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Car Finance Market Is Projected to Gain $2,334.3 Billion by 2027, Growing at a 14.3% CAGR: Allied Market Research

The global car finance market is experiencing significant growth due to an increase in the average global vehicle price, and a rise in the demand for vehicles. On the other hand, the market across Asia-Pacific cites the fastest CAGR during the forecast period.

Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the global car finance market is predicted to achieve $2,334.3 billion by 2027, having endorsed a value of $1,290.7 billion in 2019, exhibiting a remarkable CAGR of 14.3% from 2020 to 2027. The report offers a detailed evaluation of the latest trends, profitable investment pockets, top segments, competitive scenarios, and regional analysis. The report assists market-leading players, investors, new competitors, and stakeholders in devising and taking steps to bolster their competitive edge.  

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140 – Tables   

65 – Charts   

281 – Pages 

Report Coverage & Details:  

Report Coverage   Details  
Forecast Period   2020-2027  
Base Year   2019  
Market Size in 2019   $1,290.7 Billion  
Market Size in 2027   $2,334.3 Billion  
CAGR   14.3%  
No. of Pages in Report   281  
Segments Covered   Distribution Channel, Vehicle Age, Application, Purpose, and Region  
Drivers   An increase in the average global vehicle price  
A rise in the demand for vehicles  
Opportunities   Integration of technologies into existing product lines  
The untapped potential of developing economies  
Restraints   An increase in the utilization of rideshare services  
Debt increases from various borrowers  

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The global car finance market is categorized into different segments based on distribution channel, vehicle age, application, purpose, and region. It is offered in two-dimensional and graphical form, permitting an individual or an organization to benefit from approaching the highly profitable and swiftly expanding segments.  

The NFT new vehicles segment to maintain its lead position during the forecast period-  

By vehicle age, the new vehicles segment held the major market share in 2019, holding more than half of the global car finance market revenue, and is projected to rule the roost by 2027. On the other hand, the used vehicle segment would exhibit the fastest CAGR of 14.6% from 2020 to 2027.  

The banks segment to maintain prominent revenue growth in 2032-  

By distribution channel, the banks segment dominates the highest market share in 2019, acquiring nearly two-fifths of the global car finance market revenue, and is expected to retain its lead position during the forecast period. The OEMs segment, however, would display the fastest CAGR of 15.5% from 2020 to 2027. The credit unions and others segment are also classified in the report.  

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Asia-Pacific to maintain its dominance throughout the forecast timeframe  

By region, the market across Asia-Pacific garnered the highest share in 2019, contributing to more than two-fifths of the global car finance market revenue, and is expected to maintain its dominance throughout the forecast period. The same region would also showcase the fastest CAGR of 15.4% from 2020 to 2027. The other provinces studied in the report are North America, LAMEA, and Europe.  

The report also provides detailed information on the prominent players in the global car finance market such as Toyota Financial Services, Capital One, Volkswagen Finance Private Limited, Ally Financial Inc., General Motors Financial Company, Inc. JPMorgan Chase & Co., Daimler AG, Hitachi Capital Corporation, Bank of America Corporation, and Ford Motor Company. These leading players have adopted various strategies such as new product launches, novel technological advances, partnerships, joint ventures, and more to maintain their foothold in the market.  

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Key benefits for stakeholders  

  • The study provides an in-depth analysis of the global car finance market share along with the current & future trends to elucidate the imminent investment pockets. 
  • Information about key drivers, restrains, and opportunities and their impact analysis on the car finance market size is provided in the report. 
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry. 
  • An extensive analysis of the key segments of the industry helps to understand the global car finance market trends. 
  • The quantitative analysis of the global car finance market share from 2020 to 2027 is provided to determine the market potential. 

Car Finance Market Key Segments: 

By Distribution Channel 

  • Banks 
  • OEMs 
  • Credit Unions 
  • Others 

By Vehicle Age 

  • New Vehicles 
  • Used Vehicles     

By Application 

By Purpose 

By Region: 

  • North America  (U.S., Canada) 
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe) 
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 
  • LAMEA  (Latin America, Middle East, Africa) 

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Regional Reports: 

South Korea Car Finance Market: https://www.alliedmarketresearch.com/south-korea-car-finance-market-A15933 

About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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Originally published at https://www.einpresswire.com/article/669235414/car-finance-market-is-projected-to-gain-2-334-3-billion-by-2027-growing-at-a-14-3-cagr-allied-market-research

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