세계의 자동차 금융 시장 예측(-2030년) : 공급자 유형, 목적 유형, 금융 유형, 공급원 유형, 서비스 유형, 차량 유형, 지역별 분석

According to Stratistics MRC, the Global Automotive Finance Market is accounted for $289.2 billion in 2023 and is expected to reach $511.8 billion by 2030 growing at a CAGR of 8.5% during the forecast period. The automotive finance market refers to the financial services and products that facilitate the purchase of vehicles, including cars, trucks, and motorcycles. This market plays a crucial role in enabling consumers to acquire vehicles by providing various financing options. These options often include loans, leases, and other credit solutions tailored to meet the diverse needs of buyers. Automotive finance involves lending institutions, such as banks and credit unions, as well as specialized finance companies and automaker-affiliated financing arms.

According to the OICA (Organisation Internationale des Constructeurs d'Automobiles), The demand for new vehicles dropped by 3-4% and used cars by 1-2% compared to 2019.

Market Dynamics:

Driver:

Innovations in financing models

Traditional loan structures are evolving, with the introduction of innovative models such as subscription services, leasing programs, and flexible payment plans. These advancements cater to shifting consumer preferences, offering more adaptable and personalized financing options. The integration of technology further amplifies this driver, with online applications, digital platforms, and blockchain solutions streamlining the financing process. By providing greater convenience, transparency, and customization, these innovations attract a broader range of consumers who may have varied financial needs and preferences.

Restraint:

Fluctuations in interest rates

When interest rates rise, the cost of borrowing increases, leading to higher monthly payments for consumers seeking auto loans or leases. This can deter potential buyers, reducing overall demand for vehicles and subsequently affecting the automotive finance market. Conversely, a sudden drop in interest rates may prompt concerns about economic instability, causing lenders to tighten lending criteria, which can limit access to financing for certain consumers. However, the uncertainty surrounding interest rate movements also introduces challenges for financial institutions in managing their portfolios and predicting consumer behavior.

Opportunity:

Technological Advancements

The integration of cutting-edge technologies such as artificial intelligence, machine learning, and digital platforms has streamlined and automated various aspects of the financing journey. Online applications enable faster approvals, and digital platforms facilitate seamless communication between lenders and borrowers. Blockchain technology ensures secure and transparent transactions, enhancing trust in financial transactions. Additionally, advancements in data analytics contribute to more accurate risk assessments, allowing for personalized and competitive financing offers.

Threat:

Changes in financial regulations

Regulatory shifts, whether in lending standards, disclosure requirements, or consumer protection measures, can introduce uncertainty and compliance challenges for financial institutions. Stricter regulations may lead to increased scrutiny on lending practices, potentially resulting in tighter credit conditions and making it more difficult for some consumers to secure financing. Conversely, loosening regulations could raise concerns about potential risks and lead to overextension in lending, increasing the likelihood of defaults. Adapting to evolving regulatory landscapes requires significant investments in compliance measures, affecting operational costs for lenders and potentially limiting the availability or altering the terms of automotive financing.

Covid-19 Impact:

Lockdowns, economic uncertainties, and shifts in consumer priorities led to a sharp decline in vehicle sales, affecting the demand for auto financing. Financial hardships among consumers resulted in increased delinquencies and defaults on existing loans, posing challenges for lenders. The pandemic-induced economic downturn also prompted financial institutions to tighten lending criteria, making it more difficult for some buyers to access financing. Furthermore, supply chain disruptions and production halts in the automotive sector affected vehicle availability, influencing the overall financing landscape.

The financial institutions segment is expected to be the largest during the forecast period

Financial Institutions segment commanded the largest market share throughout the extrapolated period. With a growing demand for flexible financing options, financial institutions, including traditional banks and specialized financing entities, are expanding their offerings to cater to diverse customer needs. The rise of innovative financing models, such as subscription services and online lending platforms, has allowed these institutions to reach a broader customer base. Additionally, advancements in data analytics enable more accurate risk assessments, enhancing the efficiency of lending processes.

The commercial vehicles segment is expected to have the highest CAGR during the forecast period

Commercial Vehicles segment is booming the market growth during the projection period. As businesses across industries strive for operational efficiency and logistics optimization, there is a growing need for new and advanced commercial vehicles. Financing solutions tailored for the commercial sector, such as flexible lease structures and customized loan packages, are facilitating easier access to these vehicles. Moreover, the increased adoption of sustainable commercial vehicles is also contributing to financing demand as companies seek to align with environmental goals. These elements are enhancing segments growth.

Region with largest share:

Asia Pacific region commanded the largest share of the market throughout the forecasted time frame. Rapid economic development, increasing urbanization, and a burgeoning middle class have led to a surge in demand for automobiles, particularly in emerging economies. Rising consumer aspirations and preferences for vehicle ownership have driven the need for accessible and diverse financing options. Furthermore, financial institutions in the region are adapting to these trends by offering innovative and flexible financing solutions, including digital platforms that streamline the application and approval processes.

Region with highest CAGR:

North America region is estimated to witness profitable CAGR throughout the prediction period. Government initiatives promoting electric vehicles and environmental sustainability have incentivized automotive financing for eco-friendly vehicles through tax credits and subsidies. These regulations not only enhance the credibility of financial institutions but also instill confidence in consumers, driving increased participation in automotive financing.

