Global Car Finance Market (2020 to 2027) - by Distribution Channel, Vehicle Age, Application, and Purpose - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 18, 2020--
The “Car Finance Market by Distribution Channel, Vehicle Age, Application, and Purpose: Global Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.
Car or automobile finance is a sum of money borrowed by consumers to purchase a car. It provides an option to buy vehicles upfront and pay later, in equated monthly installments. In addition, car finance depends on various factors such as income, credit score, and credit history of the borrower. Banks, original equipment manufacturers (captive finance), financial institution, and credit unions are some of the major distribution channel providing car finance solutions. Furthermore, a borrower can specifically apply for a car loan; however, consumers predominately prefer a personal loan for financing cars, which follows most of the same rules and procedures that apply to other loans.
The rise in multiple options for vehicle purchases and gaining advanced benefits from online car financing application systems are some of the major growth factors in the market. In addition, massive demand for model & branded cars are continue to rise as consumer trends & preferences toward car purchases have increased tremendously, which fuels the market growth. However, the rise in debts from borrowers, instability in financial terms, and the rise in alternative solutions to travel by car are some factors that limit the market growth.
On the contrary, car finance providers implement technologies and offer value added services to their customers. In addition, developing economies offer significant opportunities for car finance providers to expand their business as customers from major emerging and developed economies prefer authorized financial institutions for car financing to avoid any risk factor or discrepancy in the transaction process. Furthermore, implementation of technologies such as artificial intelligence, business analytics, and blockchain are anticipated to help car finance providers improve quality of services and increase the level of customer satisfaction in upcoming years.
The car finance market is segmented on the basis of distribution channel, vehicles age, application, purpose, and region. In terms of distribution channel, it is segmented into banks, OEMs, credit unions, and others. On the basis of vehicle age, it is segmented into new vehicles and used vehicles. By application, it is segmented into personal vehicles and commercial vehicles. By purpose, it is bifurcated into loans and lease. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key benefits for stakeholders
- The study provides an in-depth analysis of the global car finance market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global car finance market from 2020 to 2027 is provided to determine the market potential.
- Increased in Global Average Price of the Vehicle
- The Rise in Demand for Vehicles
- The Rise in Rideshare Service
- Increase in Debts from Various Borrowers
- Implementation of Technologies in Existing Product Lines
- Untapped Potential of Emerging Economies
Key Market Players
- Ally Financial Inc.
- Bank of America Corporation
- Capital One
- Daimler AG
- Ford Motor Company
- General Motors Financial Company, Inc.
- Hitachi Capital Corporation
- JPMorgan Chase & Co.
- Toyota Financial Services
- Volkswagen Finance Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/1zck4p
View source version on businesswire.com:https://www.businesswire.com/news/home/20201218005433/en/
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INDUSTRY KEYWORD: GENERAL AUTOMOTIVE PROFESSIONAL SERVICES AUTOMOTIVE FINANCE
SOURCE: Research and Markets
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PUB: 12/18/2020 09:55 AM/DISC: 12/18/2020 09:55 AM