The North America Automotive Fintech Market would witness market growth of 8.3% CAGR during the forecast period (2022-2028).
Fintech is a combination of finance and technology. While this is a broad term with several connotations, it frequently refers to the growth of an industry when new technology use cases are devised and applied to ease more traditional-appearing financial processes.
While the general public often identifies "fintech" with innovative new ideas like algorithmic trading and blockchain, the word refers to a broad range of considerably more applications. They include everyday banking, insurance, and other back-office risk management tasks, without being confined to them. Mobile banking, which is used to assist the delivery of conventional banking services and is taken fully for granted by hundreds of millions globally, is technology (aka fintech).
The rapid development of linked autonomous, shared, and electric automobiles are ushered in a new digital era in the automotive industry. As vehicle-related components become digitalized, big data, IoT, and AI are accelerating the development of relevant automotive fintech solutions.
Mexico manufactures over three million autos annually, and 90% of these automobiles are exported. With fourteen bus, truck, tractor trucks, and engine manufacturers and assemblers, Mexico is one of the leading makers of heavy-duty freight vehicles. In addition, Mexico is the second-largest export industry for American medium and heavy-duty trucks and the fourth-largest exporter of heavy-duty freight vehicles. Canada's automotive industry is centered in the Great Lakes automobile manufacturing cluster, the largest vehicle-producing region in North America. Canada is one of the top 12 manufacturers of light vehicles.
The US market dominated the North America Automotive Fintech Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $21,570.3 million by 2028. The Canada market is poised to grow at a CAGR of 10.4% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 10.1% 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 U.S., Mexico, Canada, and Rest of North America.
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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