The global automotive financing services market is anticipated to grow at a CAGR of 9.2% during the forecast period. The growing urbanization has driven the need for self-driven mode of transportation which in turn is driving the growth of the global automotive financing services market. Automobiles are expensive products that a middle- or lower income person cannot purchase with a single payment. However, human life is now highly dependent on vehicles for traveling needs. Thus, the financing institutes provide a buy now, pay later facility to vehicle purchasers with simple interest rates. The growing vehicle sales (including agricultural, transportation, and other vehicles) are the major driving factor for the automotive financing services market. The online financing services are expected to drive the market during the forecast period with the rising mobile and internet penetration across the globe.
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The hassle-free, quick, and without guarantee financing services are the emerging trends in the market which attractthe majority of customers. Market players are offering a variety of such services which can satisfy these varying needs of customers. The financing services with consultancy are gaining popularity, which can recommend them the best vehicle that suits their requirement. The rising trend of cab services, EVs, and autonomous vehicles will generate new opportunities for the automotive financing services market in the near future. The increasing R&D investments for electric and autonomous vehicles are expected to drive the growth of the market during the forecast period.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Automotive Financing Services Market by Vehicle Condition
- New Vehicles
- Used Vehicles
Global Automotive Financing Services Market by Source Type
- OEMs
- Banks
- Others
Global Automotive Financing Services Market by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Ally Financial Inc.
- Banco Bradesco SA
- Bank of America Corp.
- Bank of China
- BNP Paribas SA
- Capital One Financial Corp.
- Chase Auto Finance
- Daimler Financial Services
- Ford Motor Credit Co.
- GM Financial Inc.
- HDFC Bank Ltd.
- Hitachi Ltd.
- HSBC Holdings Plc
- ICBC
- Mercedes-Benz Financial Services (Daimler AG)
- Standard Bank Group Ltd.
- Toyota Financial Services
- Volkswagen Financial Services
- Wells Fargo & Co.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive financing services market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
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