PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423737
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423737
Automotive Fintech Market Forecasts to 2030 - Global Analysis By Vehicle Type (Commercial Vehicle, Passenger Car & Other Vehicle Types), Propulsion Type (Electric & Internal Combustion Engine (ICE)), Distribution Channel, End User & By Geography
According to Stratistics MRC, the Global Automotive Fintech Market is accounted for $52.4 billion in 2023 and is expected to reach $109.5 billion by 2030 growing at a CAGR of 11.1% during the forecast period. Automotive Fintech refers to the intersection of financial technology (Fintech) and the automotive industry, leveraging innovative digital solutions to transform and enhance financial services within the automotive ecosystem. This often involves the integration of advanced digital platforms, data analytics, and artificial intelligence to streamline processes such as auto financing, insurance, leasing, and payment systems.
According to OICA, in 2020, vehicle sales resulted in a 13% YOY decline, which directly impacted the auto finance and auto insurance market significantly.
Market Dynamics:
Driver:
Adoption of AI and machine learning
AI and ML technologies play a pivotal role in transforming various facets of financial services within the automotive industry. These technologies can identify anomalies and suspicious activities in real-time, ensuring secure and transparent transactions in the automotive fintech space. Moreover, AI-powered chatbots and virtual assistants streamline customer interactions, providing instant support for inquiries related to financing, insurance, and payment processes, which are driving this market expansion.
Restraint:
Lack of awareness
The complexity of financial technology and its applications in the automotive industry can contribute to the lack of awareness. Many consumers and industry participants may not be fully aware of the range of digital financial services available, which can result in a reluctance to explore or adopt these innovative solutions. Furthermore, industry stakeholders, including automotive manufacturers, may also have limited knowledge, which hinders partnerships and collaborations in the market.
Opportunity:
Advancements in telematics and IoT
Telematics involves the integration of telecommunications and informatics in vehicles, coupled with IoT connectivity, and provides a wealth of real-time data and insights into driving behavior, vehicle performance, and usage patterns. This not only enhances customer engagement but also fosters a more dynamic and responsive financial ecosystem within the automotive industry. Furthermore, the connectivity facilitates opportunities for innovative financial services, such as pay-as-you-drive models and usage-based financing, which is driving this market size.
Threat:
Regulatory challenges
The stringent and diverse regulatory frameworks across different regions and countries require fintech companies to navigate a complex landscape, leading to increased compliance costs and potential legal hurdles. Moreover, the evolving nature of fintech innovations often outpaces the development of regulatory frameworks, leading to a lack of standardized guidelines. This regulatory lag creates uncertainties for automotive fintech companies, hindering their ability to scale and innovate confidently.
Covid-19 Impact
The COVID-19 pandemic has significantly impacted the automotive fintech market in various ways, introducing challenges and disruptions to the industry. The economic uncertainties stemming from lockdowns, supply chain disruptions, and reduced consumer spending have created a complex environment. However, the pandemic has led to a decline in overall consumer demand for vehicles, hampering financing and lending activities within the automotive fintech market.
The passenger car segment is expected to be the largest during the forecast period
The passenger car segment is estimated to hold the largest share because it specifically focuses on applying financial technology to enhance the buying, financing, and ownership experience for individual consumers of passenger vehicles. Applications include auto loans, leasing, insurance, and payment systems tailored to meet the unique needs of private vehicle owners. Additionally, blockchain technology may be employed to ensure secure and transparent transactions during the purchase or leasing process, which further propels this segment's growth.
The internal combustion engine (ICE) segment is expected to have the highest CAGR during the forecast period
The internal combustion engine (ICE) segment is anticipated to have highest CAGR during the forecast period. This segment focuses on integrating financial technology solutions into the traditional realm of vehicles powered by internal combustion engines. These include online platforms and mobile applications that facilitate streamlined processes for securing auto loans, insurance coverage, and managing payment structures. Moreover, it endeavors to bring efficiency, convenience, and innovation to the financial landscape associated with traditional combustion engine vehicles, which is fostering this segment's expansion.
