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According to TechSci Research's report, "Car Loan Market–Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," significant growth is expected in the global car loan market during the forecast period. This growth is propelled by increasing consumer preferences and trends in car purchases, driven by a global demand for specific brands and models. Notably, key automotive manufacturers such as BMW, Toyota, Volkswagen, and Mercedes contribute to market expansion by satisfying consumer needs.

The advanced benefits of online car loan applications, coupled with a variety of vehicle purchasing options, are identified as primary growth drivers. Additionally, the surge in consumer disposable income contributes to a substantial demand for car sales. Countries like China, India, Japan, and Australia experience a high demand for car loans due to the availability of long-duration repayment alternatives ranging from 12 months to 3.5 to 4 years.

Research Data: https://www.techsciresearch.com/report/car-loan-market/14537.html 

Rising car prices globally have prompted consumers to opt for car loans over direct purchases. The average price of a new car increased to USD 48,904 in 2022, from USD 37,876 in 2021 for light commercial vehicles, as reported by the Bureau of Labor Statistics in the United States.

Banks lead the car loan market segment and are expected to maintain dominance, attributed to brand loyalty and easier accessibility of car loan services. Non-banking financial companies (NBFCs) are enticing young consumers with appealing zero down payment loan options and low-interest rate EMIs, despite limited financial resources.

Report Scope:

In this report, the global car loan market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Global Car Loan Market, By Car Type:

    • Hatchback

    • Sedan

    • SUV (Sports Utility Car)

    • MPV (Multi-Purpose Vehicle)

    • Others

  • Global Car Loan Market, By Provider Type:

    • Banks

    • NBFCs (Non-Banking Financial Companies)

    • OEM (Original Equipment Manufacturer)

    • Others

  • Global Car Loan Market, By Percentage of Amount Sanctioned:

    • Less than 25%

    • 25-50%

    • 51-75%

    • More than 75%

  • Global Car Loan Market, By Tenure:

    • Less than 3 Years

    • 3-5 Years

    • More than 5 Years

  • Global Car Loan Market, By Region:

    • North America

      • United States

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • United Kingdom

      • Italy

      • Spain

    • Asia-Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Middle East & Africa

      • Saudi Arabia

      • UAE

      • South Africa

      • Turkey

    • South America

      • Brazil

      • Argentina

      • Colombia

Europe dominates the car loan market, driven by companies offering financing services and a strong advertising sector, raising awareness of car loan plans and increasing demand in the region.

The market is segmented based on car type, provider type, percentage of the amount sanctioned, tenure, region, and competitive landscape. 

Key market players in the global car loan market include:

  • Ally Financial Inc.

  • Bank of American Corporation

  • Daimler Financial Services

  • Capital One Financial Corporation

  • Ford Motor Credit Company

  • GM Financial Inc.

  • Mitsubishi HC Capital UK PLC

  • General Motors Financial Company, Inc.

  • Toyota Financial Services

  • JPMorgan Chase & Co.

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Various international and domestic companies aim to enhance their market reach through mergers and acquisitions. For example, in 2021, JP Morgan announced the acquisition of majority ownership of Volkswagen payments business, collaborating with Volkswagen Financial Services to develop specialized payment solutions for the entire Volkswagen Group.

TechSci Research's report highlights the rising popularity of the global car loan market, driven by the increasing trend of car ownership, consumer preference for massive models and branded cars, and the relaxation of EMIs and tenure provided by financiers. The report emphasizes the role of digitalization in offering customers a hassle-free loan process, contributing to the global growth of the car loan market.

"The popularity of the global car loan market is rising with the rising trend of ownership of cars among consumers as well as rising preference towards massive models and branded cars. The relaxation of EMIs and tenure provided by the financier will allow the customer to adopt car loan which will drive the global car loan market. Moreover, the emergence of digitalization is offering customers experience which is making the hassle-free process of a loan and boost the car loan market across the globe," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

The comprehensive report, titled "Car Loan Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Car Type [Hatchback, Sedan, SUV (Sports Utility Car), MPV (Multi-Purpose Vehicle), Others (Racing Cars, Specialty Cars, Etc.)], By Provider Type [Banks, NBFCs (Non-Banking Financial Services, OEM (Original Equipment Manufacturer), Others (Fintech Companies)], By Percentage of Amount Sanctioned [Less than 25%, 25-50%, 51-75%, More than 75%], By Tenure [ Less than 3 Years, 3-5 Years, More than 5 Years], By Region," evaluates the future growth potential of the global car loan market, providing statistics and information on market structure, size, share, and future growth. The report aims to offer cutting-edge market intelligence and assist decision-makers in making informed investment decisions, identifying and analyzing emerging trends, drivers, challenges, and opportunities in the global car loan market.

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