share (%) By Vehicle Type, 2022
Figure 28: Europe Automotive Fintech Market Value (USD Trillion) By Propulsion, 2022 & 2030
Figure 29: Europe Automotive Fintech Market Value Share (%) By Propulsion, 2022
Figure 30: Europe Automotive Fintech Market Value (USD Trillion) By Industry, 2022 & 2030
Figure 31: Europe Automotive Fintech Market Value Share (%) By Industry, 2022
Figure 32: Europe Automotive Fintech Market Value (USD Trillion) By Country, 2022 & 2030
Figure 33: Europe Automotive Fintech Value Share (%) By Country, 2022
Figure 34: Asia-Pacific Automotive Fintech Market Value (USD Trillion), By Vehicle Type, 2022 & 2030
Figure 35: Asia-Pacific Automotive Fintech Market Value Share (%) By Vehicle Type, 2022
Figure 36: Asia-Pacific Automotive Fintech Market Value (USD Trillion) By Propulsion, 2022 & 2030
Figure 37: Asia-Pacific Automotive Fintech Market Value Share (%) By Propulsion, 2022
Figure 38: Asia-Pacific Automotive Fintech Market Value (USD Trillion) By Industry, 2022 & 2030
Figure 39: Asia-Pacific Automotive Fintech Market Value Share (%) By Industry, 2022
Figure 40: Asia-Pacific Automotive Fintech Market Value (USD Trillion) By Country, 2022 & 2030
Figure 41: Asia-Pacific Automotive Fintech Value Share (%) By Country, 2022
Figure 42: Rest of the World Automotive Fintech Market Value (USD Trillion) By Vehicle Type, 2022 & 2030
Figure 43: Rest of the World Automotive Fintech Market Value Share (%) By Vehicle Type, 2022
Figure 44: Rest of the World Automotive Fintech Market Value (USD Trillion) By Propulsion, 2022 & 2030
Figure 45: Rest of the World Automotive Fintech Market Value Share (%) By Propulsion, 2022
Figure 46: Rest of the World Automotive Fintech Market Value (USD Trillion) By Industry, 2022 & 2030
Figure 47: Rest of the World Automotive Fintech Market Value Share (%) By Industry, 2022
Figure 48: Global Automotive Fintech Market Rank Analysis, By Key Players, 2022
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