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.
Get Free Sample link @ https://www.omrglobal.com/request-sample/automotive-financing-services-market
The COVID-19 pandemic had suspended the manufacturing of automotive vehicles due to lockdowns and facility shutdowns. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of automotive vehicles in 2020 was down by 16.0% as compared to the previous year. Additionally, the buyers avoided spending on non-essential, expensive products that drastically reduced the sales of automotive vehicles by 12.0% in 2020. The financing institutes had suffered great trouble during the pandemic, as they had faced huge numbers of bankruptcy during the pandemic period, as the majority of people were unable to pay their loan installments. However, soon the market got momentum in the last quarter of 2020, with the relaxations in the COVID-19 restrictions. Still, the uncertainties of the pandemic may hinder the market growth in the future, as experts predict the reoccurring waves of the COVID-19 pandemic.
full report of Automotive Financing Services Market available @ https://www.omrglobal.com/industry-reports/automotive-financing-services-market
- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- 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.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/automotive-financing-services-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
