| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 112.17 Billion |
| Market Size (2030) | USD 154.92 Billion |
| CAGR (2025 - 2030) | 6.67 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Commercial Vehicle Financing Market Analysis
The Commercial Vehicle Financing Market size is estimated at USD 112.17 billion in 2025, and is expected to reach USD 154.92 billion by 2030, at a CAGR of 6.67% during the forecast period (2025-2030).
Over the long term, the increasing commercial vehicle sales worldwide, owing to the expanding road freight and e-commerce sector, will serve as the major determinant for the growth of the commercial vehicle financing market. Since medium- and heavy-duty commercial vehicles are significantly more expensive to purchase, fleet operators can avail themselves of financing solutions such as loans and leasing from banks and other financial institutions to fulfill their requirements.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), new commercial vehicle sales in Mexico touched 647.4 thousand units in 2022 compared to 526.6 thousand units in 2021, representing a Y-o-Y growth of 8.6% between 2021 and 2022.
- Similarly, new commercial vehicle sales in Argentina touched 146.7 thousand units in 2022 compared to 140.7 thousand units in 2021, recording a Y-o-Y growth of 4.3% between 2021 and 2022.
Consumers increasingly prefer to purchase essentials from online mediums, which is leading to the expansion of the e-commerce market. Further, increasing cross-border trade activities also fosters the demand for road freight services; therefore, fleet operators are extensively focusing on deploying a higher number of commercial vehicles to cater to the surging demand, which, in turn, is positively impacting the demand for commercial vehicle financing solutions. Moreover, commercial vehicle manufacturing companies are strategizing to expand their financing services to customers to compete with existing banks and NBFCs in the ecosystem. These automakers tailor their financial products with higher repayment periods and lower interest rates to attract consumers.
- According to the Organization for Economic Co-Operation and Development (OECD), the amount of freight transported by road in France reached 168,345 million tonne-kilometers in 2022 compared to 168,101 million tonne-kilometers in 2021, representing a Y-o-Y growth of 0.14% between 2021 and 2022.
- Similarly, the amount of freight transported by road in Germany reached 303,948 million tonne-kilometers in 2022 compared to 307,202 million tonne-kilometers transported in 2021.
In recent years, various commercial fleet operators have opted for leasing services compared to loans, attributed to the benefit of leasing solutions in availing commercial vehicles for a specific period of time, which is less expensive than loan services. Therefore, with shifting consumer preference toward e-commerce purchases and the integration of electric commercial vehicles in the industry, which attracts a higher purchasing price compared to their counterparts, the commercial vehicle financing market is expected to witness surging growth between 2024 and 2029.
Commercial Vehicle Financing Market Trends
The Light Commercial Vehicle Segment is Expected to Gain Traction Between 2024 and 2029
The rising preference for food delivery services and other e-commerce activities is fueling the demand for pickup trucks and vans, which is positively impacting the growth of this segment. E-commerce or fleet operators excessively prefer purchasing light commercial vehicles to expand their fleet, which requires them to spend hefty sums to purchase advanced models. Therefore, the preference to avail of loan and leasing solutions becomes the norm for these operators.
- According to the European Automobile Manufacturers' Association, new van registration across the European Union in the first three quarters of 2023 stood at 1.08 million units compared to 944.7 thousand units in Q1 to Q3 2022, representing a Y-o-Y growth of 14.3% between the first nine months of 2023 and 2022.
- According to the Bureau of Economic Analysis (BEA), the United States light truck retail sales touched 12,385.8 thousand units in 2023 compared to 10.895.8 thousand units in 2022, witnessing a Y-o-Y growth of 6.8% between 2022 and 2023.
Further, the aggressive push by the government across the world to promote the adoption of electric light commercial vehicles is assisting in expanding the market for electric LCVs. As the market for EVs witnesses surging growth in the coming years, there will exist a need for auto financing services with lower interest rates, as financing forms a major component of consumers’ purchasing preferences. Various automakers operating in the ecosystem are also launching advanced new-energy models to cater to the increasing demand, which is further contributing to the demand for light commercial vehicle financing services.
- In February 2024, Hyundai Motor Company and Iveco Group announced the signing of a supply agreement for an IVECO-badged all-electric light commercial vehicle for Europe based on Hyundai’s Global eLCV platform. Further, the company stated that the new vehicle will join Iveco Group’s electric light commercial vehicle lineup, enhancing the Group’s LCV portfolio alongside the iconic IVECO Daily. The IVECO-badged vehicle will be the first export model to apply Hyundai’s new Global all-electric Light Commercial Vehicle (eLCV) platform, a dedicated global EV platform made for commercial vehicles ranging from GVW 2.5 tons to 3.5 tons.
