Covid Impact: Amid the COVID-19 pandemic, the global demand for new vehicles and used vehicles witnessed a significant slump in 2020, as manufacturing and sales activities were halted for several months in the first half of the year. This trend hampered the automotive financing market in Mexico as well. However, since the latter half of 2021, the demand for vehicles has witnessed significant growth, which has fueled the automotive financing market and is expected to continue to fuel the market during the forecast period. The COVID-19 pandemic also augmented the growth of online and digital channels for business-to-consumer purchases. Owing to these trends, OEMs and industry players have started to virtualize their dealerships or agreements and operate remotely.
Growth Factors: Over the medium term, demand in the market is expected to be driven by rising electric mobility across major countries in Mexico and other states of North American region. Moreover, growing government support in the form of favourable initiatives and policies is expected to drive demand in the market. The growing consumer inclination toward safety and comfort features in vehicles is accommodated by the latest technologies like ADAS. However, growing adoption of rental and used cars may hinder the players operating in the market. The demand for commercial vehicles is strongly influenced by growing logistics and delivery services, coupled with the fleet expansion of vehicles by key e-commerce giants like Amazon. The developments in engine technology are progressing significantly, accompanying the rising emission standards across the world. These factors are likely to boost the growth of the automotive market in the region.
Analysts at Ken Research in their latest publication, “Mexico Car Finance Market Outlook 2027F– Driven by government regulations & technological innovations” by Ken Research observed that Mexico car Finance Market is in a growth phase & is expected to witness a growth rate of ~% in the upcoming years owing to increasing government initiatives & technological innovations. It is to be noted that the Mexico Car finance market is consolidated with a few brands occupying almost half of the market with companies competing not only on the basis of product quality and promotion but also on the basis of strategic moves with the aim of capturing a larger market share.
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Key segments covered
By type of vehicle financing
- Used Car financing
- New Car financing
By Type of car Financed
- Hatchbacks
- Sedan
- SUV
- Multipurpose Vehicle
By price
- high (500,000+)
- medium (200k-500k)
- low (below 200K)
By Type of Institution
- Banks
- NBFC
- Captives
By loan Tenure
- 3-4 years
- 4-5 years
By Mode of booking
- Online
- Offline
Time Period Captured in the Report:
- Historical Period: FY’17- FY’22P
- Base Year: FY’22P
- Forecast Period: FY’23P – FY’27F
Key Target Audience
- Banks and its Subsidiaries
- NBFCs
- Captive Finance Companies
- Government and Institutions
- Automobile Companies
- Car Dealers
- Government and Institutions
- Existing Car Finance Companies
- OEM Dealerships
- New Market Entrants
- Investors
- Auto mobile Associations
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Major Companies Covered
- Bank of America
- Deutsche Bank
- JP Morgan Chase
- HSBC
- Scotia Bank
- Citi
Key Topics Covered in the Report:
- Executive Summary of Mexico Car Finance Market
- Market Size of Mexico Car Finance Market
- Market Segmentation of Mexico Car Finance Market
- SWOT Analysis of Mexico Car Finance Market
- Trends and Developments in Mexico Car Finance Market
- Regulatory Bodies of Mexico Car Finance Market
- Overview of Mexico Car Finance Challenges and restrains
- End User Analysis of Mexico Car Finance Market
- Competitive Analysis of Mexico Car Finance Services
- Future Outlook of Mexico Car Finance Market
- Covid Analysis of Mexico Car Finance Market
- Analyst Recommendations
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