Projection of the automotive financing market [2021-2028]
The main players covered in the auto finance market are Ally Financial (Michigan, United States), Bank of America (New York, United States), Capital One (Virginia, United States), Chase Auto Finance (California, United States) 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) and Others
Pune, India, December 1, 2021 (GLOBE NEWSWIRE) – The world automotive financial market should take advantage of the growing trend to downsize engines. The installation of turbochargers or compressors would reduce the engine displacement and the number of cylinders. This would affect the vibration and speed, thus improving the sound quality of the vehicle. This information is provided by Fortune Business Insights â¢ in a new report titled âAutomotive Finance Market, 2021-2028â. According to the report, the market 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% during the forecast period. It stood at $ 248.10 billion in 2020.
COVID-19 pandemic: Declining used and new car sales hamper growth
The outbreak of the COVID-19 pandemic severely affected the auto finance industry in the first quarter of 2020. The year was marked by strong sales of light commercial vehicles and vans. According to a few sources, unlike 2019, the demand for used vehicles fell by 1 to 2% and by 3 to 4% for new vehicles in 2020. We deliver accurate reports to help you deal with this serious situation. .
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The Others segment held a 24.1% share in 2020, according to Fortune Business Insights â¢
Depending on the type of supplier, this market is divided into banks, OEMs, and others. Among these, the Others segment generated 24.1% in terms of automotive finance market share in 2020. By type of object, it is divided into loan and lease. Depending on the type of vehicle, it is divided into passenger cars and commercial vehicles. Of these, the passenger car segment currently holds the largest share due to their high demand, especially from developing countries.
Growing Use of Mobile and Web Platforms to Increase Growth
One of the most innovative technologies currently gaining ground in this market is the online loan service. Various web and mobile platforms help people apply for loan services, compare with other businesses, and make viewing easier. Nowadays, financial companies are constantly striving to enter developing countries. People living in these countries usually turn to national banks rather than financial companies for loans. However, as the industry contains several well-known companies, entry of new companies is very difficult, which in turn may hamper the growth of the auto finance market in the near future.
To learn more about the short and long term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-finance-market-100122
The emergence of connected cars and electric vehicles serving growth in Europe
Geographically, Europe has won $ 90.21 billion in 2020 supported by the introduction of new technologies, such as autonomous cars, connected cars and electric vehicles. Therefore, independent and captive companies operating in this region are expected to have a strong demand for such vehicles in the coming years. In Asia Pacific, increasing trends in car sharing and rental services are expected to drive demand for auto finance services.
Key players focus on partnerships and acquisitions to strengthen their positions
The global market is home to a large number of companies that are constantly engaging in collaborations and partnerships with other companies to provide better services to their customers. Below is one of the latest developments in the industry:
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A list of reputable auto finance service providers operating in the global market:
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)
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