- In February 2024, EKA, a leading player in the electric mobility sector, with Mitsui Co Ltd (Japan) and VDL Groep (Netherlands) as equity partners, launched the 1.5-tonne electric light commercial vehicles (LCVs), featuring 300 volts electrical system architecture. The new model launched can be customized for various purposes, making it ideal for last-mile delivery, e-commerce logistics, and temperature-sensitive shipments.
The increasing demand for used light commercial vehicles owing to the preference of operators to purchase lower-priced vehicles is fostering the demand for financing for this segment. Various non-banking financial companies (NBFCs) and original equipment manufacturers (OEMs) operating in the ecosystem are extending financing services to enhance consumers' convenience. Further, these players are also extending leasing solutions for those customers who do not want to purchase a vehicle. With the increasing LCV demand, the market for light commercial vehicle financing is expected to showcase surging growth between 2024 and 2029.
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Asia-Pacific is Expected to be the Fastest Growing Market Between 2024 and 2029
The growing population and rapid urbanization rate in Asia-Pacific are leading to consumers shifting to urban areas for better financial and employment opportunities, which is assisting the growing per capita disposable income. With the growing per capita disposable income of consumers, there exists a massive demand for commodities and products across the region, which is positively impacting the demand for commercial vehicle financing attributed to the expanding e-commerce and road freight sector.
- According to NITI Aayog, a government-aided think tank in India, heavy-duty trucks accounted for 76% of the overall road freight transportation in India, followed by medium-duty trucks contributing to a share of 21% in 2022.
- According to the Ministry of Transport of China, the volume of road freight traffic in China reached 6,895.8 billion ton-kilometers in 2022 compared to 6,908.77 billion ton-kilometers in 2021.
Moreover, the rising penetration of electric commercial vehicles in the region, coupled with the growing sales of commercial vehicles, leads to the surging demand for commercial vehicle financing options as fleet operators prefer to purchase expensive vehicles at lower interest rates. Several financial institutions customize their financing offerings to suit the regional and local demand in countries such as China and India. The integration of NBFCs and small finance banks in these countries also facilitates the growth of the commercial vehicle financing market across Asia-Pacific.
- According to the Society of Indian Automobile Manufacturers Association (SIAM), the overall commercial vehicle sales in India increased from 7,16,566 to 9,62,468 units in FY 2022-23 compared to the previous year. Similarly, sales of medium and heavy commercial vehicles increased from 2,40,577 to 3,59,003 units during the same period.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), new commercial vehicle registrations in Japan stood at 753.02 thousand units in 2022 compared to 772.64 thousand units in 2021.
With the increasing investment in the construction sector and the government's focus on infrastructure development, there will exist a massive demand for heavy-duty trucks across Asia-Pacific, attributed to its requirement to transport raw materials, which is expected to contribute to the commercial vehicle financing market between 2024 and 2029. The Asia-Pacific market is also anticipated to witness players competing on the basis of parameters such as lower interest rates and higher repayment periods.
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Commercial Vehicle Financing Industry Overview
The commercial vehicle financing market is highly fragmented and competitive due to the presence of various international and domestic players operating in the ecosystem. Moreover, the integration of non-banking financial companies and small finance banks has enhanced the industry's competitiveness. Some of the major players include Bank of America Corporation, Ally Financial Inc., HDFC Bank Limited, Toyota Financial Services, Standard Bank Group Ltd, Bank of China, and Mahindra Finance. These players are actively focusing on forming partnerships with other financial institutions and automakers to provide commercial vehicle loans to customers to finance their vehicle purchases. For instance,
- In October 2023, Bajaj Finance Ltd announced that it had raised INR 10,000 crore (USD 1.2 million) through QIP and convertible warrants to launch its microfinance business, including commercial vehicle lending and tractor financing. Further, the company stated that they are strategizing to launch the commercial vehicle lending business in India by June 2025 to expand their retail banking segment in the country.
- In October 2023, Volta Trucks, the leading and disruptive all-electric commercial vehicle manufacturer and services provider, announced its partnership with Societe Generale Equipment Finance (SGEF) to offer vehicle financing as part of Volta Trucks’ Truck as a Service (TaaS) solution. As per the agreement, SGEF will offer Volta Trucks’ customers operating and finance Lease fund programs to support customer agreements across its European markets till 2031.
