Dublin, July 13, 2023 (GLOBE NEWSWIRE) -- The "Automotive Financing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global Automotive Financing Market is projected to grow significantly, with a current valuation of USD 220 billion. According to a recent report, the market is expected to reach USD 320 billion, registering a CAGR of around 6% during the forecast period. The report provides a detailed analysis of market trends, key drivers, and regional dynamics.
Key Trends
Banks Gain Prominence: Banks play a crucial role in the automotive financing market, offering car loans to consumers. With the availability of various financing options, banks have emerged as leading sources for automotive financing, providing lower interest rates to customers.
The penetration of auto financing in passenger vehicles has witnessed a substantial increase, driven by the aggressive stance of banks. However, this increase primarily applies to passenger vehicles, excluding two-wheelers and commercial vehicles.
Rising Monthly Loan Payments: Due to increasing interest rates and auto prices, a growing number of car buyers in the United States are opting for monthly loan payments of USD 1,000 or more. According to Edmunds, a notable percentage of consumers financing new vehicles commit to payments at or above this amount, especially among electric vehicle and hybrid purchasers.
Asia-Pacific Leading the Market: The automotive financing market in the Asia-Pacific region is already matured, with the growth of electric vehicles serving as a significant driving factor.
Asian countries, such as China, have witnessed a significant increase in the sales of battery electric vehicles. Governments in the region are focusing on facilitating the availability of financing options to encourage electric vehicle adoption.
Market Segmentation:
The Automotive Financing Market is segmented based on type, source type, vehicle type, and geography. The segments include:
- Type:
- New Vehicle
- Used Vehicle
- Source Type:
- OEMs
- Banks
- Credit Unions
- Financial Institutions
- Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Geographical Regions:
- North America
- Europe
- Asia-Pacific
- Rest of the World
The report provides a comprehensive analysis of the market, focusing on these segments, to offer valuable insights into the Automotive Financing Market.
Companies Mentioned:
- Bank of America Corporation
- Ally Financial Inc.
- Hitachi Capital Asia Pacific Pte Ltd
- HSBC Holdings PLC
- HDFC Bank Limited
- ICBC (Industrial and Commercial Bank of India)
- Bank of China
- Capital One Financial Corporation
- Wells Fargo & Co.
- Toyota Financial Services
- BNP Paribas SA
- Volkswagen AG
- Mercedes-Benz Financial Services (Daimler AG)
- Standard Bank Group Ltd
- Mahindra Finance
For more information about this report visit https://www.researchandmarkets.com/r/ycf084
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