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Electric Vehicle Finance Market Size

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

EV Finance Market size

EV Finance Market size was valued at USD 38.8 billion in 2022 and is estimated to register a CAGR of 31.9% between 2023 and 2032. Many governments around the world are introducing incentives and regulatory reforms to encourage the adoption of electric vehicles. For instance, in April 2023, as a crucial component of President Biden's objective to achieve a 50% electric vehicle (EV) market share for new vehicle sales by 2030, the White House unveiled the EV Acceleration Challenge. This initiative involved both public and private commitments aimed at supporting the significant transition to electric vehicles in the U.S.

 

EV Finance Market

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As stated in The White House Fact sheet, electric vehicle sales have experienced a threefold increase since January 2021, and the count of publicly accessible charging stations has expanded by more than 40%. The nation now boasts an excess of three million EVs on the roads and over 135,000 public EV charging stations. These incentives make electric vehicles more affordable and attractive to consumers, driving demand and, in turn, the EV finance market.

Uncertainty surrounding government incentives and policies could hamper EV finance market growth. Changes in subsidies, tax credits, and regulations can significantly impact the affordability of electric vehicles. Consumers considering EV financing are concerned about potential shifts in these incentives, which could affect the long-term cost-effectiveness of their EV investment, making them hesitant to commit to an electric vehicle purchase.
 

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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