The market is anticipated to witness the integration of various non-banking financial companies (NBFCs) offering commercial vehicle loans with less documentation requirement than traditional banks. Further, players in the industry are expected to enhance their online applications to assist consumers in garnering crucial information on interest rates and other requirements.
Commercial Vehicle Financing Market Leaders
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Bank of America Corporation
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Ally Financial Inc.
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HDFC Bank Limited
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Toyota Financial Services
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Standard Bank Group Ltd.
- *Disclaimer: Major Players sorted in no particular order
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Commercial Vehicle Financing Market News
- February 2024: Tata Motors signed a MoU with Bandhan Bank to offer convenient financing solutions to its commercial vehicle customers in India. As per the agreement, Bandhan Bank will offer financing solutions across the entire commercial vehicle portfolio of Tata Motors to ensure that customers can benefit from the bank’s wide network and specially curated easy repayment plans.
- December 2023: HDFC Bank announced a partnership with Tata Motors to provide digital financing solutions to its commercial vehicle clients. According to the agreement, Tata Motors' clients will be able to access HDFC Bank’s vehicle finance solutions via Tata Motors’ online sales platform and the Tata e-Guru mobile application. Further, the company stated that the partnership aims to enhance the integration of financial services into the digital ecosystem to ensure a streamlined process, allowing customers to select their preferred financier that suits their requirements.
- October 2023: Geely's electric car brand Zeekr announced its partnership with BNP Paribas Personal Finance and Arval in Europe to offer customers financing, leasing, and insurance services. As per the agreement, Arval will offer financing, full-service leasing, and insurance services, while BNP Paribas Personal Finance will provide credit offers for car financing. The cooperation commenced in Sweden and the Netherlands in September 2023 and will be extended to Germany by the end of 2024.
Commercial Vehicle Financing Industry Segmentation
Commercial vehicle financing refers to various financial products that enable people to purchase commercial vehicles using any arrangement other than a full-cash single lump payment for both new and used vehicles. The scope of the report considers financial products, including loans and leasing.
The commercial vehicle financing market is segmented by provider type, financing type, vehicle condition, vehicle type, and geography. By provider type, the market is segmented into banks, original equipment manufacturers (OEMs), non-banking financial companies (NBFCs), and others (credit unions, etc.). By financing type, the market is segmented into loans and leasing. By vehicle condition, the market is segmented into new commercial vehicles and used commercial vehicles. By vehicle type, the market is segmented into light commercial vehicles, medium and heavy-duty commercial vehicles, and buses and coaches. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
The report offers market size and forecasts for commercial vehicle financing in value (USD) for all the above segments.
| By Provider Type | Banks | ||
| Original Equipment Manufacturers (OEMs) | |||
| Non-Banking Financial Companies (NBFCs) | |||
| Others (Credit Unions, etc.) | |||
| By Financing Type | Loans | ||
| Leasing | |||
| By Vehicle Condition | New Commercial Vehicles | ||
| Used Commercial Vehicles | |||
| By Vehicle Type | Light Commercial Vehicles | ||
| Medium and Heavy-Duty Commercial Vehicles | |||
| Buses and Coaches | |||
| By Geography | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Rest of Europe | |||
| Asia-Pacific | China | ||
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Rest of the World | South America | ||
| Middle East and Africa | |||
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Commercial Vehicle Financing Market Research FAQs
How big is the Commercial Vehicle Financing Market?
The Commercial Vehicle Financing Market size is expected to reach USD 112.17 billion in 2025 and grow at a CAGR of 6.67% to reach USD 154.92 billion by 2030.
What is the current Commercial Vehicle Financing Market size?
In 2025, the Commercial Vehicle Financing Market size is expected to reach USD 112.17 billion.
Who are the key players in Commercial Vehicle Financing Market?
Bank of America Corporation, Ally Financial Inc., HDFC Bank Limited, Toyota Financial Services and Standard Bank Group Ltd. are the major companies operating in the Commercial Vehicle Financing Market.
Which is the fastest growing region in Commercial Vehicle Financing Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Commercial Vehicle Financing Market?
In 2025, the Europe accounts for the largest market share in Commercial Vehicle Financing Market.
What years does this Commercial Vehicle Financing Market cover, and what was the market size in 2024?
In 2024, the Commercial Vehicle Financing Market size was estimated at USD 104.69 billion. The report covers the Commercial Vehicle Financing Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Commercial Vehicle Financing Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Commercial Vehicle Financing Industry Report
Statistics for the 2025 Commercial Vehicle Financing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Vehicle Financing analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