Key players in the market

Some of the key players in Automotive Finance market include Ally Financial, Bank of America, BNP Paribas SA, Chase Auto Finance, Daimler Financial Services, Ford Motor Credit Company, GM Financial Inc., HDFC Bank Limited, Hitachi Capital, HSBC Holdings PLC, Industrial and Commercial Bank of India, Mahindra Finance, Mercedes-Benz Financial Services, Standard Bank Group Ltd, Toyota Financial Services, Volkswagen Financial Services and Wells Fargo & Co.

Key Developments:

In October 2022, the National Bank of Oman (NBO) invited its partner dealerships and both new and used auto dealers from across Oman to learn more about the bank's car financing options. NBO offers competitive financing starting at just 4.75%, as the bank goes above and beyond to provide hassle-free, competitive financial solutions.

In October 2022, Kinetic Green Energy and Power Solutions Limited, a leading EV manufacturer, partnered with IndusInd Bank to provide customers with easy and affordable financing for their Kinetic Green dealerships across India.

In August 2022, the Japanese government announced the provision of unprecedented subsidies to help popularise electric vehicles (EVs). For the fiscal year ending in March 2024 (FY 2023), the Ministry of Economy, Trade, and Industry will develop a budget request of approximately JPY 41 billion to support electrified vehicles and the charging infrastructure business, which is expected to be double the initial budget for FY 2022.

Provider Types Covered:

• Original Equipment Manufacturers (OEMs)
• Bank
• Other Provider Types

Purpose Types Covered:

• Lease
• Loan
• Other Purpose Types

Finance Types Covered:

• Indirect
• Direct
• Other Finance Types

Source Types Covered:

• Financial Institutions
• Credit Unions
• Other Source Types

Service Types Covered:

• New Vehicle
• Used Vehicle
• Other Service Types

Vehicle Types Covered:

• Commercial Vehicles
• Passenger Cars
• Other Vehicle Types

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Emerging Markets
• 3.7 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Automotive Finance Market, By Provider Type

• 5.1 Introduction
• 5.2 Original Equipment Manufacturers (OEMs)
• 5.3 Bank
• 5.4 Other Provider Types

6 Global Automotive Finance Market, By Purpose Type

• 6.1 Introduction
• 6.2 Lease
• 6.3 Loan
• 6.4 Other Purpose Types

7 Global Automotive Finance Market, By Finance Type

• 7.1 Introduction
• 7.2 Indirect
• 7.3 Direct
• 7.4 Other Finance Types

8 Global Automotive Finance Market, By Source Type

• 8.1 Introduction
• 8.2 Financial Institutions
• 8.3 Credit Unions
• 8.4 Other Source Types

9 Global Automotive Finance Market, By Service Type

• 9.1 Introduction
• 9.2 New Vehicle
• 9.3 Used Vehicle
• 9.4 Other Service Types

10 Global Automotive Finance Market, By Vehicle Type

• 10.1 Introduction
• 10.2 Commercial Vehicles
• 10.3 Passenger Cars
• 10.4 Other Vehicle Types

11 Global Automotive Finance Market, By Geography

• 11.1 Introduction
• 11.2 North America
  • 11.2.1 US
  • 11.2.2 Canada
  • 11.2.3 Mexico
• 11.3 Europe
  • 11.3.1 Germany
  • 11.3.2 UK
  • 11.3.3 Italy
  • 11.3.4 France
  • 11.3.5 Spain
  • 11.3.6 Rest of Europe
• 11.4 Asia Pacific
  • 11.4.1 Japan
  • 11.4.2 China
  • 11.4.3 India
  • 11.4.4 Australia
  • 11.4.5 New Zealand
  • 11.4.6 South Korea
  • 11.4.7 Rest of Asia Pacific
• 11.5 South America
  • 11.5.1 Argentina
  • 11.5.2 Brazil
  • 11.5.3 Chile
  • 11.5.4 Rest of South America
• 11.6 Middle East & Africa
  • 11.6.1 Saudi Arabia
  • 11.6.2 UAE
  • 11.6.3 Qatar
  • 11.6.4 South Africa
  • 11.6.5 Rest of Middle East & Africa

12 Key Developments

• 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 12.2 Acquisitions & Mergers
• 12.3 New Product Launch
• 12.4 Expansions
• 12.5 Other Key Strategies

13 Company Profiling

• 13.1 Ally Financial
• 13.2 Bank of America
• 13.3 BNP Paribas SA
• 13.4 Chase Auto Finance
• 13.5 Daimler Financial Services
• 13.6 Ford Motor Credit Company
• 13.7 GM Financial Inc.
• 13.8 HDFC Bank Limited
• 13.9 Hitachi Capital
• 13.10 HSBC Holdings PLC
• 13.11 Industrial and Commercial Bank of India
• 13.12 Mahindra Finance
• 13.13 Mercedes-Benz Financial Services
• 13.14 Standard Bank Group Ltd
• 13.15 Toyota Financial Services
• 13.16 Volkswagen Financial Services
• 13.17 Wells Fargo & Co