The global automotive finance market size is anticipated to reach USD 344.1 billion by 2026, registering a CAGR of 6.7% over the forecast period, according to a new report by Grand View Research Inc. A progressive increase in vehicle registration, a high percentage of automotive ownership per household, and increasing average price of advanced vehicles are the factors favoring the growth. Automotive finance providers aid customers from emerging economies like China and India to purchase and lease vehicles at affordable prices. This factor is playing a key role in supporting the market growth in the emerging economies.
Implementation of technologies, such as Artificial Intelligence (AI), blockchain technology, and business analytics by automotive finance providers over the past few years has led to improvements in the quality of service and level of customer satisfaction. These advanced technologies make the financing process more organized and secure. These technologies also utilize new price points obtained from data analysis and ongoing market channel development trends.
Regular standardization of automotive finance levels, customer segments, and models has led to the development of innovative finance tools and improved customer knowledge. The investment companies are required to thoroughly understand the existing opportunities to better comprehend their capabilities in the present and the future scenarios for better decision-making and prioritizing their investments. The situation will be further improved by the standardization of credit checking systems.
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Further key findings from the study suggest:
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Grand View Research has segmented the global automotive finance market based on provider type, finance type, purpose type, vehicle type, and region:
Automotive Finance Provider Type Outlook (Revenue, USD Billion, 2015 – 2026)
Automotive Finance Type Outlook (Revenue, USD Billion, 2015 – 2026)
Automotive Finance Purpose Type Outlook (Revenue, USD Billion; 2015 – 2026)
Automotive Finance Vehicle Type Outlook (Revenue, USD Billion, 2015 – 2026)
Key Topics Covered
Table of Content
Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope and Assumptions 1.3 List of Data Sources Chapter 2 Executive Summary 2.1 Automotive Finance Market – Industry Snapshot & Key Buying Criteria, 2015 – 2026 2.2 Global Automotive Finance Market, 2015 – 2026 2.2.1 Global automotive finance market, by region, 2015 – 2026 2.2.2 Global automotive finance market, by provider type, 2015 – 2026 2.2.3 Global automotive finance market, by finance type, 2015 – 2026 2.2.4 Global automotive finance market, by purpose type, 2015 – 2026 2.2.5 Global automotive finance market, by vehicle type, 2015 – 2026 Chapter 3 Automotive Finance Industry Outlook 3.1 Market Segmentation and Scope 3.2 Market Size and Growth Prospects 3.3 Automotive Finance Market – Value Chain Analysis 3.3.1 Vendor landscape 3.4 Automotive Finance Market Dynamics 3.4.1 Market driver analysis 3.4.1.1 Increasing investments in autonomous vehicles 3.4.1.2 Growing demand for EVs 3.4.2 Market challenge analysis 3.4.2.1 High competition within the industry
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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