Saturday, May 18, 2024

Email id: support@kenresearch.com, Contact Us : +91-9871552944

Home Banking Financial Services and Insurance Consumers Are Shifting Towards Car Financing Models To Maintain Their Financial Stability...

Consumers Are Shifting Towards Car Financing Models To Maintain Their Financial Stability And Own A Car That Can Be Easily Financed Over Longer- And Shorter-Term EMI In The Australian Car Finance Market: Ken Research

Focus on changing consumer preferences, preferred car models, lowered GDP growth rate, reasonable rate of interest and loan tenure in the market are major factors contributing towards development of Car Financing in Australia.

COVID-19 impact analysis: The car finance industry has recorded continuous investments for its developments and has become a massive contributor to the economic growth. However, this industry has been largely affected, owing to the outbreak of the COVID-19 pandemic leading to economic instability. In addition, owing to increase in unemployment & uncertainty in income results in lower demand and postponement of new car purchases or lease during the pandemic situation. Moreover, shortage in supply of raw materials and logistics has tremendously disrupted the supply chain of automotive new product launches, which, in turn, has led to the disruption in the market growth.    

Australia Car Finance MarketTo Know More about this report, download a Free Sample Report

Competitive vehicle financing solutions: The motor vehicle finance industry by no means relies solely on car sales. Ancillary services, which include things like sale of spare parts, after-sale services (such as ongoing servicing) and the sale of insurance make up a large portion of the industry’s profitability. As does vehicle financing. According to ASIC, car dealers have two main sources of finance-related income from a sale. Firstly, financial benefits from lenders, including commissions for individual loans, volume bonuses and ‘soft dollar benefits’ – benefits received other than a basic cash commission or direct client fee and charging the consumer a dealer origination fee for assisting in the provision of finance.

Increasing demand for Used & New Cars in Australia: In Australia, changing consumer preferences and ease of owning a pre-owned car at a much more affordable price have provided significant traction to the market. Australia is an emerging economy with lowered GDP growth rate, people have low purchasing power. Used vehicle financing helps people to own a personal vehicle at the much-lowered price at affordable EMI installments. This reduces the burden of one-time payments just with a 30% initial down payment. Used vehicle dealers and OEMs now offer with better maintenance plans, longer life services and effective discounts which has helped key OEM to engage the consumers attention. OEM, financier thus offer reasonable rate of interest and loan tenure which has helped people to reduce financial burden.

Analysts at Ken Research in their latest publication Australia Car Finance Market Outlook to 2028F- By Category of Vehicles (Passenger Vehicles, Commercial Vehicles), By Ownership of Vehicles (New Vehicles, Used Vehicles), By Category of Lenders (NBFCs, Universal and Commercial Banks, Captives), By Loan Tenure (12-24 Months, 25-48 Months.” by Ken Research observed that Australia Car Finance Market is in the growing phase. Enhancing Service Offerings, collaborations with partners, expand pipeline with predictive analysis and getting in front of prospects through AI are some of the factors that will contributed to the Australia Car Finance market growth over the period of 2021-2026F. It is expected that Australia Car Finance Market will grow at a CAGR of ~% for the above forecasted period.

Key Segments Covered in the report

Australia Car Finance Market

  • By Category of Vehicles
  • Passenger Vehicles
  • Commercial Vehicles
  • By Ownership of Vehicles
  • New Vehicles
  • Used Vehicles
  • By Category of Lenders
  • NBFCs
  • Universal and Commercial Banks
  • Captives
  • By Loan Tenure
  • 12-24 Months
  • 25-48 Months
  • 49-60 Months

Key Target Audience

  • Existing Auto Finance Companies
  • Banks
  • OEM Dealerships
  • Captive Finance Companies
  • Credit Unions
  • Private Finance Companies
  • New Market Entrants
  • Government Organizations
  • Investors
  • Auto mobile Associations
  • Auto mobile OEMs

Time Period Captured in the Report:

  • Historical Period: 2018-2023P
  • Base Period: 2023P
  • Forecast Period: 2023P– 2028F

Companies Covered:

  • Car Finance Australia
  • National Australia Bank Limited
  • The Australia and New Zealand Banking Group Limited
  • Toyota Finance Australia Limited
  • Auto Finance Australia
  • LifeX Finance
  • Car Clarity
  • Simply Finance
  • Journey Finance
  • Car Loans.com.au
  • C1 Car Loans
  • Stratton Finance Melbourne
  • Driva
  • Zoom Car Loans
  • Fingo Finance

Banks

  • ANZ
  • Commonwealth Bank CBA
  • NAB
  • Westpec

Key Topics Covered in the Report

  • Australia Automotive Market Overview
  • Ecosystem of Australia Car Finance Market
  • Australia Car Finance Market Evolution and Business Cycle
  • Australia Car Finance Value Chain Analysis
  • Australia Car Finance Market by Credit Disbursed
  • Australia Car Finance Market Segmentation, 2023P
  • SWOT Analysis of Australia Car Finance Industry
  • Infrastructure Development Overview of Australia
  • Trends and Developments in Australia Car finance industry
  • Decision Making Parameters for Selecting Car Loan Vendor
  • Operational Strategies for Australia Car Finance Services Market
  • Issues and Challenges in Australia Car Finance Industry
  • Government policies affecting the Australia Car finance Industry
  • Government Initiatives for Automotive Industry
  • Growth Drivers of Australia Car Finance Market
  • COVID Impact on the Australia Car Finance Industry
  • Australia Car Finance Market Competition Overview
  • Cross Comparison of Major Players in Australia Car Finance Market
  • Strengths and Weakness of Major Players in Australia Car finance market
  • Future Outlook and Market Projections, 2028F
  • Best Practices for Building a Successful Car finance company
  • Analyst Recommendations
  • Industry Speaks
  • Research Methodology

For more insights on the market intelligence, refer to the link below:-

Australia Car Finance Market

Related Reports By Ken Research:

Indonesia Car Finance Market Outlook to 2024

Egypt Car Finance Market Outlook to 2021

RELATED ARTICLES

The Insights and Trends of the Global Mortgage Market

The mortgage market is pivotal in the global economy, facilitating homeownership and economic growth. As a fundamental component of the real estate industry, the...

How Car Loans Market and CV Financing Market are Fueling Mobility in India?

India's transportation sector is vital to the nation's economic engine. From bustling city streets to sprawling highways, efficient movement of people and goods is...

Mastering TNEB Online Payment: Expert Tips for Efficiency and Convenience

In today's fast-paced world, where convenience and efficiency are paramount, mastering TNEB online payment can significantly streamline your monthly electricity bill payment process. With...

Most Popular

Navigating the Dynamic Landscape of the Smartphone Industry

The Smartphone industry stands at the forefront of technological innovation, shaping the way individuals communicate, work, and interact with the digital world. From cutting-edge...

US Food Allergen Testing Industry: Trends, Challenges, and Opportunities

The US Food Allergen Testing industry is a critical sector safeguarding public health by ensuring food safety and catering to the growing population with...

The Dynamics of the Coal Mining Market: Growth Drivers and Challenges

Introduction Coal mining serves as a cornerstone in fueling industries, generating electricity, and fostering economic growth worldwide. This article delves into various facets of the...

A Market Research Report on the Cosmeceuticals Industry in India

The Indian beauty landscape is witnessing a fascinating shift. Consumers are no longer just seeking products that enhance appearance; they are actively seeking solutions...