Forecast: South Korea Car Finance Market Expected to Reach $43.68 Billion by 2030

According to the report published by Allied Market Research, the South Korea car finance market generated $29.42 billion in 2020, and is projected to reach $43.58 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

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The report offers an in-depth analysis covering key aspects such as top investment prospects, winning strategies, drivers and opportunities, market size estimates, competitive landscape, and evolving market trends.

The growth of the South Korea car finance market can be attributed to several factors, including significant improvements in automotive loans and financing services offered by various banks, the wide array of car financing options available through prominent banks' online and mobile platforms, a notable surge in the adoption of electric vehicles, and the increasing number of mobile-first customers seeking seamless financing solutions.

However, it's worth noting that the market faces some hindrances, particularly related to car owners offering rideshare services to customers. Nevertheless, the remarkable expansion of the automotive industry in South Korea is expected to create numerous opportunities for market growth in the foreseeable future.

Based on vehicle age, the new vehicles segment held the largest market share in 2020, garnering nearly three-fifths of the total market. The used vehicles segment, on the other hand, is anticipated to cite the fastest CAGR of 4.6% during the forecast period.

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Based on application, the personal segment held the majority share in 2020, holding more than three-fourths of the global market. The commercial segment, on the other hand, is predicted to exhibit the fastest CAGR of 7.0% during the forecast period.

Based on purpose, the loans segment held the lion's share in 2020, garnering more than three-fifths of the global market. The lease segment, on the other hand, is anticipated to cite the fastest CAGR of 5.3% during the forecast period.

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The key players analyzed in the South Korea car finance market report include Mitsubishi HC Capital Inc., Hyundai Capital Services, Inc., IBK (Industrial Bank of Korea), Renault Finance, RCI Financial Services, Shinhan Financial Group, Bank of America Corporation, BMW Group Financial Services Korea, and Toyota Financial Services and Truist.

COVID-19 Scenario

• The outbreak of COVID-19 pandemic has had a negative impact on the growth of the South Korea car finance market, owing to the occurrence of lockdowns in the country.

• Lockdowns resulted in the postponement and cancellation of new car purchases or lease, which significantly reduced the demand for car finance in the country.

• In addition, financial crisis, irregular income, and rise in rate of unemployment in the country further aggravated the growth of the market.

• However, the market is predicted to recoup soon.

• The report offers a detailed segmentation of the South Korea car finance market based on distribution channel, vehicle age, application, purpose and region.

South Korea Car Finance Market Segments:

By Distribution Channel

• Banks
• OEMs
• Credit Unions
• Others

By Vehicle Age

• New Vehicles
• Used Vehicles

By Application

• Personal
• Commercial

By Purpose

• Loans
• Lease

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
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