Global Automotive Financing is expected to foresee significant growth. APAC to lead the growth!

Covid 19 impacted the market and slowed its growth but there was a sudden recovery due to an increase in demand for vehicles in the market owing to global advancement in technologies like online payments, blockchains, and 100% financing. The global automotive financing market is projected to grow at a CAGR of ~ 6.5 % (2022 -2028) during the forecast period. Individuals at the global level are switching towards new technology-driven vehicles and are opting for electric vehicles.There has been a rise in demand owing to the increasing income of people in developing countries where a large population of this world resides. People in these countries are updating their lifestyles and trying to match with the culture of developed countries which has led to an increase in demand for model & branded cars. While in the case of developed countries people are switching toward updated technology-driven cars such as electric cars.

Major companies in the market are Ally Financial, Bank of America Corporation, Capital One, JPMorgan Chase & Co, Daimler Financial Service India Private Ltd, Ford Motor Company, General Motors Financial Company, Inc, Novuna, Volkswagen Finance Private Limited, and Toyota Kirloskar Motor.

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• the market is segmented into OEMs, banks, credit unions & financial institutions. Most assistance is provided by the nationalized bank which offers lesser interest rates to customers as compared with private counterparts. Earlier banks didn’t use to provide the overall cost of a new vehicle but now this scenario has changed it offers 100% finance for new vehicles. Customers can pay the dealer or manufacturer even if they do not have the money thanks to the provision of vehicle financing, which is typically provided by banks. To put it another way, auto financing enables a customer to purchase an automobile by borrowing money to pay the seller. Due to the lower interest rates, they offer to their customers’ banks are dominating the source-type section of the automotive financing market.

• Based on vehicle type, the market is segmented into passenger vehicle & commercial vehicle. The passenger car holds the largest market share in developing countries as people in these countries are trying to improve their lifestyles. An increase in interest in buying new cars is helpful for the expansion of the automotive market. Commercial vehicles are costly and bigger in size as compared to passenger vehicles, so they require more financing. Customers of commercial vehicles require better insurance & upgradation as they are subjected to rough and continuous running conditions. Customers must replace it with newer vehicles after a short duration so repeated purchasing happens earlier in commercial vehicles.

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For a better understanding of the market adoption of the automotive financing market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is likely to grow at a substantial growth rate during the forecast period. This is due to the presence of large no of consumers in the market of this region. In Asia- the Pacific Region financing market has grown up to the phase where it is mature enough to sustain longer and we can expect further growth in upcoming years. Growth of overall global automotive financing will depend on the Asia pacific growth. Over the forecast amongst other regions, Asia Pacific is the fastest-growing region. Various government initiatives are being launched in various countries of the Asia pacific region such as China, India, and Japan. In 2021 government of India launched – FAME-II, PLI SCHEME, Battery Swapping Policy, Special Electric Mobility Zone and Tax Reduction on EVs.

Some of the major players operating in the market include Ally Financial, Bank of America Corporation, Capital One, JPMorgan Chase & Co, Daimler Financial Service India Private Ltd, Ford Motor Company, General Motors Financial Company, Inc, Novuna, Volkswagen Finance Private Limited, and Toyota Kirloskar Motor.

Global Automotive Financing Market Segmentation

Market Insight, by Condition of Vehicle

• Used Vehicle
• New Vehicle

Market Insight, by Source Type

• OEMs
• Banks
• Finance Institutions
• Credit Unions

Market Insight, by Type

• OEMs
• Banks• Finance Institutions• Credit Unions

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Ally Financial
• Bank of America Corporation• Capital One• JPMorgan Chase & Co• Daimler Financial Service India Private Ltd• Ford Motor Company• General Motors Financial Company, Inc• Novuna• Volkswagen Finance Private Limited• Toyota Kirloskar Motor