Author: Vikas Kumar
14 January 2023
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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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
Market Insight, by Source Type
Market Insight, by Type
• OEMs
• Banks• Finance Institutions• Credit Unions
Market Insight, by Region
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
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