The “Automotive Finance Market” report gives a massive source to analyze the industry and other fundamental technicalities identifying with it. The examination discloses the total assessment and veritable parts of the Automotive Finance market. This study exhibits a straightforward outline of the industry, that integrates applications, blueprints, industry chain structure, and definitions. This report prepares a case for investments in different regions based on a practical view of their regulatory outline, manufacturing dynamics, and availability of skills and resources in that region.
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.
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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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