Global Automotive Financing Market segmented by source (OEMs, banks, credit unions and financial institutions), purpose (loan and lease), application (residential use, commercial use , government use and others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) is expected to reach US$ 410.0Mn by 2027, at a CAGR of 4.42% during a forecast period.
Automotive Finance is the finance service provider by third parties that allows the consumers to own a car without paying a lump sum payment to the dealership. Though, customers have to pay interest for the loan that is subjected to the stated interest rate. The auto finance industry is very reliant on on the developments and current risks affecting the financing industry. However, it has proven so far, to be agile and resilient. Even after some of the most difficult years in the sector’s history, car finance organizations present solid business plans and captives make a substantial contribution to their OEM’s success.
As the automotive financing market continues to grow, it is increasing highly fragmented with the existence of many well-established large players and regional vendors. Developed countries such as the US are investing heavily in the R&D of autonomous vehicles and also their deployment. As the autonomous vehicles market grows, there will be a rise in demand for automotive financing which fuels the growth of the auto finance industry.
OEMs segment is dominating the global automotive financing market.
Besides offering basic finance and leasing products, OEMs in the commercial vehicle sector have been increasingly growing their value chain by adding service products and fleet management solutions to their portfolios. New mobility solutions like car-sharing bring challenges also opportunities for both OEMs and their captives.
The Asia Pacific has the largest market share for global automotive financing market during the forecast period.
The Asia Pacific will drive the largest growth of over 45%, the North America and Europe are also expected to make significant contributions to the incremental growth in the forecast period. APAC held the largest market share in 2017, followed by Europe and the Americas. However, the North Americas region is forecasted to generate a higher market share than EMEA at the end of the forecast period.
Key players operating in global automotive financing market, Toyota Motor Credit, GM Financial Inc. , Volkswagen Financial Services Inc. , Hyundai Capital , RCI Banque , Ford Credit , Banque PSA Finance , Honda Financial Services , American Suzuki , Fiat Finance , Mercedes-Benz FS , Chrysler , BMW Financial , GMAC (Ally Financial) , Suzuki Finance , GMAC-SAIC , Dongfeng Peugeot Citroen, Auto Finance Co. Ltd , Chery Huiyin Automobile Finance Co. Ltd. , Maruti Finance , TATA Motor Finance.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the global automotive financing market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global automotive financing market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global automotive financing market positioning of competitors.
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