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Automotive Finance Market Size to Hit USD 385.42 Billion by 2028, Growing at a CAGR of 6.5%: Fortune Business Insights

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Fortune Business Insights

Fortune Business Insights

The global Automotive Finance Market was valued at USD 248.10 billion in 2020 and is projected to reach USD 385.42 billion by 2028 at a CAGR of 6.5% 2021 to 2028. Emerging trend of engine downsizing to bolster market growth.

Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) — 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 245.62 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.

Industry Development

September 2021: Mitsubishi UFJ Lease & Finance and Hitachi Capital, which are the leading leasing companies in Japan, declared their collaboration by April 2021. Hitachi Capital and Mitsubishi UFJ Lease & Finance intend to extend their functioning globally to attain a more considerable market share.

Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/automotive-finance-market-100122

Report Highlights:

Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

6.5%

2028 Value Projection

385.42 billion

Base Year

2020

Market Size in 2021

245.62 billion

Historical Data for

2017 – 2019

No. of Pages

200

Segments covered

By Provider Type, By Purpose Type, By Vehicle Condition, By Vehicle Type

Growth Drivers

Rising Usage of Mobile and Web-based Platforms to Augment Growth

Europe to Dominate Market due to Excellent Representation of Electric Vehicles

Market Highlights:

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 financing 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.

One of the most inventive technologies that are presently attaining traction in the market for automotive finance is online loan service. Several web and mobile-based platforms are aiding people to make application for loan services, in comparison with other companies, as well as easy inspecting. Financial corporations these days are struggling insistently to enter emerging nations. People living in these regions frequently reach out to national banks, rather than financial companies for getting loans. These factors are responsible for the factors contributing to the automotive finance market growth during the forecast duration.

Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-finance-market-100122

Key Benefits for Automotive Finance Market Report:

  • The Lithium-ion Battery market analysis covers in-depth information of major industry participants.

  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.

  • Major countries have been mapped according to their individual revenue contribution to the regional market.

  • The report provides an in-depth analysis of the Lithium-ion Battery market during the forecast period (2022–2028).

  • The report outlines the current market trends and future scenario of the global Lithium-ion Battery market to understand the prevailing opportunities and potential investment pockets.

  • The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

Regional Insights

Europe to Dominate Market due to Excellent Representation of Electric Vehicles

Europe is expected to hold the majority of automotive finance market share and to lead in the market. The presentation of progressive technologies such as electric vehicles, connected cars, and autonomous cars is expected to nurture market growth.

Asia Pacific is anticipated to grow substantially over the next few years. The growing penetration of car rental and sharing services in the region is thrusting the market growth.

The North American region is perceiving decent growth in the automotive finance sector, primarily owing to the COVID-19 pandemic and rising economic unpredictability.

Report Coverage-

The research report offers a detailed analysis of every company that can impact the outlook of the automotive financing 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.

Get your Customized Research Report:  https://www.fortunebusinessinsights.com/enquiry/customization/automotive-finance-market-100122

Market Segments:

On the basis of provider type, the market is segregated into banks, OEMs, and others. The bank segment led the global market in 2020. The growth prospects can be accredited to the high trust among automotive buyers in emerging nations on banks than other financial institutions.

By purpose, the market is divided into loans and leasing.

In terms of the vehicle condition, the market is classified into new and used.

On the basis of vehicle type, the market is categorized into passenger cars and commercial vehicles.

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

Competitive Landscape

Crucial Players Emphasize on Collaborations and Procurements to Reinforce Their Positions

The global market for automotive finance bags a huge number of enterprises that are incessantly instigating collaborations as well as partnership deals with other corporations to deliver better services to their clienteles.

Quick Buy –  Automotive Finance Market Size Research Report: https://www.fortunebusinessinsights.com/checkout-page/100122

List of Key Players Profiled in the Report

  • Ally Financial (Michigan, USA)

  • Bank of America (New York, USA)

  • Capital One (Virginia, USA)

  • Chase Auto Finance (California, USA)

  • Daimler Financial Services (Stuttgart, Germany)

  • Ford Motor Credit Company (Michigan, USA)

  • GM Financial Inc. (Texas, USA)

  • Hitachi Capital (Tokyo, Japan)

  • Toyota Financial Services (Aichi, Japan)

  • Volkswagen Financial Services (Brunswick, Germany)

Table of Content:

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Porter’s Five Forces Analysis

    • SWOT Analysis

    • Technological Developments

    • Distribution of Automotive Finance Market – By Vehicle Type (in Value)

    • Impact of COVID-19

  • Global Automotive Finance Market Analysis, Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Provider Type

    • Market Analysis, Insights and Forecast – By Purpose Type

    • Market Analysis, Insights and Forecast – By Vehicle Condition

      • Passenger Cars

      • Commercial Vehicles

    • Market Analysis, Insights and Forecast – By Vehicle Type

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Rest of The World

  • North America Automotive Finance Market Analysis, Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Provider Type

    • Market Analysis, Insights and Forecast – By Purpose Type

    • Market Analysis, Insights and Forecast – By Vehicle Type

      • Passenger Cars

      • Commercial Vehicles

    • Market Analysis, Insights and Forecast – By Vehicle Condition

    • Market Analysis, Insights and Forecast – By Region

Continued…

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