Auto finance market to reach USD 385.42 billion by
Pune, India, May 21, 2021 (GLOBE NEWSWIRE) – According to the report, Automotive finance market size is expected to increase from $ 245.62 billion in 2021 to $ 385.42 billion in 2028 with a CAGR of 6.5% during the forecast period. It stood at USD 248.10 billion in 2020. The global auto finance market is expected to benefit from the growing trend of engine downsizing. The installation of turbochargers or superchargers would reduce the engine displacement and the number of cylinders. This would affect the vibration and speed, thus improving the sound quality of the vehicle.
The outbreak of the COVID-19 pandemic severely affected the auto finance industry during the first quarter of 2020. The year was marked by high sales of light commercial vehicles and vans. According to some sources, unlike 2019, the demand for used vehicles has dropped by 1-2% and new vehicles by 3-4% in 2020. We are providing accurate reports to help you deal with this serious situation.
The Others segment held a 24.1% share in 2020, according to Fortune Business Insights ™
Depending on the type of supplier, this market is separated into banks, OEMs and others. Of these, the Others segment generated 24.1% in terms of automotive finance market share in 2020. By type of object, it is divided into loan and lease. Depending on the type of vehicle, it is divided into passenger cars and commercial vehicles. Of these, the passenger car segment currently holds the largest share due to their high demand, especially from developing countries.
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Growing Use of Mobile and Web Platforms to Increase Growth
One of the most innovative technologies currently gaining ground in this market is the online loan service. Various web and mobile platforms help people apply for loan services, compare themselves with other businesses, and make it easy to navigate. Nowadays, financial companies are constantly striving to penetrate developing countries. People living in these countries usually turn to national banks rather than financial companies for loans. However, as the industry contains several well-known companies, entry of new companies is very difficult which, in turn, may hamper the growth of the auto finance market in the near future.
The emergence of connected cars and electric vehicles to promote growth in Europe
Geographically, Europe earned 90.21 billion USD in 2020 thanks to the introduction of new technologies, such as self-driving cars, connected cars and electric vehicles. Therefore, independent and captive companies operating in this region are expected to show strong demand for these vehicles in the coming years. In Asia Pacific, increasing trends in car sharing and rental services are expected to drive demand for auto finance services.
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The main players focus on partnerships and acquisitions to strengthen their positions
The global market is home to a large number of companies that are constantly engaging in collaborations and partnerships with other companies to provide better services to their customers. Here is one of the latest developments in the industry:
August 2019: Mazda Motor of America Inc. announced the selection of Toyota Financial Services as a partner for leasing and consumer auto loans. This would help protection options and improve financing for dealers and customers.
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A list of reputable auto finance service providers operating in the global market:
- Ally Financial (Michigan, United States)
- Bank of America (New York, United States)
- Capital One (Virginia, United States)
- Chase Auto Finance (California, United States)
- Daimler Financial Services (Stuttgart, Germany)
- Ford Motor Credit Company (Michigan, United States)
- GM Financial Inc. (Texas, United States)
- Hitachi Capital (Tokyo, Japan)
- Toyota Financial Services (Aichi, Japan)
- Volkswagen Financial Services (Brunswick, Germany)
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Segmentation of the global automotive financing market:
By type of supplier:
By type of object:
By vehicle condition:
By type of vehicle:
- Passenger cars
- Commercial vehicle
- North America (United States and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
- Latin America (Brazil, Mexico and the rest of Latin America)
- Middle East and Africa (South Africa, GCC and rest of Middle East and Africa)
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