Global Car Finance Market Overview:
Car finance also is known as auto finance, refers to the range of financial products available that allow people to acquire a car with any arrangement other than a full-cash single lump payment. The auto finance landscape is becoming increasingly competitive, with more buyers arriving at showrooms with pre-approved credit from direct lenders. New and used vehicles can be acquired with the help of financing from banks, credit unions, or independent finance companies.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Trend of Digital Underwriting and Adoption of Effective Risk Management Strategies by Car Financiers
Market Growth Drivers:
Growing Consumer Aspiration for Car Ownership, The emergence of Non-banking Financial Companies That offer Lucrative Zero Down Payment Financing Schemes and Low-Interest EMIs Have Lured the Young Population to Own Car and Increasing Population in Developing Economics Coupled with Growing Disposable Income
Challenges:
Rise in Ride Sharing Businesses
Restraints:
Environmental Concerns and Automotive Eco-Monitoring Regulations Imposed by the Government are Restricting the Use of Mainstream Automobiles
Opportunities:
Improving Macroeconomics Coupled with an Increasing Number of First-time Car Buyers
Competitive Landscape:
Various sales strategies adopted by car financiers such as affordable financing options, flexible repayment, and high loan-to-value ratio are some favorable facets of the car financing market to stay in the business is serving to provide a further boost to this market. Furthermore, differentiated product offerings and subvention based schemes to be favorable for customers are likely to bode well for the car financing market.
Some of the key players profiled in the report are Toyota Motor Credit (United States), Volkswagen Financial Services Inc. (Germany), Ford Credit (United States), GM Financial Inc (United States), Hyundai Capital (South Korea), RCI Banque (France), Chase Auto Finance (United States), Bank of America (United States), Ally Financial (United States) and Daimler (Germany). Analyst at AMA Research see United States Players to retain maximum share of Global Car Finance market by 2027. Considering Market by Source Type, the sub-segment i.e. OEMs will boost the Car Finance market. Considering Market by Vehicle Type, the sub-segment i.e. Commercial will boost the Car Finance market. Considering Market by Purpose Type, the sub-segment i.e. Loan will boost the Car Finance market.
What Can be Explored with the Car Finance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Car Finance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Car Finance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Car Finance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Car Finance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Independent Finance Companies, Banks, Credit Union, Government Bodies and Departments, Business Consulting Firms and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.