Pune, India, April 05, 2022 (GLOBE NEWSWIRE) -- The global automotive finance market size is projected to grow from USD 245.62 billion in 2021 to USD 385.42 billion in 2028 at a CAGR of 6.5% in the forecast period. Automotive Finance Market stood at USD 248.10 billion in 2020. The global market is set to attain traction from the rising trend of engine downsizing. The installation of turbochargers or superchargers is likely to decline engine displacement and the amount of cylinders. It is estimated to impact vibrations and speed, thus refining the superiority of sound of the vehicle. This information is published by Fortune Business Insights™, in its report, titled, "Automotive Finance Market, 2021-2028." COVID-19 Pandemic: Deteriorating Sales of Utilized and Novel Cars to Hinder Growth
Industry Development
September 2021: Mitsubishi UFJ Lease & Finance and Hitachi Capital, which are the leading leasing companies in Japan, declared their collaboration by April 2021. Hitachi Capital and Mitsubishi UFJ Lease & Finance intend to extend their functioning globally to attain a more considerable market share.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.5% |
| 2028 Value Projection | USD 385.42 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 245.62 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Banks, OEMs, Others |
| Growth Drivers | Increasing Usage of Mobile and Web-based Platforms to Augur Growth |
| Europe to Dominate Market due to Excellent Representation of Electric Vehicles |
Segments
On the basis of provider type, the market is segregated into banks, OEMs, and others. The bank segment led the global market in 2020. The growth prospects can be accredited to the high trust among automotive buyers in emerging nations on banks than other financial institutions.
By purpose, the market is divided into loans and leasing.
In terms of the vehicle condition, the market is classified into new and used.
On the basis of vehicle type, the market is categorized into passenger cars and commercial vehicles.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
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Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Drivers & Restraints
Increasing Usage of Mobile and Web-based Platforms to Augur Growth
One of the most inventive technologies that are presently attaining traction in the market for automotive finance is online loan service. Several web and mobile-based platforms are aiding people to make application for loan services, in comparison with other companies, as well as easy inspecting. Financial corporations these days are struggling insistently to enter emerging nations. People living in these regions frequently reach out to national banks, rather than financial companies for getting loans. These factors are responsible for the factors contributing to the automotive finance market growth during the forecast duration.
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Regional Insights
Europe to Dominate Market due to Excellent Representation of Electric Vehicles
Europe is expected to hold the majority of automotive finance market share and to lead in the market. The presentation of progressive technologies such as electric vehicles, connected cars, and autonomous cars is expected to nurture market growth.
Asia Pacific is anticipated to grow substantially over the next few years. The growing penetration of car rental and sharing services in the region is thrusting the market growth.
The North American region is perceiving decent growth in the automotive finance sector, primarily owing to the COVID-19 pandemic and rising economic unpredictability.
Competitive Landscape
Crucial Players Emphasize on Collaborations and Procurements to Reinforce Their Positions
The global market for automotive finance bags a huge number of enterprises that are incessantly instigating collaborations as well as partnership deals with other corporations to deliver better services to their clienteles.
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List of Key Companies Covered in the Automotive Finance Market Report
• Ally Financial (Michigan, USA)
• Bank of America (New York, USA)
• Capital One (Virginia, USA)
• Chase Auto Finance (California, USA)
• Daimler Financial Services (Stuttgart, Germany)
• Ford Motor Credit Company (Michigan, USA)
• GM Financial Inc. (Texas, USA)
• Hitachi Capital (Tokyo, Japan)
• Toyota Financial Services (Aichi, Japan)
• Volkswagen Financial Services (Brunswick, Germany)
Global Automotive Finance Market Segmentation:
By Provider Type:
- Banks
- OEMs
- Others
By Purpose Type:
- Loan
- Leasing
By Vehicle Condition Type:
- New
- Used
By Geography:
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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