Press release
South Korea Car Finance Market Shows Strong Growth, Expected to Reach US$ 43.58 Billion by 2030, According to AMR Study
South Korea Car Finance Market
Significant upgrades in automotive loans and financing servicing among various banks in the country, availability of variety of car financing services offerings provided by prominent banks through online and mobile platforms, remarkable surge in the adoption of electric vehicles, and increase in the number of mobile-first customers for seamless financing are expected to drive the growth of the South Korea car finance market. On the other hand, increase in cases of car owners providing rideshare services to customers hinder the growth to some extent. However, notable rise in the automotive industry is expected to create ample opportunities for the growth of the industry.
๐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/request-sample/16302
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.
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.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/16302
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.
๐๐ ๐ฒ๐จ๐ฎ ๐ก๐๐ฏ๐ ๐๐ง๐ฒ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ, ๐ซ๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง@ https://www.alliedmarketresearch.com/request-for-customization/16302?reqfor=covid
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.
Key Findings of the Study
By distribution channel, the banks segment led the South Korea car finance market in terms of revenue in 2020.
By vehicle age, the new vehicle segment accounted for the highest South Korea car finance market share in 2020.
By purpose, loans segment generated the highest revenue in 2020.
๐๐จ๐ฉ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
Check Cashing Services Market https://www.alliedmarketresearch.com/check-cashing-services-market-A10531
Banking as a Service Market https://www.alliedmarketresearch.com/banking-as-a-service-market-A14258
Extended Warranty Market https://www.alliedmarketresearch.com/extended-warranty-market
AI in BFSI Market https://www.alliedmarketresearch.com/artificial-intelligence-in-BFSI-market
Banking Service Market https://www.alliedmarketresearch.com/banking-service-market
Business Insurance Market https://www.alliedmarketresearch.com/business-insurance-market
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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