- The increment in the disposable income of the people in developing countries has made it easier for them to afford a car. However, to regulate their money, they prefer to buy a car via finance companies
- The global car finance market shall reach to the value of ~US$ 3 Trn by the end of 2030
ALBANY, New York, July 14, 2020 /PRNewswire/ -- A report by TMR states that the global car finance market is projected to grow exponentially during the tenure of 2020 to 2030. During this tenure the global car finance market shall witness a consistent 4% CAGR and shall reach to the value of ~US$ 3 Trn in terms of revenue by the end of 2030. This remarkable revenue wise growth of the market is the result of growing demand for vehicles in developing countries. Moreover, flexible policies by insurance providers also help to propel the growth of the car insurance market, says the report by Transparency Market Research.
"Cars have become an integral part of middle class families in developing countries. From luxurious sedans to family oriented station wagon, there is a car available for every class of the economy. With flexible insurance and easy EMI the possibility of owing a car for a middle class individual has grown exponentially in past decade. This the major factor that is boosting the growth of global car finance market during the tenure of 2020 to 2030" –Transparency Market Research.
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Major Findings in Global Car Finance Market Study
- On the basis of car type, the new car finance segment shall hold a leading share in the global car finance market. This dominance of the segment is the result of growing penetration of car finance and insurance of new car sales in automotive industry.
- Based on product type, the loan segment held a major share of the global car finance market. Car loans are the traditional method of car finance and are widely preferred means of car ownership.
- The commercial banks segment under provider category accounted for a notable share of the global car finance market, as commercial banks have traditionally been loan providers and key industry participants.
Explore the latest study on global car finance market under the title: Car Finance Market (Car Type: New Car and Used Car; Finance Type: Lease and Loan; Provider: OEM/Captives, Commercial Banks, and NBFCs) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/car-finance-market.html
Major Drivers Boosting the Growth of Global Car Finance Market
- Demand to provide a better lending experience and easy repayment has urged the necessity of better solutions. These solutions are driven by various technologies such as data science and AI. Owing to these technological developments the global car finance market shall witness a substantial growth during the tenure of 2020 to 2030.
- Optimization of loan portfolio is also a major factor that is boosting the growth of global car finance market during the estimated time frame. With the penetration of data analytics in automotive sector the stakeholders can now derive effective finance scheme customized as the convenience of the customers. Owing to this benefit the global car finance market shall witness a substantial growth during the tenure of 2020 to 2030.
- Increase in awareness among consumers regarding car finance options in developing countries and lucrative offers such as low interest rate EMIs and zero down payments are anticipated to drive the car finance market. Diversification of automakers into financial services and aggressive marketing through dealership has been pivotal in driving the global car finance market.
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Major Challenges Impeding the Growth of Global Car Finance Market
The outbreak of COVID-19 has brought a massive economy crunch across the globe. With businesses on the verge of collapsing and low income of the people, there is a considerable downfall in the sales of the cars across the globe. Moreover, the worldwide lockdown has restricted the production of new vehicles which is further adding to the bottleneck condition of automotive sector. Owing to these challenges, the car finance industry is witnessing major challenges which in turn are acting as major challenge in the growth of global car finance market during the tenure of 2020 to 2030.
Global Car Finance Market: Regional Analysis
North America dominated the global car finance market during 2018 and 2019. The region is projected to continue its dominance in the future years of the forecast period. Moreover, the number of car sold on loans in the U.S. is also a major factor that has stimulated North America to capture top spot in the regional front of the global car finance market.
Analyze Car Finance Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a Sample of the Study
The global car finance market is highly progressive yet highly fragmented. The nature of the car finance market is the result of presence of various prominent players. However, due to this the new players are unable to enter the global car finance market. To overcome this situation, the new players are merging and collaborating with the established players of global car finance market.
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The global car finance market is segmented on the basis of:
Car Finance Market, by Car Type
- New Car
- Used Car
Car Finance Market, by Finance Type
Car Finance Market, by Provider
- Commercial Banks
Car Finance Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the Global Automotive & Transport Industry:
Car Leasing Market – The global car leasing market is projected to surpass US$ 1 Trn by 2030, expanding at a CAGR of ~9% during the forecast period. Changing consumer preference toward newer mobility models, such as leasing, and changing consumer sentiments associated to car ownership are driving the car leasing market. Zero down payment and tax benefits have influenced the preference of consumers toward car leasing from traditional ownership.
Aerospace Insurance Market – global all-wheel drive (AWD) vehicle market is projected to surpass US$ 679.8 Bn by 2030, expanding at a CAGR of 5% during the forecast period. Increase in global warming across the globe is prompting most vehicle manufacturers to develop efficient vehicle technologies for their vehicles, which in turn is anticipated to boost the all-wheel drive (AWD) vehicle market across the globe.
Automotive Human-Machine Interface (HMI) Market – The global automotive human-machine interface (HMI) market for the forecast period of 2019–2027. According to the report, the global automotive human-machine interface market is projected to reach ~ US$ 27 Bn by 2027, expanding at a CAGR of ~7% during the forecast period. The rising inclination of the automotive industry toward vehicle connectivity and intelligent transportation has prompted manufacturers to integrate automotive HMIs in vehicles.
First and Last Mile Delivery Market – The global first and last mile delivery market is likely to be driven by a range of macroeconomic and industry-specific factors. Asia Pacific is expected to be at the forefront of global demand, with the market in the region expanding at a CAGR of 18.23% between 2018 and 2026.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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