- 3 February 2020 22:47
Automotive Finance Market 2019 Insights By Size Growth, Industry Share, Leading Players and Regional Forecast by 2024
The number of automotive finance customers is increasing owing to the emerging trend of digitalization, an increase in the use of online services, superior telematics, and advancements in blockchain technology. In order to obtain a quick and hassle-free financing for new or used vehicles, customers prefer finance providers who offer data-driven consulting services. These services help determine suitable vehicle as well as a financial scheme that best suit interests and requirements of the consumers.
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op Players in Automotive Finance Market are BANK OF AMERICA, HITACHI CAPITAL ASIA-PACIFIC, Ford Motor Credit, M&T Bank Corporation, Toyota Financial Services, Volkswagen Financial Services, HDFC Bank, HSBC, Hudson City Bancorp, Inc., Wells Fargo, Mercedes-Benz Financial Services, General Motor Financial Company
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.
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.
In 2015, MandT 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, AandT can add around 135 branches across the US. MandT 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 MandT have benefited the automotive finance market in North America. The impressive financial figures of AandT 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.
Fortune Business Insights has profiled some of the renowned companies that have added to the growth of the global automotive finance market. Some of the leading companies that are operating in the global automotive finance market are BANK OF AMERICA, HITACHI CAPITAL ASIA-PACIFIC, Ford Motor Credit, MandT Bank Corporation, Toyota Financial Services, Volkswagen Financial Services, HDFC Bank, HSBC, Hudson City Bancorp, Inc., Wells Fargo, Mercedes-Benz Financial Services, and General Motor Financial Company.
There have been significant advancements in the automotive industry over the last decade due to the development of highly automated digital vehicles. Innovative technologies are being proficiently deployed by automotive manufacturers and OEMs in their products for increasing their customer base. The use of predictive analytics by financers helps customers in better decision-making and securing the best deal available in the market. Moreover, predictive analytics enable financers to personalize automotive finance packages to meet the consumer’s needs.
The market growth is further driven by the implementation of new business models and development of inventive strategies by the market players. The players aim to explore the emerging trends, such as electric vehicles and connected vehicle technologies. Automotive finance enables middle-class individuals to easily buy or rent a vehicle of their choice, which is otherwise difficult for them due to budget constraints. It also allows customers to cancel their previously finalized deal with no financial penalty, if they find a better deal.