Global Automotive Finance Market
As per the GMI Research, the Automotive Finance Market will boost at a faster rate over the forecast period. This is because of the huge investment in autonomous automotive and robust investment in research and development activities.
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Automotive Finance Market Dynamics
The augmentation in the financing services of autonomous vehicles will stimulate the growth of the global Automotive Finance Market. Also, the rapid surge in the automotive industry has stimulated the demand for automotive finance. For example, the “European Automobile Manufacturers Confederation” stated that automotive sector gauges for normally 7% of the total GDP of Europe and over 18.5 million buses, cars, and trucks are produced each year, which represents the ability of the automotive sector. In addition, the ongoing technological developments in the automotive industry and constant expansion in design of the vehicles, has emphasised market players to introduce novel products for automotive producers. The properties of automotive finance such as security and ease offered by the automotive to the drivers and the aggravated financial services persuade the users to invest in the research and development activities in automotive domain.
Furthermore, end users need allowance from credit union, dealers and banks that further boost the demand of financing and will drive the market growth. In addition, rising espousal of preowned cars has assisted in enlargement of the market share. Furthermore, favourable initiatives by the leading players will stimulate the market growth. For instance, Volkswagen, in 2019, declared a prudential merger with finance market, which has largely contributed to the automotive finance market size.
However, the existence of a huge number of players in the market has reduced the price of the insurance because of the tough competition and disturbance in the market will restrain the global automotive finance market size
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