Automotive Finance - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Automotive Finance Market is accounted for $204.06 billion in 2018 and is expected to reach $404.53 billion by 2027 growing at a CAGR of 7.9% during the forecast period. Some of the key factors propelling the market growth include increasing investments in autonomous vehicles prompt financing from credit unions, dealers, and banks, increase in the use of online services, advancements in blockchain technology, and growing innovation in e-commerce. However, the dependence of vehicle buying on the future outlook of the economy and the practical consumer buying confidence are restraining the market growth.
Automotive financing or auto financing are services that offer financial products and support to further allow people to purchase vehicles without having to make the complete payment in cash. Such an arrangement includes the borrowing of money from financial institutions such as banks, credit unions, and dealers or other informal money lenders. Auto financing is widely used by both members of the public and businesses, and there are several financial aid services available through them.
By loan provider, the original equipment manufacturers (OEMs) segment is projected to witness significant growth over the forecast period. Automotive OEMs offer better after-sales services owing to the availability of identical vehicle parts, as that of the vehicle financed, for the purpose of replacement or repair. Furthermore, OEMs are now focusing on ensuring the delivery of superior products at competitive pricing.
On the basis of geography, Asia Pacific is expected to have considerable market growth during the forecast period, due to the increasing number of favourable government initiatives, especially in India, China, and Japan, to maintain consumer interest and promote growth in the automotive industry. Furthermore, the automotive financing market in Asia Pacific has become highly competitive with an increase in the number of used-car outlets and vehicle showrooms. Moreover, a decline in automotive loan rates in the region is further expected to propel the regional growth.
Some of the key players in automotive finance market include Bank of America Corporation, Ford Credit, Ally Financial Inc, Honda Financial Services, Hitachi Capital Asia Pacific Pte. Ltd., BMW Financial, HSBC Holdings plc, Maruti Finance, HDFC Bank Limited, TATA Motor Finance. ICBC (Industrial and Commercial Bank of India), Volkswagen AG, Bank of China, BNP Paribas SA, Capital One Financial Corporation, Standard Bank Group Ltd, Wells Fargo & Co, Mercedes-Benz Financial Services (Daimler AG), Toyota Financial Services, and Banco Bradesco SA.
Service Types Covered:
• Used Vehicles
• New Vehicles
• Finance Lease
• Operating Lease
• Chattel Mortgage
• Standard Loan
• Novated Lease
• Commercial Hire Purchase
• 24 Months
• 36 Months
• 48 Months
• 60 Months
• 72 Months
Loan Providers Covered:
• Original Equipment Manufacturers (OEMs)
• Financing Institutions
• Credit Unions
End Users Covered:
• Commercial Use
• Residential Use
• Government Use
Finance Types Covered:
Purpose Types Covered:
Vehicle Types Covered:
• Passenger Vehicles
• Commercial Vehicles
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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