Dublin, March 10, 2021 (GLOBE NEWSWIRE) -- The "India Car Loan Market, By Type (New Car & Used Car), By Car Type (SUV; Hatchback; & Sedan), By Source (OEM; Bank; & Non-Banking Financial Company (NBFC)), By Percentage of Amount Sanctioned, By Type of City, By Tenure, Competition, Forecast & Opportunities, FY2026" report has been added to ResearchAndMarkets.com's offering.
The Indian Car Loan Market is forecast to grow at a CAGR of over 8% in value terms and to reach USD60 billion by FY2026.
The car loan market in India is anticipated to grow at a brisk rate during the forecast period on account of growing disposable income and increasing ownership of vehicles.
Moreover, the shift from combustion engine vehicles towards electric vehicles, product launches, subsidies offered by the government on the purchase of electric vehicles, and high vehicle replacement rate are promoting sales of cars across India, which is consequently boosting the Indian Car Loan Market.
The car loan market in India can be segmented based on the type, car type, source, percentage of amount sanctioned, type of city, tenure, and region. In terms of car type, the market can be segmented into SUVs, hatchbacks, and sedans. The hatchback is the dominant car type in the country and the trend is likely to continue in the forthcoming years as well. This is due to its advantages like riding comfort, safety, and lower noise, vibration in comparison to other counterparts in the same segment.
Major companies offering loans for the purchase of car in India are categorized into banks, original equipment manufacturers (OEMs), or non-banking financial company (NBFC). OEMs are coming up with various credit provisions to attract more buyers and borrowers and are offering loans based on individual needs for the purchase of cars in the country. Some of the banks providing car loans include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, etc.
Public and private sector banks are the major dominators when compared to NBFC and OEMs due to a large customer base, better customer service, and competitive rates. However, the presence of NBFCs in non-metro and rural areas has helped in increasing the market share of NBFCs over the past few years.
Key Target Audience:
- Manufacturers, distributors, and end-users
- Market research and consulting firms
- Government bodies such as regulating authorities and policymakers.
- Organizations, forums, and alliances related to car loan.
Years considered for this report:
- Historical Years: FY2016-FY2019
- Base Year: FY2020
- Estimated Year: FY2021
- Forecast Period: FY2022-FY2026
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Impact of COVID-19 on India Car Loan Market
4. Executive Summary
5. Voice of Customer
6. India Car Loan Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type (New Car; Used Car)
6.2.2. By Car Type (SUV; Hatchback; Sedan)
6.2.3. By Source (OEM; Bank; Non-Banking Financial Company (NBFC))
6.2.4. By Percentage of Amount Sanctioned (Upto 25%; 25-50%; 51-75%; Above 75%)
6.2.5. By Type of City (Tier 1; Tier 2; Tier 3; Tier 4)
6.2.6. By Tenure (Less than 3 year; 3-5 Year; Greater than 5 year)
6.2.7. By Region (North, South, East, West)
6.2.8. By Company (2020)
6.3. Product Market Map (Region, Type & By Car Type)
7. North India Car Loan Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Car Type
7.2.3. By Source
8. West India Car Loan Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Car Type
8.2.3. By Source
9. South India Car Loan Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Car Type
9.2.3. By Source
10. East India Car Loan Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Car Type
10.2.3. By Source
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. Policy & Regulatory Landscape
14. India Economic Profile
15. Competitive Landscape
15.1. Company Profile
15.1.1. Company Detail
15.1.2. Service Charges & Fees
15.1.3. Documentation Required for Loan
15.1.4. Terms & Conditions of Loan
15.2. Housing Development Finance Corporation Bank
15.3. Industrial Credit and Investment Corporation of India Bank
15.4. State Bank of India
15.5. Kotak Mahindra Prime Ltd.
15.6. Axis Bank
15.7. Toyota Financial Services India Ltd.
15.8. IDFC FIRST Bank
15.9. Mahindra & Mahindra Financial Services Limited
15.10. Shriram Transport Finance Co. Ltd.
15.11. Tata Motors
16. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/3wsr4s