Auto Finance Market Value Expected To Reach US $
LOS ANGELES, June 16, 2021 (GLOBE NEWSWIRE) – The Global Automotive Finance Market is expected to grow at a CAGR of around 6.6% from 2020 to 2027 and reach a market value of over $ 350.5 billion by 2027.
Europe dominates the automobile financing market; Asia-Pacific Records Fastest Growing CAGR Ever for Auto Finance Market
Europe currently holds the dominant share of the auto finance market and is expected to maintain this dominance throughout the forecast period. Indeed, leading OEM players / service providers are present in this region. It is one of the most important factors influencing the growth of this regional market. According to statistics from the European Commission, the automotive industry is essential to Europe’s prosperity. The automotive industry directly and indirectly employs 13.8 million Europeans, or 6.1% of total EU employment. A population of around 2.6 million people work in direct motor vehicle manufacturing, which represents 8.5% of manufacturing employment in the EU. The EU is one of the world’s largest producers of automobiles and the automotive industry is the largest private investor in R&D. The European Commission supports global technological harmonization and R&D funding to strengthen the competitiveness of the EU automotive industry and maintain its global technological leadership.
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Asia-Pacific, on the other hand, is expected to have the fastest growing CAGR in the auto finance market in the coming years. Government initiatives, especially in India, China and Japan, create lucrative growth opportunities for the regional market. This is accomplished by lowering the GST on electric vehicles from the current rate of 12% to 5%. The Ministry of Finance has reduced tariffs on components for electric vehicles to encourage local manufacture of these components. In addition, the rapidly growing economies of Asia-Pacific, where auto finance is still a relatively new concept. Banks have to get used to structuring loan terms, and captives face high entry costs and the need for in-depth market education.
The global automotive finance market is segmented on the basis of type of provider, type of finance, type of focus, and type of vehicle. By type of supplier, the market is segmented into banks, OEMs and other financial institutions. By type of financing, the market is classified into direct and indirect. By type of object, the market is separated into loan, lease and others. Further, the vehicle type is divided into commercial vehicles and passenger vehicles.
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The loan segment accounts for the largest market share in the global automotive finance market based on the type of goal. According to data from Consumer Finance, 2.3 million car loans were taken out in April 2019. Consumers requested $ 52.8 billion in new car loans through April 2019, which is an increase of 3.6 billion. % year on year compared to August 2019, which was 2.1%.
In terms of financing, the direct segment dominates the automotive financing market, with reasonable revenues of around 55.9% during the forecast period. Consumers are focusing their efforts on identifying the source of funding that best meets their needs. Consumers apply for auto loans directly from credit unions, banks, and other lending institutions. Plus, since no third-party vendors or resellers are involved in the lending process, customers have full control over it.
The main companies described in this report include Ally Financial, The Bank of America Corporation, Capital One Financial Corporation, Daimler Financial Services, Ford Motor Credit Company LLC, General Motors Financial Company, Inc., Hitachi Capital (PLC) and among others.
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Some of the main observations regarding the auto finance industry include:
- In May 2021, Diamler Truck Financials announced the launch of the “Keep the World Moving” program for its cargo and Western Star Trucks. The program allows a delay in the first payment of up to 120 days and also an allowance of up to US $ 5,000 depending on the model. This imitation is expected to improve sales which have declined due to the COVID-19 pandemic and would also improve the company’s market share.
- In September 2021, Mitsubishi UFJ & Finance and Hitachi Capital, the leading leasing companies in Japan, announced their merger with Hitachi Capital PLC. The merger aims to expand its operations worldwide, in order to gain the largest market share.
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