LONDON--(BUSINESS WIRE)--The global automotive financing market is expected to post a CAGR of more than 3% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
Cab service providers are collaborating with financiers and car dealers to offer flexible leases and discounts to potential drivers for the purchase of new cars. For instance, Uber’s vehicle solutions program helps buyers get up to 90% financing for their new car. The program also allows drivers to lease a car of their choice with lease terms up to three years. In both cases, the payments will be automatically deducted from the driver’s earnings. The presence of such financial programs is positively influencing the growth of the global automotive financing market.
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As per Technavio, increasing investments in autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Automotive Financing Market: Increasing Investments in Autonomous Vehicles
Major vehicle manufacturers and tier-1 suppliers across the world are increasing efforts to commercialize autonomous vehicles. The growing popularity of autonomous vehicles is attracting significant investments even from non-automotive companies such as Apple and Google. Governments in developed countries such as the US are funding agencies to conduct research in self-driving cars. With the growth of the autonomous car market, the demand for automotive financing will increase during the forecast period.
“Rise in the demand for EVs and the integration of blockchain with auto financing will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Financing Market: Segmentation Analysis
This market report segments the global automotive financing market by application (used vehicle and new vehicle), vehicle type (passenger vehicle and commercial vehicle), and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2017, followed by the EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the increasing number of strategic alliances by vendors in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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