Automotive Finance Market:
Growth opportunities in the Automotive Finance Market look promising over the next six years. This is mainly due to the ongoing technological advancements and up gradation in designs of vehicles, and the growing R&D activities.
Automotive Finance Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the prominent drivers stimulating the growth of the global automotive finance market includes the augmentation in independent vehicles, cab, and financing services. Also, the comfort and security provided by these vehicles to drivers, coupled with the stimulating financial cab services encourage the users to increasingly focus on research activities in the automotive sector. Moreover, the swift expansion in the industry has supplemented the market size. The “European Automobile Manufacturers Association”, stated that the automotive sector portrays 7% of the total European GDP with over 18.5 million trucks, buses and cars produced each year, which surges the growth prospects of the market. Technological innovations, along with innovation in designs of vehicles, is persuading market players to bring out developed products. Additionally, the investment in vehicles by the end-users needs financial help from banks, dealers, and credit unions that will propel the market growth. The acquisition of preowned cars and strategic measures by leading market players have paved the way for market growth. For example, Volkswagen, in 2019, declared a strategic merger with the finance market, which has promoted market growth However, the prevalence of many players in the market has reduced the price of insurance owing to the tough competition in the disturbance in market, which will hamper the growth of the automotive finance market share.
Provider Type Segment Drivers
Based on the provider type, OEMs is expected to witness a faster in the market over the forecast period. This is primarily attributed to the availability of automobile parts of the vehicle financed, for reconditioning or replacement. Also, OEMs are related to the future of social mobility, because of their optimistic impact on modern business models. Furthermore, apart from offering products and customer services, OEMs targets on enlarging their offerings including automobile insurance.
Automotive Finance Market’s leading Manufacturers:
- Volkswagen Financial Services
- Hitachi Capital
- Ford Motor Credit Company
- Chase Auto Finance
- Bank of America
- Toyota Financial Services
- Hyundai Motors.
- Daimler Financial Services
- Capital One
- Ally Financial
Automotive Finance Market Segmentation:
Segmentation by Provider Type
- Banks
- OEMs
- Other Financial Institutions
Segmentation by Type
- Direct
- Indirect
Segmentation by Purpose Type
- Loan
- Leasing
- Others
Segmentation by Vehicle Type
- Commercial Vehicles
- Passenger Vehicles
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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