Region with largest share:
Europe commanded the largest market share during the extrapolated period, owing to a solid foundation for the integration of financial technology solutions into the automotive sector. It includes applications such as online car marketplaces, digital lending platforms, insurance technology (Insurtech), and payment systems, which contribute to quicker credit assessments, personalized financing options, and improved overall user experiences. In addition, the integration of blockchain technology ensures secure and transparent transactions, thereby boosting the size of this region.
Region with highest CAGR:
North America is expected to witness highest CAGR over the projection period. The integration of digital innovations into various financial aspects of the automotive ecosystem is shaping the way consumers purchase, finance, and manage vehicles in this geographic area. Countries like the United States, Canada, and Mexico leverage advanced data analytics and artificial intelligence to streamline processes, offering consumers faster and more personalized financing options. Thus, it encompasses a spectrum of technologies and services that drive this region's growth.
Key players in the market
Some of the key players in the Automotive Fintech Market include By Miles Ltd., Ant Financial, AutoFi Inc., Blinker, Inc, CoinBase, Creditas Solues Financeiras, Cuvva, Euroclear, Fiserv, Grab, Kuwy Technology Service Private Limited, London Stock Exchange Group, Paytm, Robinhood, RouteOne, Stripe, The Savings Group, Inc. and Tesla .
Key Developments:
In August 2023, Robinhood Markets, Inc. is partnering with Texas Christian University (TCU) to provide financial education coursework for the university's student-athletes through its signature Robinhood Money Drills program.
In July 2023, Standard Chartered and Ant Group entered into an agreement to deepen their partnership in driving green and inclusive finance, global fund management and sustainable development.
Vehicle Types Covered:
- Commercial Vehicle
- Passenger Car
- Other Vehicle Types
Propulsion Types Covered:
- Electric
- Internal Combustion Engine (ICE)
Distribution Channels Covered:
- Subscription
- On Demand
- Other Distribution Channels
End Users Covered:
- Digital Loans and Purchase
- Online Leasing
- Online Insurance
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Automotive Fintech Market, By Vehicle Type
- 5.1 Introduction
- 5.2 Commercial Vehicle
- 5.3 Passenger Car
- 5.4 Other Vehicle Types
6 Global Automotive Fintech Market, By Propulsion Type
- 6.1 Introduction
- 6.2 Electric
- 6.3 Internal Combustion Engine (ICE)
7 Global Automotive Fintech Market, By Distribution Channel
- 7.1 Introduction
- 7.2 Subscription
- 7.3 On Demand
- 7.4 Other Distribution Channels
8 Global Automotive Fintech Market, By End User
- 8.1 Introduction
- 8.2 Digital Loans and Purchase
- 8.3 Online Leasing
- 8.5 Online Insurance
- 8.6 Other End Users
9 Global Automotive Fintech Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 By Miles Ltd.
- 11.2 Ant Financial
- 11.3 AutoFi Inc.
- 11.4 Blinker, Inc
- 11.5 CoinBase
- 11.6 Creditas Solues Financeiras
- 11.7 Cuvva
- 11.8 Euroclear
- 11.9 Fiserv
- 11.10 Grab
- 11.11 Kuwy Technology Service Private Limited
- 11.12 London Stock Exchange Group
- 11.13 Paytm
- 11.14 Robinhood
- 11.15 RouteOne
- 11.16 Stripe
- 11.17 The Savings Group, Inc.
