The Global Automotive Finance Market is likely to grow in the coming years with impetus from strategic collaborations among companies from across the world. According to a report published by Fortune Business Insights, titled “Automotive Finance Market Size, Share and Global Trend by Loan Provider (OEMs, Banks, Financing institutions), Service Type (New vehicles, Used vehicles), Industry Verticals (Residential Use, Commercial Use, Government Use), and Geography Forecast till 2027,” the market is likely to expand in the coming years, driven by increasing demand for electric cars and adoption of e-commerce business platforms.
Top Players List:
- Bank of America
- Ford Credit
- Wells Fargo
- M&T Bank
- Toyota Financial Services (UK) PLC
- Volkswagen Financial Services
- HDFC Bank
- Hudson City Savings Bank
- Mercedes-Benz Financial Services USA LLC
- Hitachi Capital Asia Pacific
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-finance-market-100122
Increased demand for electric and smart vehicles is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2027. Additionally, rising adoption of e-financial services is expected to boost the global market.
Key Industry Developments
- Jan, 2019 – Volkswagen AG and Ford Motor Co announced their partnership that combines forces of the auto finance market and is likely to invest and expand into joint development of electric and self-driving technology.
- Oct, 2018 – Tesla introduced Software Version 9.0, enabled with AI technology to offer M2M connectivity, advanced radar, and GPS sensors allowing the drivers to navigate on autopilot.
- May 2018- Volkswagen Financial Services Fleet launched an online WLTP (Worldwide Harmonised Light Vehicle Test Procedure) calculator enabled with Blockchain technology that will help to calculate a before and after cost comparison for vehicles and eliminate intermediate dealers.
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Key Market Driver – Adoption of technology such as Blockchain technology, AI (Artificial intelligence), advanced radar, and GPS navigation in automobiles
Key Market Restraint – The rise in cab facilities and rising environmental concerns
Major Segments Mentioned:
1. By Loan Provider
- Financing institutions
2. By Service Type
- New vehicles
- Used vehicles
3. By Industry Verticals
- Residential Use
- Commercial Use
- Government Use
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
On the contrary, high cost associated with upgraded technology is a factor that may restrain the global Automotive Finance market.
The report also offers insights on the key players operating in the global Automotive Finance market. Some of the organizations operating in the market are Automotive Finance.
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Major Table of Content for Automotive Finance Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Automotive Finance Market Analysis, Insights and Forecast, 2027
- North America Automotive Finance Market Analysis, Insights and Forecast, 2027
- Europe Automotive Finance Market Analysis, Insights and Forecast, 2027
- Asia Pacific Automotive Finance Market Analysis, Insights and Forecast, 2027
- Middle East and Africa Automotive Finance Market Analysis, Insights and Forecast, 2027
- Latin America Automotive Finance Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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