The Europe Automotive Fintech Market would witness market growth of 8.8% CAGR during the forecast period (2022-2028).
The fusion of automotive and financial technology will reach its zenith, turning the car into an extension of the smartphone with all its potential applications and concerns regarding data privacy and cybersecurity. The ultimately linked, immersive digital ecosystem that auto fintech envisions nonetheless confronts substantial twists and turns along the road, even though such digitization initiatives are gaining momentum.
Several new income streams will become available as the automobile industry becomes more digitalized. Still, for now, transactions are the most advanced in terms of market acceptance, especially in COVID-19. The decreasing pressure on sales hastened the shift towards online vehicle purchasing via conventional dealerships. Many prospective automobile buyers started their search on the internet. While two-thirds of prospective buyers prefer not to visit a car lot when making their next auto purchase, the widespread adoption of e-commerce during the pandemic has expanded the segment of online shoppers to attract older consumers.
Germany is Europe's largest automotive industry in sales and production, accounting for around 25% of all passenger vehicles manufactured and 20% of new registrations. Besides that, Germany has the biggest concentration of OEM factories in Europe. There are now 44 OEM sites in Germany. In 2021, Germany's OEM industry share in the EU surpassed 55%. In 2021, German automakers produced around 15,6 million vehicles. Fifteen of the world's top 75 automotive suppliers are German companies. In 2021, German companies produced more than 3,1 million passenger cars and 351,000 commercial vehicles, putting Germany as the leader in the European auto industry.
The Germany market dominated the Europe Automotive Fintech Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,722.4 million by 2028. The UK market is anticipated to grow at a CAGR of 7.9% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 9.6% during (2022 - 2028).
Based on Channel, the market is segmented into On Demand, and Subscription. Based on Vehicle Type, the market is segmented into Passenger Car, and Commercial Vehicle. Based on Propulsion Type, the market is segmented into ICE, and Electric. Based on End User, the market is segmented into Digital Loans & Purchase, Online Leasing, Online Insurance, and In-Vehicle Payments. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Automotive Fintech Market is Projected to reach USD 82.6 Billion by 2028, at a CAGR of 9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Kuwy Technology Services Pvt Ltd. (Volkswagen Financial Services AG) (Volkswagen AG), Creditas Soluções Financeiras Ltda., Euroclear SA/NV (Euroclear Holding SA/NV), Grab Holdings Inc, Blinker Inc., The Savings Group, Inc. (Autopay), Cuvva Limited, RouteOne LLC, By Miles, and AutoFi, Inc.
By Channel
By Vehicle Type
By Propulsion Type
By End User
By Country
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