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Electric Vehicle Finance Market Share

Report ID: GMI7320
Published Date: Nov 2023
Report Format: PDF

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EV Finance Market Share

The major companies operating in the EV finance industry are:

Ally Financial
Bank of America
Capital One Auto Finance
Citizens Financial Group
Ford Credit
JPMorgan Chase & Co
Nissan Motor Acceptance Corporation
PNC Financial Services Group
Santander Consumer USA
TD Auto Finance
Tesla Finance
Toyota Financial Services
US Bank
Volkswagen Financial Services
Wells Fargo

Ally Financial and Wells Fargo are the major companies operating in EV finance market. Companies in the market are strengthening their presence by offering competitive interest rates, extended loan terms, and tailor-made financial products. They also collaborate with automakers, expand charging infrastructure, and explore innovative financing models like battery leasing and subscription services to attract and retain customers.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of EV finance reached USD 38.8 billion in 2022 and is set to witness 31.9% CAFR from 2023 to 2032, as many governments around the world are introducing incentives and regulatory reforms to encourage the adoption of electric vehicles.

The passenger car segment held a market share of over 40% in 2022, as electric vehicle (EV) finance is increasingly preferred for passenger car for its potential cost savings and environmental benefits.

Europe market is poised to show tremendous growth through 2032, due to the stringent emissions regulations and environmental concerns that are boosting EV sales, as well as substantial incentives offered by governments, including grants and tax benefits, to promote EV adoption.

Ally Financial, Bank of America, Capital One Auto Finance, Citizens Financial Group, Ford Credit, JPMorgan Chase & Co, Nissan Motor Acceptance Corporation, PNC Financial Services Group, Santander Consumer USA, and TD Auto Finance.