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Electric Vehicle Finance Market Analysis

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

EV Finance Market Analysis

 EV Finance Market Size, By Financial Institution, 2021-2032, (USD Billion)

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Based on financial institution, the market is divided into below bank, NBFC, others. Bank segment is a major contributor to the EV finance industry size through 2032. Banks are the preferred financial institutions for electric vehicle (EV) finance due to their well-established infrastructure and expertise in offering a wide range of financial products. They provide competitive interest rates, flexible repayment options, and expertise in assessing creditworthiness. Additionally, banks have extensive networks, making it convenient for customers to access loans and manage their EV financing. Many banks also offer specialized EV loan programs and incentives, further incentivizing consumers to choose them for EV financing.
 

EV Finance Market Share, By Vehicle Type, 2022

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Based on vehicle type, the passenger car segment accounted for 40% of the EV finance market share in 2022, due to its potential cost savings and environmental benefits. Electric car offer lower operating costs, reduced maintenance expenses, and access to various incentives, such as tax credits and rebates. Financing options designed for car often include favorable terms, making it easier for businesses to transition to electric fleets. Moreover, as companies prioritize sustainability, EVs align with their eco-friendly initiatives, fostering a positive public image and compliance with environmental regulations.
 

Europe EV Finance Market Size, 2021-2032 ( USD Billion)

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Europe EV finance market will gain remarkable momentum during the forecast timeline. Stringent emissions regulations and environmental concerns are driving demand for EVs. Various European countries offer substantial incentives, including grants and tax benefits, to promote EV adoption. Besides, countries such as Norway, where EVs constitute a significant portion of new vehicle sales, and Germany's generous subsidies for EV purchases will have a favorable impact on the overall market dynamics. The growth of charging infrastructure and increased availability of EV financing options further contribute to the industry's success in Europe.

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.

Electric Vehicle Finance Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 180
  • Countries covered: 21
  • Pages: 200
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