Global Car Finance Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Car Finance market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The global car finance market size was US$ 241.5 billion in 2021. The global car finance market is forecast to grow to US$ 461.5 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2022 to 2030.
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Car financing is the process of providing funds to customers to purchase cars. These services are generally offered by financing companies or specialized car manufacturers. When a bank or other financial institution offers automobile financing, it enables the buyer to pay the seller even when they don’t have the cash on hand or bank. In simple words, car financing enables the buyer to buy a car by borrowing the money to pay the seller.
COVID-19 Impact Analysis
The COVID-19 pandemic has significantly halted the growth of the automobile sector as various industry players witnessed a steep decline in the demand for vehicles. Moreover, automotive manufacturers also cut down their operations in order to decrease further losses. Thus, it also affected the car finance market.
Regional Analysis
Due to the growing concentration of companies offering automotive financial services, Europe continues to have a significant portion of the worldwide auto loan market. The Asia-Pacific car financing market will also record significant growth. The growth of this regional market is attributed to the rising government initiatives to maintain consumer interest and foster growth in the auto sector. In addition, the growing number of automobile dealerships and second-hand car retailers will also benefit the car finance market during the study period.
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Factors Influencing the Market
The global car finance market is primarily driven by the growing technological advancements. In addition, other factors like growing investments in autonomous vehicles and rising financing options from dealers, banks, and credit unions will boost the growth of the global car finance market during the study period.
Th growing range of cost-effective cab services and favourable discounts and leases will also benefit the car finance market during the analysis period. The market may also witness growth opportunities during the forecast period due to the growing range of R&D activities.
Autonomous vehicles are gaining significant traction due to the safety and convenience it provides. As a result, the market for car finance will grow inevitably. Apart from that, growing consumer disposable income and rising demand for luxury vehicles will benefit the overall car finance market during the study period.
Competitors in the Market
? Toyota Motor Credit
? Ford Motor Credit
? BNP Paribas
? HSBC
? Capital One
? Ally Financial
? Standard Bank
? Hitachi Capital Asia Pacific
? Fiat Finance
? Suzuki Finance
? Other Prominent Players
Market Segmentation
The global car finance market segmentation focuses on Service Provider, Purpose, Finance Type, Application, Service, and Region.
By Service Provider
? OEMs
? Banks
? Other financial institutions
By Purpose
? Loan
? Lease
? Others
By Finance Type
? Direct
? Indirect
By Application
? Commercial Use
? Residential Use
? Others
By Service Type
? Used Vehicles
? New Vehicles
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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