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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Auto Finance Market
Request Now !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).
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.
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.
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.
COVID-19 Scenario Analysis
Questions Answered in the Auto Finance Market Research Report
Key Market Segments
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Key Market Players
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