Market Size of Australia Automotive Financing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australian Automotive Financing Market Analysis
Australia automotive financing market was valued at USD 50.60 billion in 2021 and expected to surpass a net valuation of USD 73.60 billion by 2027 end, registering a solid CAGR growth of 6.30% during the forecast period.
Automotive sales in Australia have been impressive with Toyota, Volkswagen AG, and other players leading the market forefront. With changing consumer preferences and preferred car models offered by these companies, consumers are shifting towards car financing models to maintain their financial stability and own a car that can be easily financed over longer and shorter term EMI.
Covid-19 has triggered the market for automotive financing. Although before Covid people prefer to buy cars at full cash payment in order to avoid long-term EMI payments disturbing individual budgets. During covid people in Australia suffered economic losses and financial crisis which has helped them to realize the price and value of money. Post covid people have changed their respective ideologies in terms of money saving and security.
Moroever, this has triggered the deman dor finncing a car based on down pyments and paying rest amounts in the form of month EMI. This has helped consumer to manage their respective monthly expensiture nd also helped people with lower disposable income.
Considering these aspects demand for atomotive financing in Australia is expected to witness high growth rate during forecast period.
