Pune, India, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global automotive finance market is set to gain traction from the increasing trend of engine downsizing. The installation of turbochargers or superchargers would reduce engine displacement and the number of cylinders. It would affect vibrations and speed, thereby enhancing the quality of sound of the vehicle. This information is given by Fortune Business Insights™ in a new report, titled, “Automotive Finance Market, 2021-2028.” As per the report, the 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. It stood at USD 248.10 billion in 2020.
COVID-19 Pandemic: Declining Sales of Used and New Cars to Hamper Growth
The outbreak of the COVID-19 pandemic severely affected the automotive finance industry during the first quarter of 2020. The year exhibited high sales of light commercial vehicles and pickup trucks. As per a few sources, unlike 2019, the demand for used vehicles dropped by 1-2% and for new vehicles by 3-4% in 2020. We are delivering accurate reports to help you tackle this grave situation.
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Others Segment Held 24.1% Share in 2020, says Fortune Business Insights™
Based on the provider type, this market is segregated into banks, OEMs, and others. Out of these, the others segment generated 24.1% in terms of the automotive finance market share in 2020. By the purpose type, it is divided into loan and leasing. Based on the vehicle type, it is bifurcated into passenger cars and commercial vehicles. Amongst these, the passenger car segment currently holds the largest share owing to their high demand, especially from developing nations.
Rising Usage of Mobile and Web-based Platforms to Augment Growth
One of the most innovative technologies that are currently gaining traction in this market is online loan service. Various web and mobile-based platforms are helping people to apply for loan services, compare with other companies, and easy viewing. Financial companies nowadays are striving persistently to enter developing countries. People living in these countries usually reach out to national banks, rather than financial companies for getting loans. However, as the industry contains several renowned companies, the entry of new firms is very challenging, which, in turn, may hinder the automotive finance market growth in the near future.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-finance-market-100122
Emergence of Connected Cars and Electric Vehicles to Aid Growth in Europe
Geographically, Europe earned USD 90.21 billion in 2020 backed by the introduction of novel technologies, such as autonomous cars, connected cars, and electric vehicles. Hence, independent and captive companies operating in this region are expected to showcase high demand for such vehicles in the upcoming years. In Asia Pacific, the rising trends of car sharing and rental services are anticipated to spur the demand for automotive finance services.
Key Players Focus on Partnerships and Acquisitions to Strengthen Their Positions
The global market houses a large number of enterprises that are constantly engaging in collaborations and partnerships with other firms to provide better services to their clients. Below is one of the latest industry developments:
- August 2019: Mazda Motor of America Inc. announced the selection of Toyota Financial Services as its partner for consumer auto leasing and loans. It would help protection options and enhance financing for dealers and customers.
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A list of reputed automotive finance service providers operating in the global market:
- 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)
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