Global Car Finance Market Overview:
Car finance also is known as auto finance, refers to the range of financial products available that allow people to acquire a car with any arrangement other than a full-cash single lump payment. The auto finance landscape is becoming increasingly competitive, with more buyers arriving at showrooms with pre-approved credit from direct lenders. New and used vehicles can be acquired with the help of financing from banks, credit unions, or independent finance companies.
- Growing Consumer Aspiration for Car Ownership
- The emergence of Non-banking Financial Companies That offer Lucrative Zero Down Payment Financing Schemes and Low-Interest EMIs Have Lured the Young Population to Own Car
- Increasing Population in Developing Economics Coupled with Growing Disposable Income
- Trend of Digital Underwriting and Adoption of Effective Risk Management Strategies by Car Financiers
- Environmental Concerns and Automotive Eco-Monitoring Regulations Imposed by the Government are Restricting the Use of Mainstream Automobiles
- Improving Macroeconomics Coupled with an Increasing Number of First-time Car Buyers
- Rise in Ride Sharing Businesses
Various sales strategies adopted by car financiers such as affordable financing options, flexible repayment, and high loan-to-value ratio are some favorable facets of the car financing market to stay in the business is serving to provide a further boost to this market. Furthermore, differentiated product offerings and subvention based schemes to be favorable for customers are likely to bode well for the car financing market.
Some of the key players profiled in the report are Toyota Motor Credit (United States), Volkswagen Financial Services Inc. (Germany), Ford Credit (United States), GM Financial Inc (United States), Hyundai Capital (South Korea), RCI Banque (France), Chase Auto Finance (United States), Bank of America (United States), Ally Financial (United States) and Daimler (Germany). Additionally, following companies can also be profiled that are part of our coverage like BNP Paribas, Capital One, HSBC, Hitachi Capital Asia Pacific and Standard Bank. Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Car Finance market by 2025. Considering Market by Source Type, the sub-segment i.e. OEMs will boost the Car Finance market. Considering Market by Vehicle Type, the sub-segment i.e. Commercial will boost the Car Finance market. Considering Market by Purpose Type, the sub-segment i.e. Loan will boost the Car Finance market.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Car Finance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Car Finance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Independent Finance Companies, Banks, Credit Union, Government Bodies and Departments, Business Consulting Firms and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.