Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) — According to the report, the automotive financial market the size is expected to increase from USD 245.62 billion in 2021 to USD 385.42 billion in 2028 at a CAGR of 6.5% in the forecast period. It stood at USD 248.10 billion in 2020. The global market is expected to benefit from the growing trend of engine downsizing. The installation of turbochargers or superchargers is likely to decrease the engine displacement and the number of cylinders. It is believed to have an impact on vibration and speed, thus refining the sound superiority of the vehicle. This information is published by Fortune Business Insights™, in its report entitled “Automotive Finance Market, 2021-2028”.
industry development
September 2021: Mitsubishi UFJ Lease & Finance and Hitachi Capital, which are the leading leasing companies in Japan, declared their collaboration by April 2021. Hitachi Capital and Mitsubishi UFJ Lease & Finance intend to scale up their operation globally to achieve a larger market share.
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COVID-19 pandemic: Deteriorating used and new car sales hamper growth
The outbreak of the COVID-19 pandemic had a negative impact on this industry during the first quarter of 2020. The year was marked by strong sales of light commercial vehicles and pickup trucks. According to some sources, unlike in 2019, demand for used vehicles fell by 1-2% and for new vehicles by 3-4% in 2020.
Drivers and Constraints
Increase use of mobile and web platforms to drive growth
One of the most inventive technologies currently gaining traction in this market is the online lending service. Multiple web and mobile platforms help people apply for loan services, compare with other companies, and easy inspection. Financial companies today are struggling with insistence to enter emerging countries. People in these areas frequently turn to national banks rather than finance companies for loans. These factors are responsible for the factors contributing to the growth of the auto finance market over the forecast duration.
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segments
On the basis of vendor type, the market is divided into banks, OEMs, and others. The banking segment dominated the global market in 2020. The growth prospects can be attributed to the high confidence of automotive buyers in emerging countries in banks than in other financial institutions.
By purpose, the market is divided into lending and leasing.
In terms of vehicle condition, the market is categorized into new and used.
Based on vehicle type, the market is categorized into passenger cars and commercial vehicles.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
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Report cover
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Regional outlook
Europe will dominate the market due to the excellent representation of electric vehicles
Europe is expected to hold the majority of auto finance market share and be the market leader. Showcasing progressive technologies such as electric vehicles, connected cars, and self-driving cars are expected to drive the market growth.
Asia-Pacific is expected to grow significantly over the next few years. Growing penetration of car rental and car sharing services in the region is driving the growth of the market.
The North American region is seeing decent growth in the auto finance industry, primarily due to the COVID-19 pandemic and increasing economic unpredictability.
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Competitive landscape
Crucial players focus on collaborations and purchases to strengthen their positions
The global market has a large number of companies that are constantly establishing collaborations and partnership agreements with other companies to offer better services to their customers.
List of Key Companies Covered in the Automotive Finance Market Report
- Ally Financial (Michigan, USA)
- Bank of America (New York, USA)
- Capital One (Virginia, USA)
- Chase Auto Finance (California, USA)
- Daimler Financial Services (Stuttgart, Germany)
- Ford Motor Credit Company (Michigan, USA)
- GM Financial Inc. (Texas, USA)
- Hitachi Capital (Tokyo, Japan)
- Toyota Financial Services (Aichi, Japan)
- Volkswagen Financial Services (Brunswick, Germany)
Major Chart of Automotive Finance Market:
- introduction
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Summary
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Porter’s Five Forces Analysis
- SWOT analysis
- Technological development
- Breakdown of the automotive financing market – by type of vehicle (in value)
- Impact of COVID-19
- Global Automotive Finance Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Vendor Type
- Market Analysis, Outlook and Forecast – By Goal Type
- Market Analysis, Outlook and Forecast – By Vehicle Condition
- Particular Cars
- Commercial vehicles
- Market Analysis, Outlook and Forecast – By Vehicle Type
- Market Analysis, Outlook and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
- North America Automotive Finance Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Vendor Type
- Market Analysis, Outlook and Forecast – By Goal Type
- Market Analysis, Outlook and Forecast – By Vehicle Type
- Particular Cars
- Commercial vehicles
- Market Analysis, Outlook and Forecast – By Vehicle Condition
TOC Continued..
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