Global Car Finance Market Is Expected to Reach $3.60 Trillion by 2028
Market Overview:
The car Finance Market was valued at USD 1.60 trillion in 2021 and is expected to reach USD 3.60 trillion by the year 2028, at a CAGR of 12.3%.
Finance companies or specialized auto manufacturers are generally the ones who offer car financing. It contains a range of financial products that allow customers to buy cars, like loans and leases. The primary distributors of auto finance products and services include original equipment manufacturers (OEMs), banks, credit unions, brokers, and other financial organizations. Additionally, auto or automobile financing is a program that enables borrowers to purchase cars without making a complete upfront payment. However, car finance companies use technology to deliver value-added services to their customers. Customers from major emerging and established economies prefer approved financial institutions for Car finance to eliminate any risk factor or inconsistency in the transaction process, so developing economies present substantial opportunities for car finance providers to expand their companies.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
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Market Dynamics and Factors:
Increased global demand for new car models and branded vehicles has emerged as one of the key market development drivers. The demand for car financing & loans is anticipated to increase and is expected to maintain its dominance in the market as consumer trends & preferences toward car purchases have increased immensely. As a result, the average price of cars has increased globally along with the rise in desire for automobiles. As a result, the dramatic increase in vehicle prices is pushing customers to use auto or car financing instead of making direct purchases.
Car finance providers are focused to offer value-added services to their customers, expanding existing product & service offerings by implementing technologies such as artificial intelligence, business analytics, and blockchain are anticipated to help improve the quality of services and increase the level of customer satisfaction. Furthermore, these technologies allow companies to structure new and used auto loans more accurately. Therefore, the expansion of existing products & services through the implementation of new technologies is expected to provide lucrative opportunities for car finance providers in the upcoming years.
Top Key Players Covered In The Car Finance Market:
- Bank of America (US)
- Volkswagen Finance Private Limited (India)
- Hitachi Capital Corporation (Japan)
- Ford Motor Credit (US)
- Toyota Financial Services (Japan)
- Ally Financial (US)
- BNP Paribas (France)
- Capital One (US)
- HSBC (UK)
- JPMorgan Chase & Co. (US), and Other Major Players.
Car Finance Market Report Highlight:
- By Type, the OEM segment is anticipated to lead the growth of the Car Finance market in the forecasted timeframe. Automotive OEMs provide better after-sales services due to the availability of identical automobile parts, like that of the vehicle financed, for repair or replacement. Also, OEMs are considered the future of mobility, owing to their positive impact on new business models.
- By Vehicle Age, the New Vehicle segment is expected to have the highest share of the Car Finance market over the projected period. The penetration of car finance is higher in new car sales, and there is a high preference for loans/leases among consumers. Used car financing is gaining popularity and its share is expected to rise during the forecast period.
- By Application, the Commercial Vehicle segment is set to develop at the highest CAGR during the forecasted timeframe. commercial vehicles are expensive in comparison to other vehicles, numerous banks, and financial institutions have introduced reasonable loan schemes, which include simple terms and conditions. Moreover, the processing time needed to approve commercial vehicle loans is less in comparison to passenger vehicles.
- The North American region is expected to have the highest share of the Car Finance market over the projected period. The presence of prominent key players, as well as an increase in technological advancement, are the main factors driving the development of the market in this region.
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Key Industry Development:
In October 2021, Volkswagen Financial Services have founded a joint venture in Brazil with the fleet and mobility provider LM FROTAS. The aim is to expand the fleet business together to establish the new enterprise as one of the top players in the market
In April 2022, Ally and NASCAR Legend Dale Earnhardt Jr. Announce New Partnership, Collaboration will focus on intensifying and expanding NASCAR fan engagement through original content, events, and loan.
Car Finance Market Segmentation:
By Type
- OEMs
- Banks
- Financing institution
By Vehicle Age
- New Vehicles
- Used Vehicles
By Application
- Personal Vehicles
- Commercial Vehicles
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Table Of Content
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Type
3.2 By Vehicle Age
3.3 By Application
Chapter 4: Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
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Chapter 5: Car Finance Market by Type
5.1 Car Finance Market Overview Snapshot and Growth Engine
5.2 Car Finance Market Overview
5.3 OEMs
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2016-2028F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 OEMs: Grographic Segmentation
5.4 Banks
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size (2016-2028F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Banks: Grographic Segmentation
5.5 Financing Institutions
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size (2016-2028F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Financing Institutions: Grographic Segmentation
Chapter 6: Car Finance Market by Vehicle Age
To Be Continued…
For this report, Introspective Market Research has segmented the Car Finance Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
-
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
-
- Brazil
- Argentina
- Rest of SA
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Scope of the Report:
The latest research on the Car Finance market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Car Finance industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Car Finance market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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