LONDON--(BUSINESS WIRE)--The global automotive financing market 2018-2022 is expected to post a CAGR of more than 3% during the forecast period, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rise in cab service financing. The growing demand for cab services is encouraging several tech-based platforms to offer cab services worldwide. Taxi drivers are signing up on these free platforms for a lucrative and steady income. Cab service providers are collaborating with financiers and car dealers so that cab drivers can get discounts and low-interest rates on the purchase.
This market research report on the global automotive financing market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing investments in autonomous vehicles as one of the key emerging trends in the global automotive financing market:
Global automotive financing market: Increasing investments in autonomous vehicles
Autonomous cars are unmanned vehicles that navigate without human intervention by sensing their environment using techniques such as radio detection and ranging (RADAR), a global positioning system (GPS), and ADAS. These cars are also known as self-driving cars, automated cars, or driverless cars. The highly complex working of an autonomous car has driven companies and OEMs to pool their R&D resources to design and develop successful prototypes to improve performance. Various carmakers have collaborated with technology companies to integrate vehicles with certain levels of artificial intelligence to create successful autonomous vehicles. Volvo, Volkswagen, Audi, BMW, General Motors, Ford Motor, and Google are a few of the stakeholders in the autonomous car market.
“The concept of an autonomous vehicle is still at a nascent stage, and it will take many years before commercialization. Industry experts are expecting this concept to revolutionize the automotive industry. All major vehicle manufacturers and tier-1 suppliers are launching projects to commercialize autonomous vehicles,” says a senior analyst at Technavio.
Global automotive financing market: Segmentation analysis
This market research report segments the global automotive financing market by application (used vehicle and new vehicle), by type of vehicle (passenger vehicle and commercial vehicle), and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2017 with a market share of around 47%, followed by EMEA, and the Americas respectively. The region is expected to continue to dominate the market during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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