According to Stratistics MRC, the Global Car Financing Market is accounted for $1.95 trillion in 2019 and is expected to reach $3.11 trillion by 2027 growing at a CAGR of 6.0% during the forecast period. Some of the key factors propelling the growth of the market are rise in the global average price of the vehicle, increasing car production by various manufacturers, and rise in disposable income. However, the increase in debts from various borrowers is the restraining factor for the growth of the market.
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By vehicle, the commercial vehicles segment is expected to grow at a significant market share during the forecast period as these are expensive as compared to other vehicles and therefore various financial institutions and banks have introduced affordable loan schemes with simple terms and conditions. Based on geography, Asia Pacific is anticipated to hold considerable market share during the forecast period as the middle-class households in developing economies have a high demand for car financing.
Some of the key players in Car Financing Market include Bank of America, Toyota Financial Services, Standard Bank, HSBC, Ford Motor Credit, Capital One, BNP Paribas, Hitachi Capital Asia Pacific, and Ally Financial.
Loan Providers Covered:
• Original Equipment Manufacturer (OEM)/Captives
• Non-Banking Financial Companies (NBFC)
• Financing Institutions/Banking Institutions
• Commercial Banks
Finance Types Covered:
• Lease
• Loan
Sales Networks Covered:
• Direct Finance Approach
• Dealership Walk In’s
Service Types Covered:
• Used Vehicles
• New Vehicles
Vehicles Covered:
• Passenger Vehicles
• Commercial Vehicles
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o UK
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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