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Automotive Finance Market Share

Report ID: GMI11750
Published Date: Oct 2024
Report Format: PDF

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Automotive Finance Market Share

Automotive Finance Market Company Share, 2023

GM Financial, Honda Financial Services and Bank of America collectively held a substantial market share of over 13% in the automotive finance industry in 2023, leveraging their industry expertise and integrated dealership relationships to drive sales and customer satisfaction. Their collaborative impact on the market highlights the importance of manufacturer-backed financing solutions in meeting consumer needs.

Honda Financial Services specializes in financing for Toyota and Lexus vehicles, capturing a significant share of the automotive finance market. By offering tailored products that cater to brand loyalists, such as competitive leasing options and customer-friendly loan terms, it effectively meets the needs of its dedicated customer base.

Automotive Finance Market Companies

Major players operating in the automotive finance industry are:

Ally Financial
Bank of America
Capital One Auto Finance
Ford Credit
GM Financial
Honda Financial Services
Santander Consumer USA
Toyota Financial Services
Wells Fargo Auto

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of automotive finance reached USD 323.3 billion in 2023 and is set to grow at a 6.2% CAGR from 2024 to 2032, driven by rising consumer demand for electric and hybrid vehicles.

The new vehicle segment accounted for over 86% of the market share in 2023 and is expected to exceed USD 489.3 billion by 2032, due to innovations in vehicle technology, particularly connected cars and advanced safety systems.

The bank segment held around 34% of the market share in 2023, offering a variety of financing options such as leases, loans, and subscription services to meet diverse consumer needs.

The U.S. market accounted for 84% of the revenue share in 2023 and is expected to exceed USD 179.6 billion by 2032, driven by an improving economy and rising consumer confidence.

Major players in the industry include Ally Financial, Bank of America, Capital One Auto Finance, Ford Credit, GM Financial, Honda Financial Services, Santander Consumer USA, Toyota Financial Services, and Wells Fargo Auto.