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Worldwide: 91.703.051.960 (24x7)
Global Automotive Finance Market 2021: By Source type (OEM, Banks, Credit Unions, Financial Institution), By Finance type (Direct finance, Indirect finance), By Purpose Type (Loan, Lease) , By Vehicle (Commercial, Passenger)Global Automotive Finance Market is an exhaustive market research report that has been compiled by Trusted Business Insights. A wide variety of factors and scenarios, as well as trends and related factors have been analyzed and studied in depth. Critical data and information have been presented in a well-planned flow, and format in the report. In addition to the revenue share of each segment, region & country, driving factors, restraints, and opportunities in developed and developing economies, as well as untapped regions and economies, are included. In the company profile section, details of key players, comprising financials details, product & operational segment revenues and information, recent developments, strategies, and acquisitions & mergers, etc., are included. The Global Automotive Finance market size was valued at USD $221.05 Billion in 2020, USD $235.42 Billion in 2021, forecasted to reach USD $250.73 Billion in 2022, and is projected to reach USD $415.44 Billion by 2030, and is anticipated to expand at a CAGR of 6.5% over the forecast period from 2020 to 2030. Global Automotive Finance Market: Overview Automotive financing or auto financing are services that offer financial products and support to further allow people to purchase vehicles without having to make the complete payment in cash. Such an arrangement includes the borrowing of money from financial institutions such as banks, credit unions, and dealers or other informal money lenders. Auto financing is widely used by both members of the public and businesses, and there are several financial aid services available through them. Global Automotive Finance Market: Dynamics Increased use of online services, the heightened levels of digitization, advancements in blockchain technology and superior telematics are factors that have led to an increase in the number of automotive finance customers. The introduction of consultation services to aid customers in selecting the best, hassle-free finance services are also contributing to the surge of the global automotive finance market. These services help ensure that customers are able to choose finance plans that are best suited to their interests and requirements. Also, the growth of investment in autonomous vehicles is another factor that is contributing significant growth to the global automotive financing market. Several end-users are investing in R&D of autonomous vehicles owing to the convenience and safety that these vehicles offer passengers/the driver. The investments in autonomous vehicles require financing from banks, credit unions, and dealers, which in turn, will increase the need for automotive financing as well. The rise in cab service financing coupled with the increasing investments in autonomous vehicles will drive the growth of the global automotive finance market over the forecast period. Global Automotive Finance Market Regional Analysis: The European region is expected to dominate the global automotive finance market in the forecast period owing to the concentration of automotive financial service providers. The finance service providers in the region are focusing on offering insurance, maintenance, and fleet services. Furthermore, robust advertising strategies adopted by finance providers of the region are set to lead to increased service visibility among individuals. The North American market comes in second place, with respect to revenue shares of the global automotive finance market. Revenue here will primarily be sourced from countries like the United States and Canada. The Asia Pacific region is projected to register a high Compounded Annual Growth Rate (CAGR) over the forecast period. This can be attributed to various initiatives undertaken by their respective governments of countries such as China and India towards the development of the automotive industry and an increase in the availability of services to its consumers. In addition, the automotive financing market in the Asia Pacific region has witnessed a robust level of expansion in recent years due to an increase in used-car outlets and showrooms.
Below are the active patents related to Automotive Finance Market.Patent Number: US7908210B2 Systems and method for managing dealer information Abstract Embodiments of systems and methods are disclosed that manage transactions and communication between car dealers and lenders. In one embodiment, the system lessens risks for lenders and makes relationships with dealers safer and easier to administer. In one embodiment, a dealer may utilize the system to manage its inventory, obtain and manage credit history information about potential customers, help customers apply for credit, transact credit applications and credit approvals with various lenders, submit applications to multiple lenders, select from among the accepting lenders, and manage forms used to complete a transaction. Type: Grant Filed: 2007-04-20 Date of Patent: 2011-03-15 Assignee: Finance Express LLC
Below are the leading companies profiled in this Automotive Finance Market Report:
Chapter 1 Methodology and Scope