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According to a new report released by Grand View Research, growth in new customer registrations coupled with an increase in automobile sales is further expected to propel the growth of the market.
The Global automotive financial market the size is expected to reach USD 394.06 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 7.0% from 2021 to 2028. Many customers around the world are checking loan rates and auto quotes online to find the finance companies that offer the best deals. This, therefore, the market is aggressively competitive and ultra-transparent in nature.
Customers looking for a new car are looking for lenders that have transparent financing practices and user-friendly websites. Auto loan providers are focused on providing streamlined and easy online financing environments for their customers. These providers are widely adopting loan origination software (LOS) and online systems to efficiently structure loans for their clients.
Many auto finance companies are upgrading their LOS systems to effectively support automated decisions. By using LOS systems, lenders benefit from faster response and processing times. Plus, loan structuring and automated adjudication allow them to deny or approve applications online in minutes.
Auto finance companies are focusing on using machine learning and artificial intelligence tools to more accurately structure new and used auto loans. Moreover, lenders can easily take advantage of these innovative technologies in the cloud with the help of LOS providers. Machine learning and artificial intelligence allow auto lenders to calculate risk and identify perfect borrowers more accurately.
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Auto Finance Market Report Highlights
- The banking segment is expected to witness significant growth over the forecast period as banks provide secure funding to their customers. Banks also offer customers the option of requesting pre-approval. This facility helps customers to compare estimated loan offers
- Many customers around the world prefer direct auto loans because they can easily access and obtain loans from credit unions, banks, and other lending companies.
- Customers are focused on adopting the leasing model as it is a more flexible model compared to others for new, shared and used vehicles which could include services such as insurance
- The number of passenger vehicles comprising pickup trucks and crossovers on the road continues to increase across the globe, thereby creating growth opportunities for the passenger vehicle segment over the forecast period
- Presence of numerous leading auto finance providers in the European region and adoption of innovative tools, such as biometrics, e-contracts, and machine learning, are expected to drive the growth of the regional market during the period. forecast.
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Automotive finance market segmentation
Grand View Research has segmented the global automotive financing market on the basis of vendor type, financing type, purpose type, vehicle type, and region:
Auto Finance Provider Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Banks
- OEM
- Other financial institutions
Auto Finance Type Outlook (Revenue, USD Billion, 2016 – 2028)
Auto Finance Goal Type Outlook (Revenue, USD Billion, 2016 – 2028)
Auto Finance Vehicle Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Commercial vehicles
- Passenger vehicles
Auto Finance Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
List of Automotive Finance Market Key Players
- Allied Financial
- Bank of America
- Capital one
- Chase Auto Finance
- Daimler Financial Services
- Ford Motor Credit Company
- GM Financial Inc.
- Hitachi Capital
- Toyota Financial Services
- Volkswagen Financial Services
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About Grand View Research
Grand View Research is a full-time market research and consulting firm registered in San Francisco, California. The company offers comprehensive, customized and syndicated market reports based on in-depth data analysis. It also offers consultancy services to business communities and academic institutions and helps them understand the global and business scenario to a great extent. The company operates in a multitude of fields such as chemicals, materials, food and beverages, consumer goods, healthcare and information technology to offer consultancy services.
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Website: https://www.grandviewresearch.com/industry-analysis/automotive-finance-market
