Pune, India, July 18. 2022 (GLOBE NEWSWIRE) — The world car finance market size is expected to reach USD 385.42 billion in 2028 with a CAGR of 6.5% during the forecast period. It stood at $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 titled “Automotive Finance Market, 2021-2028”. COVID-19 pandemic: Deteriorating used and new car sales hamper growth
The outbreak of the COVID-19 pandemic had a negative impact on the auto finance industry during the first quarter of 2020. The year was marked by high sales of light commercial vehicles and pickup trucks. According to some sources, unlike 2019, demand for used vehicles fell by 1-2% and for new vehicles by 3-4% in 2020.
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Report Scope and Segmentation:
| Report cover | Details |
| Forecast period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.5% |
| 2028 value projection | $385.42 billion |
| base year | 2020 |
| Market size in 2021 | $245.62 billion |
| Historical data for | 2017-2019 |
| Number of pages | 200 |
| Segments Covered | On the basis of vendor type, the market is divided into banks, OEMs, and others. |
| Growth engines | Increase use of mobile and web platforms to drive growth |
| Europe will dominate the market due to the excellent representation of electric vehicles |
Market factors-
Increase use of mobile and web platforms to drive growth
One of the most inventive technologies currently gaining traction in the auto finance 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.
Click here for the short and long term impacts of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-finance-market-100122
Report Highlights-
We provide our reports which are conducted with a comprehensive review approach that mainly focuses on providing accurate material. Our researchers have applied a data triangulation method which further helps us to come up with reliable estimates and accurately test the overall dynamics of the market. Additionally, our analysts have been admitted to numerous international and regional funded registries to provide up-to-date material so that stakeholders and professionals only invest in critical areas.
Regional segmentation-
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 automotive financing market brings together a large number of companies that are constantly establishing collaborations and partnership agreements with other companies to offer better services to their customers.
The list of players operating in the auto finance market are as follows:
- 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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Automotive Finance Market Segmentation:
By type of supplier:
By type of lens:
By vehicle condition:
By type of vehicle:
- Particular Cars
- Commercial vehicles
Contents:
1. Introduction
1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1. Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT analysis
4.4. Technological development
4.5. Value chain analysis
4.6. Impact of COVID-19 on the automotive financing market
5. Global Automotive Finance Market Analysis, Outlook and Forecast, 2017-2028
5.1. Main results/summary
Continued…
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