San Francisco, May 10, 2016 (GLOBE NEWSWIRE) -- The worldwide automotive financing market should grow at around 13.2 percent CAGR during 2014 to 2018. One of its most significant drivers is growing vehicular sales. The market has been experiencing supremacy of banks in developing economies. However, improbabilities in the estimation of housing value of novel & advanced cars could hinder the market in the near future.
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Also, robust reduction in ‘vehicular loan’ rates drives the market. This reduction led to novel sales impetus in the purchase of new cars from 2014 to 2015. Vehicular sales in terms of volumes are predicted to increase from 2016 to 2020. The same would be ascribed to clients benefitting from supportive lending regulations. Additionally, purchasers could expect longer reimbursement policies & improved costs from big banks in the coming years.
Thus, robustly decreasing interest rates will further expansion across vehicular fiscal & financial leasing companies till 2020. Wider demand for extended loan periods is projected to hamper market progress during 2016 to 2020. Dealer reserves are promoting high mark-ups across vehicular loans. This would constitute around 20 percent of the new lendings overall in the years ahead. The automotive financing market is divided into different geographies.
These geographical segments consist of Asia Pacific, Americas, Europe, and the Middle East & Africa. Asia Pacific was the biggest market and stood approximately USD 20 trillion in 2015. It has some of the most rapidly expanding economies across the globe. Its new policy initiatives & measures in the form of cash bailout incentives & subsidies may drive the region. The global market is very competitive and store to multiple small & large lenders.
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Several top sellers like Ford and Allianz are working together. Such collaborations assist individual companies to focus on their positives & use their expertise for growth. The market is also propelled by escalating adoption of telematic systems and sensors. These devices provide data regarding automobiles & driver conduct. Many ‘Original Equipment Manufacturers’ gather client & vehicular information to ensure proper usage of client & vehicular data.
Moreover, according to Radiant Insights, the automotive financing market lacks consistency. This makes it difficult to compare costing mechanisms and offered loans.
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