Automotive Finance Market 2020 Global Industry Size, Revenue Growth Development, Business Opportunities, Future Trends, Top Key Players, Market Share and Global Analysis by Forecast to 2026
Pune, Sept. 23, 2020 (GLOBE NEWSWIRE) — The Global “Automotive Finance Market” is likely to grow…
Pune, Sept. 23, 2020 (GLOBE NEWSWIRE) — The Global “Automotive Finance Market” is likely to grow in the coming years with impetus from strategic collaborations among companies from across the world. According to a report published by Fortune Business Insights, titled “Automotive Finance Market Size, Share and Global Trend by Loan Provider (OEMs, Banks, Financing institutions), Service Type (New vehicles, Used vehicles), Industry Verticals (Residential Use, Commercial Use, Government Use), and Geography Forecast till 2025,” the market is likely to expand in the coming years, driven by increasing demand for electric cars and adoption of e-commerce business platforms.
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Nissan Automotive’s Partnership with Auto Gravity to Favor Growth
In 2018, Nissan Motors announced that it has partnered with Auto Gravity, a financing company. The company announced that it aims at simplifying financial solutions to people in need of loans. With the help of Auto Gravity’s financial solutions, end users will be able to avail loans from their smart phones. Auto Gravity makes use of its proprietary technology to lend finances and connect with their customers through means of modern digital modes.
Auto gravity has financially partnered with leading banks from around the world and this acquisition will boast the sales and production value of Nissan Motors. The partnership will favour the high demand for electronic vehicles and encourage people to avail financial services due to the ease of operations. This partnership will have a direct impact on the global automotive finance market and will enable growth of the market in the coming years.
List of companies profiled in the Automotive Finance Market report:
- Bank of America
- Ford Credit
- Wells Fargo
- M&T Bank
- Toyota Financial Services (UK) PLC
- Volkswagen Financial Services
- HDFC Bank
- Hudson City Savings Bank
- Mercedes-Benz Financial Services USA LLC
- Hitachi Capital Asia Pacific
Increased demand for electric and smart vehicles is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2025. Additionally, rising adoption of e-financial services is expected to boost the global market.
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Key Industry Developments
- Jan, 2020 – Volkswagen AG and Ford Motor Co announced their partnership that combines forces of the auto finance market and is likely to invest and expand into joint development of electric and self-driving technology.
- Oct, 2018 – Tesla introduced Software Version 9.0, enabled with AI technology to offer M2M connectivity, advanced radar, and GPS sensors allowing the drivers to navigate on autopilot.
- May 2018- Volkswagen Financial Services Fleet launched an online WLTP (Worldwide Harmonised Light Vehicle Test Procedure) calculator enabled with Blockchain technology that will help to calculate a before and after cost comparison for vehicles and eliminate intermediate dealers.
M&T Bank Acquires Hudson City Bank, Rapid Growth seen in Domestic Market
In 2015, M&T completed the acquisition of Hudson City Bancorp Inc., with an aim of expanding its business and enable a wider end user coverage. With this acquisition, A&T can add around 135 branches across the US. M&T is said to have added around US$ 275 Mn in profits alone, in the first quarter of 2018 and the acquisition of Hudson City has a major say in such impressive growth numbers. Companies such as M&T have benefited the automotive finance market in North America. The impressive financial figures of A&T have revoked its domestic competitors and several US based companies are likely to invest establish a stronghold.
The automotive finance in North America is likely to grow in the coming years, accounting to the exceptional strategies adopted by US based automotive finance companies. Fortune Business Insights states that an estimated US$ 1.2 Tn has been invested in the automotive finance market in North America. High investments in development of automotive finance companies, coupled with the impressive business strategies adopted by these companies will have a positive impact on the global automotive finance market and is likely to favor growth of the market in the coming years.
Key Market Driver – Adoption of technology such as Blockchain technology, AI (Artificial intelligence), advanced radar, and GPS navigation in automobiles
Key Market Restraint – The rise in cab facilities and rising environmental concerns
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Major Segments Mentioned:
1. By Loan Provider
- Financing institutions
2. By Service Type
- New vehicles
- Used vehicles
3. By Industry Verticals
- Residential Use
- Commercial Use
- Government Use
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
On the contrary, high cost associated with upgraded technology is a factor that may restrain the global Automotive Finance market.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
The report also offers insights on the key players operating in the global Automotive Finance market. Some of the organizations operating in the market are Automotive Finance.
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