The global automotive finance market size is anticipated to reach USD 344.1 billion until 2026. It is anticipated to register growth with 6.7% CAGR during the forecasted period, 2020 to 2026. This growth can be associated with features like rising disposable income, the need for purchasing well-equipped vehicles prevailing among the millennial population, and increasing investments across the automobile industry. Moreover, the rising number of financial service providers across the globe is further expected to drive the market growth.
The leasing segment is projected to witness the highest growth from 2020 to 2026 owing to the rising number of vehicle leasing providers across countries like India, Japan, and China. The loans segment dominated the global market due to its ease of money disbursement and hassle-free process providers by the financial institutions.
In 2019, the segment of commercial vehicle type held the largest share across the global market on account of their higher cost feature as compared to passenger vehicles. On the other hand, the passenger vehicle segment is projected to witness the fastest growth due to the shifting trend among consumers for the purchase of vehicles.
Europe dominated the global market in 2019 owing to the rising number of financial service providers coupled with the adoption of technologies like biometrics, machine learning, and e-contracts. However, the Asia Pacific is anticipated to witness significant growth during the forecasted years on account of increasing government initiatives for promoting the growth of the automobile industry.
The market for automotive finance includes key players such as Chase Auto Finance, GM Financial Inc., Hitachi Capital, Daimler Financial Services, and Ally Financial. They have started focusing to provide online and hassle-free services to the customers along with insurance coverage to gain a competitive advantage over other players.
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Further key findings from the report suggest:
• The bank provider type segment for automotive finance is expected to register highest share during the forecast period.
• The segment of passenger vehicles is projected to witness fastest growth during the forecasted period, 2020 to 2026.
• Europe dominated the global automotive finance market in 2019.
• The key players in this market are Chase Auto Finance, GM Financial Inc.; Hitachi Capital; Daimler Financial Services; and Ally Financial.
Million Insights has segmented the global automotive finance market on the basis of provider type, finance type, purpose type, vehicle type, and region:
Automotive Finance Provider Type Outlook (Revenue, USD Billion, 2015 - 2026)
• Other Financial Institutions
Automotive Finance Type Outlook (Revenue, USD Billion, 2015 - 2026)
Automotive Finance Purpose Type Outlook (Revenue, USD Billion; 2015 - 2026)
Automotive Finance Vehicle Type Outlook (Revenue, USD Billion, 2015 - 2026)
• Commercial Vehicles
• Passenger Vehicles
Automotive Finance Regional Outlook (Revenue, USD Billion; 2015 - 2026)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
• South Africa