- 11.18 Tesla
List of Tables
- Table 1 Global Automotive Fintech Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Automotive Fintech Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 3 Global Automotive Fintech Market Outlook, By Commercial Vehicle (2021-2030) ($MN)
- Table 4 Global Automotive Fintech Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 5 Global Automotive Fintech Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
- Table 6 Global Automotive Fintech Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 7 Global Automotive Fintech Market Outlook, By Electric (2021-2030) ($MN)
- Table 8 Global Automotive Fintech Market Outlook, By Internal Combustion Engine (ICE) (2021-2030) ($MN)
- Table 9 Global Automotive Fintech Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 10 Global Automotive Fintech Market Outlook, By Subscription (2021-2030) ($MN)
- Table 11 Global Automotive Fintech Market Outlook, By On Demand (2021-2030) ($MN)
- Table 12 Global Automotive Fintech Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
- Table 13 Global Automotive Fintech Market Outlook, By End User (2021-2030) ($MN)
- Table 14 Global Automotive Fintech Market Outlook, By Digital Loans and Purchase (2021-2030) ($MN)
- Table 15 Global Automotive Fintech Market Outlook, By Online Leasing (2021-2030) ($MN)
- Table 16 Global Automotive Fintech Market Outlook, By Online Insurance (2021-2030) ($MN)
- Table 17 Global Automotive Fintech Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 18 North America Automotive Fintech Market Outlook, By Country (2021-2030) ($MN)
- Table 19 North America Automotive Fintech Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 20 North America Automotive Fintech Market Outlook, By Commercial Vehicle (2021-2030) ($MN)
- Table 21 North America Automotive Fintech Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 22 North America Automotive Fintech Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
- Table 23 North America Automotive Fintech Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 24 North America Automotive Fintech Market Outlook, By Introduction (2021-2030) ($MN)
- Table 25 North America Automotive Fintech Market Outlook, By Electric (2021-2030) ($MN)
- Table 26 North America Automotive Fintech Market Outlook, By Internal Combustion Engine (ICE) (2021-2030) ($MN)
- Table 27 North America Automotive Fintech Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 28 North America Automotive Fintech Market Outlook, By Subscription (2021-2030) ($MN)
- Table 29 North America Automotive Fintech Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
- Table 30 North America Automotive Fintech Market Outlook, By On Demand (2021-2030) ($MN)
- Table 31 North America Automotive Fintech Market Outlook, By End User (2021-2030) ($MN)
- Table 32 North America Automotive Fintech Market Outlook, By Digital Loans and Purchase (2021-2030) ($MN)
- Table 33 North America Automotive Fintech Market Outlook, By Online Leasing (2021-2030) ($MN)
- Table 34 North America Automotive Fintech Market Outlook, By Online Insurance (2021-2030) ($MN)
- Table 35 North America Automotive Fintech Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 36 Europe Automotive Fintech Market Outlook, By Country (2021-2030) ($MN)
- Table 37 Europe Automotive Fintech Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 38 Europe Automotive Fintech Market Outlook, By Commercial Vehicle (2021-2030) ($MN)
- Table 39 Europe Automotive Fintech Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 40 Europe Automotive Fintech Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
- Table 41 Europe Automotive Fintech Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 42 Europe Automotive Fintech Market Outlook, By Introduction (2021-2030) ($MN)
- Table 43 Europe Automotive Fintech Market Outlook, By Electric (2021-2030) ($MN)
- Table 44 Europe Automotive Fintech Market Outlook, By Internal Combustion Engine (ICE) (2021-2030) ($MN)
- Table 45 Europe Automotive Fintech Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 46 Europe Automotive Fintech Market Outlook, By Subscription (2021-2030) ($MN)
- Table 47 Europe Automotive Fintech Market Outlook, By On Demand (2021-2030) ($MN)
- Table 48 Europe Automotive Fintech Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
- Table 49 Europe Automotive Fintech Market Outlook, By End User (2021-2030) ($MN)
- Table 50 Europe Automotive Fintech Market Outlook, By Digital Loans and Purchase (2021-2030) ($MN)
- Table 51 Europe Automotive Fintech Market Outlook, By Online Leasing (2021-2030) ($MN)
- Table 52 Europe Automotive Fintech Market Outlook, By Online Insurance (2021-2030) ($MN)
- Table 53 Europe Automotive Fintech Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 54 Asia Pacific Automotive Fintech Market Outlook, By Country (2021-2030) ($MN)
- Table 55 Asia Pacific Automotive Fintech Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 56 Asia Pacific Automotive Fintech Market Outlook, By Commercial Vehicle (2021-2030) ($MN)
