Pune, India, January 10, 2022 (GLOBE NEWSWIRE) – According to the report, the automotive financial market the size is expected to increase 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 $ 248.10 billion in 2020. The global market is expected to benefit from the growing trend of engine downsizing. The installation of turbochargers or compressors is likely to reduce the engine displacement and the number of cylinders. It is believed to impact vibrations and speed, thus refining the sound superiority of the vehicle. This information is published by Fortune Business Insights ™, in its report titled “Automotive Finance Market, 2021-2028”.

Industry development

September 2021: Mitsubishi UFJ Lease & Finance and Hitachi Capital, which are the leading leasing companies in Japan, have declared their collaboration by April 2021. Hitachi Capital and Mitsubishi UFJ Lease & Finance intend to expand their operation to scale worldwide to achieve a larger market share.

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COVID-19 pandemic: Deterioration in used and new car sales will hamper growth

The outbreak of the COVID-19 pandemic negatively impacted this industry during the first quarter of 2020. The year saw high sales of light commercial vehicles and vans. According to some sources, unlike 2019, the demand for used vehicles fell by 1 to 2% and that for new vehicles by 3 to 4% in 2020.

Conductors and restraints

Increased use of mobile and web platforms to drive growth

One of the most inventive technologies currently gaining ground in this market is online loan service. Several web and mobile platforms help people apply for loan services, compared to other businesses, as well as facilitate inspection. Today, financial companies insistently struggle to enter emerging countries. People living in these areas frequently turn to national banks rather than finance companies for loans. These factors are responsible for the factors contributing to the growth of the automotive finance market over the forecast span.

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Segments

Based on the type of supplier, the market is separated into banks, OEMs and others. The banking segment dominated the global market in 2020. The growth prospects can be attributed to the high confidence of auto buyers in emerging countries in banks compared to other financial institutions.

By objective, the market is divided into loans and leases.

In terms of vehicle condition, the market is categorized into new and used.

On the basis of vehicle type, the market is categorized into passenger cars and commercial vehicles.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.

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Cover of the report

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Regional perspectives

Europe will dominate the market due to the excellent representation of electric vehicles

Europe should hold the majority of the automotive financing market share and be the market leader. The presentation of progressive technologies such as electric vehicles, connected cars and self-driving cars is expected to drive the growth of the market.

The Asia-Pacific region is expected to experience substantial growth over the next few years. The increasing penetration of car rental and car sharing services in the region is driving the growth of the market.

The North America region is seeing decent growth in the auto finance industry, mostly due to the COVID-19 pandemic and growing economic unpredictability.

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Competitive landscape

Crucial players focus on collaborations and purchases to strengthen their positions

The global market is home to a large number of companies that continually initiate collaborations as well as partnership agreements with other companies to provide better services to their clients.

List of Key Companies Covered in the Automotive Finance Market Report

• Ally Financial (Michigan, United States)
• Bank of America (New York, United States)
• Capital One (Virginia, United States)
• Chase Auto Finance (California, United States)
• Daimler Financial Services (Stuttgart, Germany)
• Ford Motor Credit Company (Michigan, United States)
• GM Financial Inc. (Texas, United States)
• Hitachi Capital (Tokyo, Japan)
• Toyota Financial Services (Aichi, Japan)
• Volkswagen Financial Services (Brunswick, Germany)

Main table of the automotive financing market:

• introduction
  • Scope of research
  • Market segmentation
  • Research methodology
  • Definitions and assumptions
• Summary
• Market dynamics
  • Market factors
  • Market constraints
  • Market opportunities
• Key ideas
  • Porter’s Five Forces Analysis
  • SWOT analysis
  • Technological development
  • Breakdown of the automotive financing market – by type of vehicle (in value)
  • Impact of COVID-19
• Global Automotive Finance Market Analysis, Outlook and Forecast, 2017-2028
  • Main conclusions / summary
  • Market analysis, information and forecasts – by type of supplier
  • Market analysis, information and forecasts – by type of objective
  • Market Analysis, Information & Forecast – By Vehicle Condition
    • Passenger cars
    • Commercial vehicles
  • Market Analysis, Information & Forecast – By Vehicle Type
  • Market Analysis, Information & Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Rest of the world
• North America Automotive Finance Market Analysis, Outlook and Forecast, 2017-2028
  • Main conclusions / summary
  • Market analysis, information and forecasts – by type of supplier
  • Market analysis, information and forecasts – by type of objective
  • Market Analysis, Information & Forecast – By Vehicle Type
    • Passenger cars
    • Commercial vehicles
  • Market Analysis, Information & Forecast – By Vehicle Condition

Table of contents continued ..

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