Global Automotive Financing Market Growth, Trends, and Forecasts Report 2023-2028: Resurgence in Vehicle Demand Fuels Automotive Financing Market Recovery - ResearchAndMarkets.com
The "Automotive Financing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
In the current landscape, the Automotive Financing Market stands at an impressive valuation of USD 220 billion, with projections indicating substantial growth to reach USD 320 billion by 2028. This anticipated expansion reflects a robust compound annual growth rate (CAGR) of approximately 6% during the period from 2023 to 2028.
The COVID-19 pandemic cast a shadow over the automotive industry in 2020, causing disruptions in manufacturing and sales activities, resulting in a significant decline in the demand for both new and used vehicles. This downturn had a notable impact on the automotive financing market during that year.
However, as the latter half of 2020 witnessed a resurgence in vehicle demand, particularly driven by a surge in online and digital transactions, the automotive financing market rebounded. This upward trajectory is expected to continue throughout the forecast period as manufacturers and industry players increasingly embrace virtual operations and remote agreements.
Looking ahead, the automotive financing market is poised for sustained growth, propelled by substantial investments in autonomous vehicles and swift financing options provided by dealerships, banks, and credit unions.
Furthermore, the shift towards newer automobile models, driven by consumer preferences for shorter vehicle cycles, creates opportunities for car financiers. Initiatives such as car dealership buyback programs and OEM warranty programs that may require refinancing are anticipated to open up fresh avenues within the automotive financing market.
Leading the charge in this market's growth is the Asia-Pacific region, followed closely by North merica and Europe. The Asia-Pacific region, in particular, offers a promising landscape for market vendors, brimming with opportunities throughout the forecast period. The surging preference for car ownership over public transportation and the rise of electric vehicles in Asia-Pacific countries further underscore the region's significance as a driving force in the global automotive financing market.
Automotive Financing Market Trends
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 New Vehicle
5.1.2 Used Vehicle
5.2 Source Type
5.2.3 Credit Unions
5.2.4 Financial Institutions
5.3 Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
For more information about this report visit https://www.researchandmarkets.com/r/36xq74
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