The Car Finance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Car Finance Global Market Report 2024, The car finance market size has grown strongly in recent years. It will grow from $276.55 billion in 2023 to $298.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to regulatory changes, economic conditions, vehicle affordability, shifts in preferences towards vehicle ownership, and increasing urbanization.
The car finance market size is expected to see strong growth in the next few years. It will grow to $406.25 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to shifts in consumer preferences, environmental regulations, demographic trends, global economic conditions, and electric vehicle adoption. Major trends in the forecast period include digital transformation, integration of AI, adoption of digital platforms, integration of machine learning, and personalized financing solutions.
An increase in vehicle prices is expected to propel the growth of the car finance market going forward. The increase in vehicle prices is driven by the costs of raw materials such as steel, aluminum, and rare earth metals used in the production of vehicles. Additionally, general inflation affects the cost of goods and services, including those related to automotive manufacturing and logistics, leading to higher vehicle prices. Car finance facilitates the purchase of vehicles despite increasing prices by allowing consumers to spread the cost over time through loans or leasing options. For instance, in January 2023, according to JP. Morgan, a US-based investment banking solutions company, U.S. consumers spent an average of $46,437 on a new automobile, representing a 4.2% rise yearly. Therefore, an increase in vehicle prices will drive the growth of the car finance market.
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The car finance market covered in this report is segmented –
1) By Type: Loans, Leases, Other Types
2) By Vehicle Age: New Vehicle, Used Vehicle
3) By Distribution Channel: Banks, Original Equipment Manufacturer (OEMs), Credit Unions, Other Distribution Channels
4) By Application: Personal, Commercial
Major companies operating in the car finance market are focusing on adopting online and digital platforms, such as the online car finance platform, to streamline the loan application process and improve the customer experience. An online car finance platform is a digital service that allows consumers to apply for and manage car loans or leases through an internet-based interface, streamlining the entire financing process. For instance, in March 2022, MG Motor India, an India-based automotive brand, launched MG e-Pay, an online car finance platform, in partnership with ICICI Bank, HDFC Bank, Kotak Mahindra Prime, and Axis Bank. This platform lets customers conveniently secure flexible and transparent loan approvals from home. The process includes selecting a car and dealership, completing a booking form, making an initial payment, and applying for a pre-approved loan online. Once approved, customers finalize the down payment, and the loan is disbursed to the dealership for seamless vehicle delivery to their doorstep.
The car finance market report table of contents includes:
1. Executive Summary
2. Car Finance Market Characteristics
3. Car Finance Market Trends And Strategies
4. Car Finance Market – Macro Economic Scenario
5. Global Car Finance Market Size and Growth
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32. Global Car Finance Market Competitive Benchmarking
33. Global Car Finance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Car Finance Market
35. Car Finance Market Future Outlook and Potential Analysis
36. Appendix
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