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 automotive
finance market size is projected to grow from USD 232.09 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.
List of Key Players in the Report-
- Ally Financial (Michigan, U.S.)
- Bank of America (New York, U.S.)
- Capital One (Virginia, U.S.)
- Chase Auto Finance (California, U.S.)
- Daimler Financial Services (Stuttgart, Germany)
- Ford Motor Credit Company (Michigan, U.S.)
- GM Financial Inc. (Texas, U.S.)
- Hitachi Capital (Tokyo, Japan)
- Toyota Financial Services (Aichi, Japan)
- Volkswagen Financial Services (Brunswick, Germany)
Report Coverage-
The
research report offers a detailed analysis of every company that can impact the
outlook of the automotive finance industry in the near future. At the same
time, it offers an authentic assessment by highlighting data on multiple
aspects that may contain drivers, opportunities, trends, and obstacles. It also
presents the market size from a global perspective by analyzing qualitative
insights and historical data.
Drivers &
Restraints-
Rising Usage of Mobile and
Web-based Platforms to Augment Growth
One
of the most innovative technologies that are currently gaining traction in the
market for automotive finance 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.
Read a Detailed
Summary of this Report: mailto:https://www.fortunebusinessinsights.com/industry-reports/automotive-finance-market-100122
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.
Regional Insights-
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.
Competitive Landscape-
Key Players Focus on Partnerships
and Acquisitions to Strengthen Their Positions
The
global market for automotive finance 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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