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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Automotive Fintech Market
Request Now !Financial technology (fintech) is the technology and innovation that offers improved financial services. The use of smartphones for mobile banking, investing services, and cryptocurrency are the examples of technologies that make financial services more accessible to general public. In the insurance space, digitizing insurance and claim processing could help insurers eliminate fraudulent claims while reducing processing time by 80% and lowering settlement overhead cost by 90%. Fintech partnership enables automotive companies to reduce the technology gap and, in turn, improve customer experience with new customer touch points. The automotive fintech market is expected to be the future of the automotive industry that will help companies increase their revenue margin and keep customers committed to them.
Active partnerships with fintech companies enable OEMs to offer multiple use cases that enrich in-vehicle experience, which ultimately influence customer’s purchase decisions. For instance, Ford, one of the largest auto companies in the world, signed a deal with AutoFi, a San Francisco fintech startup. AutoFi allows dealerships to sell cars to customers online by bringing the financing component of the purchase process online. It offers an e-commerce software platform that allows car buyers to purchase and finance a car, entirely online. Its platform connects customers to a network of lenders, providing a fast and mobile-first checkout experience.
The factors that drive the growth of the automotive fintech market include growing production of automobiles, increasing awareness and public bend toward online shopping, demand for customer convenience and improvement in customer service, rising sales of electric vehicles, and technological advancements in the automotive industry. In addition, the factors that restrain the automotive fintech market growth include consumer awareness and acceptance based on the reliability and safety while buying vehicle online and growing fraud related to online shopping. However, emerging economies and growing popularity of electric vehicles provide growth opportunities for the market.
The major companies profiled for the automotive fintech market share include AutoFi, AutoGravity, Blinker, Auto Pay, Roadster, Motorefi, Carvana, Carsoup, Car Gurus, Edmunds, and others.
The automotive fintech market is segmented into product type, purpose, and region. On the basis of product type, it is classified into two-wheeler, passenger, commercial, and three-wheeler. By purpose, it is classified into automotive leasing & finance, automotive insurance, and digital automotive retailing. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY MARKET PLAYERS PROFILED
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