- Table 57 Asia Pacific Automotive Fintech Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 58 Asia Pacific Automotive Fintech Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
- Table 59 Asia Pacific Automotive Fintech Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 60 Asia Pacific Automotive Fintech Market Outlook, By Introduction (2021-2030) ($MN)
- Table 61 Asia Pacific Automotive Fintech Market Outlook, By Electric (2021-2030) ($MN)
- Table 62 Asia Pacific Automotive Fintech Market Outlook, By Internal Combustion Engine (ICE) (2021-2030) ($MN)
- Table 63 Asia Pacific Automotive Fintech Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 64 Asia Pacific Automotive Fintech Market Outlook, By Subscription (2021-2030) ($MN)
- Table 65 Asia Pacific Automotive Fintech Market Outlook, By On Demand (2021-2030) ($MN)
- Table 66 Asia Pacific Automotive Fintech Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
- Table 67 Asia Pacific Automotive Fintech Market Outlook, By End User (2021-2030) ($MN)
- Table 68 Asia Pacific Automotive Fintech Market Outlook, By Digital Loans and Purchase (2021-2030) ($MN)
- Table 69 Asia Pacific Automotive Fintech Market Outlook, By Online Leasing (2021-2030) ($MN)
- Table 70 Asia Pacific Automotive Fintech Market Outlook, By Online Insurance (2021-2030) ($MN)
- Table 71 Asia Pacific Automotive Fintech Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 72 South America Automotive Fintech Market Outlook, By Country (2021-2030) ($MN)
- Table 73 South America Automotive Fintech Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 74 South America Automotive Fintech Market Outlook, By Commercial Vehicle (2021-2030) ($MN)
- Table 75 South America Automotive Fintech Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 76 South America Automotive Fintech Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
- Table 77 South America Automotive Fintech Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 78 South America Automotive Fintech Market Outlook, By Introduction (2021-2030) ($MN)
- Table 79 South America Automotive Fintech Market Outlook, By Electric (2021-2030) ($MN)
- Table 80 South America Automotive Fintech Market Outlook, By Internal Combustion Engine (ICE) (2021-2030) ($MN)
- Table 81 South America Automotive Fintech Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 82 South America Automotive Fintech Market Outlook, By Subscription (2021-2030) ($MN)
- Table 83 South America Automotive Fintech Market Outlook, By On Demand (2021-2030) ($MN)
- Table 84 South America Automotive Fintech Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
- Table 85 South America Automotive Fintech Market Outlook, By End User (2021-2030) ($MN)
- Table 86 South America Automotive Fintech Market Outlook, By Digital Loans and Purchase (2021-2030) ($MN)
- Table 87 South America Automotive Fintech Market Outlook, By Online Leasing (2021-2030) ($MN)
- Table 88 South America Automotive Fintech Market Outlook, By Online Insurance (2021-2030) ($MN)
- Table 89 South America Automotive Fintech Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 90 Middle East & Africa Automotive Fintech Market Outlook, By Country (2021-2030) ($MN)
- Table 91 Middle East & Africa Automotive Fintech Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 92 Middle East & Africa Automotive Fintech Market Outlook, By Commercial Vehicle (2021-2030) ($MN)
- Table 93 Middle East & Africa Automotive Fintech Market Outlook, By Passenger Car (2021-2030) ($MN)
- Table 94 Middle East & Africa Automotive Fintech Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
- Table 95 Middle East & Africa Automotive Fintech Market Outlook, By Propulsion Type (2021-2030) ($MN)
- Table 96 Middle East & Africa Automotive Fintech Market Outlook, By Introduction (2021-2030) ($MN)
- Table 97 Middle East & Africa Automotive Fintech Market Outlook, By Electric (2021-2030) ($MN)
- Table 98 Middle East & Africa Automotive Fintech Market Outlook, By Internal Combustion Engine (ICE) (2021-2030) ($MN)
- Table 99 Middle East & Africa Automotive Fintech Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 100 Middle East & Africa Automotive Fintech Market Outlook, By Subscription (2021-2030) ($MN)
- Table 101 Middle East & Africa Automotive Fintech Market Outlook, By On Demand (2021-2030) ($MN)
- Table 102 Middle East & Africa Automotive Fintech Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
- Table 103 Middle East & Africa Automotive Fintech Market Outlook, By End User (2021-2030) ($MN)
- Table 104 Middle East & Africa Automotive Fintech Market Outlook, By Digital Loans and Purchase (2021-2030) ($MN)
- Table 105 Middle East & Africa Automotive Fintech Market Outlook, By Online Leasing (2021-2030) ($MN)
- Table 106 Middle East & Africa Automotive Fintech Market Outlook, By Online Insurance (2021-2030) ($MN)
- Table 107 Middle East & Africa Automotive Fintech Market Outlook, By Other End Users (2021-2030) ($MN)
