Global Automotive Financing Market Will Reach USD 321.8 billion by 2027
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COVID-19 outbreak has led to disruption and economic hardships globally owing to factory closure, disruption in the supply chain, lockdowns that have reduced the demand and made it difficult for finance companies to survive during the outbreak.
However, the market is anticipated to recover as companies are streamlining and providing simple online financing environments to customers.
Moreover, the uncertainty in the economy has forced car buyers to postpone new cars. However, the auto financing companies are offering to move towards technological development like blockchain, superior telematics, digital payments, and online/mobile banking so as to offer the nest automotive financial services to their customers.
Furthermore, the increased investments in autonomous vehicles globally, increasing customer registrations, increased cab service financing, and rising sale of automobiles post-COVID-19 crisis will accelerate the growth of the global automotive financing market.
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Based on provider type, the bank segment contributes to the largest share during the forecast period owing to its fast-processing features along with the need for less documentation and high-reliability features. The OEMs are anticipated to have significant growth during 2021-2027 as automotive OEMs offer better after-sales service as they have identical automobile parts which are available like that of vehicle finance for repair or replacement. OEMs are regarded as the future of mobility as they are extending their offerings to automobile insurance.
Asia-Pacific is anticipated to have a high CAGR during 2021-2027 owing to the rising penetration of car rental and sharing services in the region. The increased demand for electric vehicles in China and South Korea, favorable initiatives by the government to promote the automotive industry and maintain interest among consumers will further envision the growth opportunities in the market.
Volkswagen Finance Pvt. Ltd. (VWFPL)India raised its interest in Chennai-based KUWY Technology Service Pvt Ltd. (KWY) in January 2021, acquiring a controlling stake in the latter to provide value-added services to its clients via digital platforms. The primary goal of this acquisition is to reduce loan processing time, resulting in a win-win situation for both dealers and clients.
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The prominent players in the automotive financing industry include Bank of China, Mercedes-Benz Financial Services, Toyota Financial Services, Hitachi Capital Asia Pacific, Bank of America, Volkswagen Finance, Banquo Bradesco Financiamentos, BNP Paribas, Ally Financial, Wells Fargo, Industrial and Commercial Bank of India, HSBC, Capital One, and HDFC Bank.
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