Portland, Nov. 10, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global car finance market generated $1.29 trillion in 2019, and is projected to hit $2.33 trillion by 2027, growing at a CAGR of 14.3% from 2020 to 2027.
Increase in demand for vehicles and surge in the global average price of automobiles drive the growth of the global car finance market. However, advent of rideshare services and surge in debts from several borrowers hamper the market growth. On the contrary, untapped potential in developing countries and enactment of technologies in existing product lines are expected to open new opportunities for the market players in the coming years.
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Covid-19 scenario:
- The Covid-19 pandemic led to a decrease in consumer trends and preference toward purchasing automotive. However, once the governments allow relaxation regarding travel regulations, the market is expected to get back on track.
- Due to social distancing regulations, people are reluctant to use public ways of transportation and preferring to use their own vehicles to commute.
The global car finance market is segment is segmented on the basis of distribution channel, vehicle age, application, purpose, and region. Based on distribution channel, the market is divided into banks, OEMs, credit unions, and others. The OEMs segment is expected to register the highest CAGR of 15.5% during the forecast period. However, the banks segment held the largest share in 2019, contributing to nearly two-fifths of the total revenue.
Exclusive COVID Impact Analysis on Car Finance Business – Click Here
Based on vehicle age, the market is classified into new vehicles and used vehicles. The used vehicle segment is expected to register the highest CAGR of 14.6% during the forecast period. However, the new vehicles segment held the lion’s share in 2019, accounting for more than half of the market.
The global car finance market is analyzed across the various region including Asia-Pacific, LAMEA, Europe, and North America. The market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the total revenue, and is expected to register the highest CAGR of 15.4% through 2027.
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The global car finance market report includes an in-depth analysis of the major market players such as Bank of America Corporation, Ford Motor Company, Volkswagen Finance Private Limited., Capital One, Daimler AG, General Motors Financial Company, Inc., Ally Financial Inc., Hitachi Capital Corporation, JPMorgan Chase & Co., and Toyota Financial Services.
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