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Automotive Finance Market Driven By Growing Demand For EVs Till 2026 | Grand View Research Inc.

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Automotive Finance Market Driven By Growing Demand For EVs Till 2026 | Grand View Research Inc.

June 06
09:45 2020
Automotive Finance Market Driven By Growing Demand For EVs Till 2026 | Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
A progressive increase in vehicle registration, a high percentage of automotive ownership per household, and increasing average price of advanced vehicles are the factors favoring the growth. Automotive finance providers aid customers from emerging economies like China and India to purchase and lease vehicles at affordable prices

The global automotive finance market size is anticipated to reach USD 344.1 billion by 2026, registering a CAGR of 6.7% over the forecast period, according to a new report by Grand View Research Inc. A progressive increase in vehicle registration, a high percentage of automotive ownership per household, and increasing average price of advanced vehicles are the factors favoring the growth. Automotive finance providers aid customers from emerging economies like China and India to purchase and lease vehicles at affordable prices. This factor is playing a key role in supporting the market growth in the emerging economies.

Implementation of technologies, such as Artificial Intelligence (AI), blockchain technology, and business analytics by automotive finance providers over the past few years has led to improvements in the quality of service and level of customer satisfaction. These advanced technologies make the financing process more organized and secure. These technologies also utilize new price points obtained from data analysis and ongoing market channel development trends.

Regular standardization of automotive finance levels, customer segments, and models has led to the development of innovative finance tools and improved customer knowledge. The investment companies are required to thoroughly understand the existing opportunities to better comprehend their capabilities in the present and the future scenarios for better decision-making and prioritizing their investments. The situation will be further improved by the standardization of credit checking systems.

Specialized operating models, such as risk-based pricing are used to ensure cost-effective deployment of loans that match to the requirements of economies of scale. The young population prefers leasing vehicles of choice at a trivial cost for a certain period of time and then switching to a better and more advanced models according to the changing preferences or requirements. However, various factors such as the changing customer behavior and lack of a clear technology roadmap are expected to challenge the market growth.

Get Details For “Sample Report, TOC, Segmentation & methodology of Automotive Finance Market” Click Link Below:

https://www.grandviewresearch.com/industry-analysis/automotive-finance-market

U.S. automotive finance market size, by provider type, 2015 - 2026 (USD Billion)

Further key findings from the study suggest:

  • Banks segment generated the highest revenue share in 2019 and is expected to expand at a CAGR of 6.3% over the forecast period. Customers from the major emerging and developed economies prefer government banks and authorized financial institutions for loans and credit, to avoid any risk factor or discrepancy in the transaction process

  • Direct automotive finance is expected to remain the most adopted method of financing automotive parts over the forecast period, as it is easily accessible through banks

  • The leasing segment is estimated to register the fastest CAGR over the forecast period owing to the increasing customer preference for owning advanced vehicles with high-tech and enhanced safety features without bearing the complete cost of the vehicle

  • Passenger vehicles segment is expected to witness remarkable growth during the forecast period, owing to the availability of abundant and easily accessible information regarding automotive finance preferences and increasing new passenger car registrations

  • Europe is expected to dominate the automotive finance market over the forecast period owing to the presence of a large number of leading automotive finance providers in the region and adoption of advanced tools such as e-contracts, biometrics, and machine learning

  • Toyota Motor Credit Corporation, Hitachi Capital; Ford Motor Credit Company; Daimler Financial Services; GM Financial Inc.; and Ally Financial are some of the key players in the market

Would you Like to Take a Look On “Sample Report” of Automotive Finance Market Click the Link Below:

https://www.grandviewresearch.com/industry-analysis/automotive-finance-market/request/rs1

 

Europe automotive finance market share, by vehicle type, 2019 (%)

Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/3507/ibb

Grand View Research has segmented the global automotive finance market based on provider type, finance type, purpose type, vehicle type, and region:

Automotive Finance Provider Type Outlook (Revenue, USD Billion, 2015 – 2026)

  • Banks

  • OEMs

  • Other Financial Institutions

Automotive Finance Type Outlook (Revenue, USD Billion, 2015 – 2026)

  • Direct

  • Indirect

Automotive Finance Purpose Type Outlook (Revenue, USD Billion; 2015 – 2026)

  • Loan

  • Leasing

  • Others

Automotive Finance Vehicle Type Outlook (Revenue, USD Billion, 2015 – 2026)

  • Commercial Vehicles

  • Passenger Vehicles

Automotive Finance Regional Outlook (Revenue, USD Billion; 2015 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa (MEA)

    • South Africa

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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Website: https://www.grandviewresearch.com/industry-analysis/automotive-finance-market

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