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Allied Market Research

Auto Finance Market By Type (Direct Financing and Indirect Financing), Loan Provider (Banks, Financial Institutions, OEMs, Credit Unions and Others), Purpose (Loan and Leasing) and Vehicle Type (Commercial Vehicles and Passenger Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Aug 2021 | 487 Views
   
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COVID-19

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Auto Finance Market Outlook – 2027 

The constantly growing auto industry has embarked on different solutions to increase vehicle sales leading to business of auto finance to attain a significant growth in recent years. The auto finance industry provides a market place in which third parties provide finance to their customers to own a car without any lump sum payment to car dealer. Customers are only required to pay interest for the loan as per the stated interest rates. Growth in finance of auto mobile can be attributed to several factors such as rise in standard of population, demand of advanced vehicles, and realization of auto financing benefits.

The global auto finance market is segmented on the basis of type, loan provider, purpose, vehicle type, and region. Based on type, the auto finance market is bifurcated into direct financing and indirect financing. In terms of loan provider, the market is categorized into banks, financial institutions, OEMs, credit unions and others. On the basis of purpose, the market is divided into loan and leasing. In terms of vehicle type, the market is fragmented into commercial vehicles and passenger vehicles. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global auto finance industry include Ally Financial, GM Financial Inc., Daimler Financial Services, Toyota Motor Credit Corporation, Hitachi Capital, Ford Motor Credit Company, Volkswagen Financial Services Inc., Hyundai Capital, and RCI Banque. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global auto finance market. 

Top Impacting Factors

Rise in adoption of attractive technologies in latest automotive vehicles and use of good quality materials drive automotive sales, owing to increased customer base. Rise in investments in autonomous vehicles has enabled a large base of end users to prompt financing from credit unions, dealers, and banks, which is expected to fuel the auto finance market growth.

The number of automotive finance customers has increased, owing to emerging trends of digitalization, increase in use of online services, superior telematics, and advancements in block chain technology. Moreover, to obtain a quick and hassle-free financing for new or used vehicles, customers prefer finance providers who offer data-driven consulting services. These services help in determining suitable vehicle and financial schemes that best suit interests and requirements of consumers, thus driving the automotive finance market growth.

New Services Expected to Flourish the Market

Leading market players are expected to launch new automotive finance services to focus on smarter debt collection and recovery tactics for reduced default rates. This trend is expected to create new growth opportunities for the automotive finance market. Adoption of digital lending platforms for auto finance loans is expected to create significant opportunities for the market.

Adoption of Digital Technologies For Automotive Financing

The on-going digital transformation among banks has affected the auto lending space and made car buying experience more simplified, streamlined, and overwhelmed. Banks are able to analyze risk of an auto loan in real time. In addition, AI based technologies are also integrated for identifying common loan defaulters. Moreover, consumers are also able to buy and engage with products and brands through these platforms. Furthermore, it helps them in discovering the best pricing, and publicly critique products easily, thus making financing process simpler form buyers’ perspective.

Key Benefits of the Report

  • This study presents analytical depiction of the global auto finance market forecast along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global auto finance market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed auto finance market analysis based on the present and future competitive intensity of the market.
  • present and future competitive intensity of the market.

Market Scope and Structure Analysis

Report Metric

Details

  Market Size Available For Years

  2019-2027

  Base Year Considered

  2019

  Forecast Period

  2020-2027

  Forecast Units

  Value ($)

  Segments Covered

Type, Loan Provider, Purpose, Vehicle Type, and Region

  Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

  Companies Covered

Ally Financial, GM Financial Inc., Daimler Financial Services, Toyota Motor Credit Corporation, Hitachi Capital, Ford Motor Credit Company, Volkswagen Financial Services Inc., Hyundai Capital, and RCI Banque

 

COVID-19 Scenario Analysis

  • With governments having mandatory regulations over the past few months, both supply and demand for automobiles across the globe have been affected.
  • COVID-19 is expected to have an adverse impact on the supply chain and product demand in the automobile industry. The industry has recorded zero foot prints in recent months. 
  • Furthermore, on-going changes in consumer buying behavior, owing to this pandemic are expected to have serious implications on automobile spending of consumers. 
  • Major factors such as liquidity shortfall and cash crunch are adversely affecting the production as well as sales of fleet operators and thus, auto insurance is further expected to widen over the next few months and lead to lower sales of the market.
  • Countries, such as the U.S., have reduced the cost of premiums as lockdown situations have led to minimum number of traffic incidents and hence negligible claims are reported in the industry.

Auto Finance Market Key Segments

Segments

Sub-Segments

  Type

  • Direct Financing
  • Indirect Financing

  Loan Provider

  • Banks
  • Financial Institutions
  • OEMs
  • Credit Unions
  • Others

  Purpose

  • Loan
  • Leasing

  Vehicle Type

  • Commercial Vehicles
  • Passenger Vehicles

 

Questions Answered in the Auto Finance Market Research Report

  • Who are the leading market players active in the global auto finance market?
  • What would be the detailed impact of COVID-19 on the global auto finance market size?
  • How the current auto finance market trends would influence the industry in the next few years?
  • What are the driving factors, restraints, and opportunities in the global market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
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