What Is The Size Of The Global Auto Finance Industry?
The Global Auto Finance market is growing at a robust CAGR in 2017-2022 and is expected to be a USD 400 Bn market by 2027. The Global Auto Finance Market is largely driven by increasing investments in autonomous vehicles and growing demand for EVs.
The outbreak of COVID-19 had an adverse impact on the market. The economic uncertainty has forced car buyers to postpone their purchase of a new vehicle. Despite the slowdown in car sales, auto lenders accommodated an upsurge in servicing activity, such as refinancing and extensions. Auto lenders are also adopting digital tools to expedite the service processes, remotely.
Nevertheless, since the latter part of the year, the demand for automobiles has shown a substantial rise, which has supported the automotive finance industry. The COVID-19 epidemic has also accelerated the expansion of online and digital platforms for B2C purchasing. As a result of these changes, manufacturers and industry participants have begun to virtualize their dealerships or agreements and work remotely.
Furthermore, the increasing demand for passenger cars, the acceptance of alternative-fuel vehicles, and the rise of digitalization in the automobile industry are contributing to the market growth on the global level.
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Global Auto Finance Market By Distribution Channel
The Global Auto Finance market is segmented by Distribution Channel into Banks & Subsidiaries, NBFCs, OEMS, and Captives. The growing importance of captive automotive finance worldwide is creating new opportunities for market growth.
Global Auto Finance Market By Type Of Financing
The Global Auto Finance market is segmented by Type of Financing into Passenger Vehicles, Commercial Vehicles. The commercial vehicles segment is anticipated to witness significant growth during the forecast period.
Global Auto Finance Market By Region
The Global Auto Finance market is segmented by region into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
Asia-Pacific is predicted to develop significantly throughout the projection period, owing to an increasing number of favorable government measures in economies such as India, Japan, and China to stimulate automotive sector expansion and retain customer interest.
Global Auto Finance Market By Type Of Financing
The Global Auto Finance market is segmented by Type of Financing into Passenger Vehicles, Commercial Vehicles. The commercial vehicles segment is anticipated to witness significant growth during the forecast period.
Global Auto Finance Market By Vehicle Financed
The Global Auto Finance market is segmented by Vehicles financed into new cars, Used cars, and Motorcycles.
The New Vehicle segment dominated the market as the sales of medium and heavy commercial vehicles increased substantially globally.
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Global Auto Finance Market By Tenure Of The Loans
The Global Auto Finance market is segmented by Tenure of the loans into 1 year, 2 years, 3 years, 4 years, 5 years, and above.
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