Thursday, February 9, 2023

Germany Car Finance Market is expected to grow at a robust CAGR, owing to the emergence of online car finance applications as well as adoption of digital technologies: Ken Research

 Buy Now

Germany Car Finance Market is in the growing stage, owing to the emergence of online car finance applications, adoption of digital technologies for car financing and increasing vehicle prices. The Car Finance Industry in Germany is highly fragmented with key players such as Volkswagen Bank GmbH, Mercedes-Benz Bank AG, Banque PSA Finance S.A., Bank11 für Privatkunden und Handel GmbH, Süd-West-Kreditbank Finanzierung GmbH, Deutsche Bank AG etc.

  • Germany Car Finance Market is witnessing robust growth in terms of production and demand as Germany is the world's largest market for Cars.
  • Germany Car Finance Market was valued at USD ~ in 2021 and is projected to grow to USD ~ by 2027F, registering a CAGR of ~% during the forecast period (2022P-2027F).
  • The inflation in commodity prices has compelled car manufacturing companies to increase vehicle prices in the last few years.

Digitalizing Car Finance Industry: Financial services institutions are implementing digital solutions at a faster pace to remain competitive. Advance technologies like block chain, AI, digital payment systems, and online mobile banking system, are the most prominent technologies used by financial industries today to provide the best car finance services to clients. Moreover, going digital can solve many challenges and deliver real benefits for both parties. “Going digital” helps foster, maintain, and grow the relationship between the dealer and their customers. Furthermore, new advances in digital and cloud technology have created valuable new innovations and trends in auto financing. This now enables auto dealers to manage all aspects of their lending program. It is used to take several days to process the application manually. However, due to digitalization and advancement in technologies, the same process takes only a few minutes now. Therefore, customers can easily avail quick and hassle-free credits which is further boosting the Car Finance Market in Germany.

Prevalence of Car Loan Among Millennial Population: German millennials' attitude regarding cars show that majority of Germans born since 1980, now own or lease a vehicle, which is more than the entire EU. Today, the usage of cars is more common among millennials in Germany, than in the entire EU. Among young Germans, majority said they would prefer to purchase a vehicle with a combustion engine, while only a few said they would choose an electric or a hybrid vehicle. As younger consumers have become more susceptible to financing their automotive purchases than previous generations, car financing has grown in popularity in Germany during the past several years. Therefore, Germany's millennials prefer loans and paying installments which is expected to increase and boost the Car Finance Industry in Germany during the forecast period.

Analysts at Ken Research in their latest publication Germany Car Finance Market Outlook to 2027F – By Vehicle Type (New Car, Used Car), By Type of Car (Hatchbacks, Sedans, Luxury Cars, Sports Utility Vehicle), By Provider (Banks, NBFCs, OEMs and Others) observed that Germany Car Finance Market has shown considerable growth in the last five years. In the upcoming years, it is predicted to expand more rapidly due to emergence of online car finance applications, the adoption of digital technologies for car financing and increasing vehicle prices. The Car Finance Market in Germany is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.

Key Segments Covered in the report

By Vehicle Type

New Car

Used Car

By Type of Car

Hatchbacks

Sedans

Luxury Cars

Sports Utility Vehicle

By Provider

Banks

NBFCs

OEMs

Others

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2Mjkw

By Percentage of Amount Sanctioned

Less than 25%

25-50%

51-75%

More than 75%

By Tenure of Loan

Less than 3 Years

3-5 Years

More than 5 Years

By Region

South-West

South-East

North-West

North-East

By Booking Mode

Online

Offline

Key Target Audience

Government Bodies and Regulatory Authority

Fintech Companies

Investors and Financiers

Venture Capitalist

New Market Entrants

Banks and its Subsidiaries

NBFCs

Captive Finance Companies

Automobile Companies

Car Dealers

Existing Car Finance Companies

OEM Dealerships

Auto mobile Associations

Request For Customization @ https://www.kenresearch.com/ask-customization.php?Frmdetails=NTk2Mjkw

Time Period Captured in the Report:-

Historical Period: 2017-2022P

Base Period: 2022P

Forecast Period: 2022P-2027F

Companies Covered:-

Volkswagen Bank GmbH

Mercedes-Benz Bank AG

Banque PSA Finance S.A.

Bank11 für Privatkunden und Handel GmbH

Süd-West-Kreditbank Finanzierung GmbH

Deutsche Bank AG

Nordfinanz GmbH

Auto Empire Trading GmbH

smava GmbH

MCE Bank GmbH

Key Topics Covered in the Report:-

Germany Car Finance Market Overview

Germany Car Finance Market Segmentation

Ecosystem of Germany Car Finance Market

Market Share of Major Players in Germany Car Finance Market

Industry Analysis of Germany Car Finance Market

Value Chain of Car Finance Market in Germany

Key Growth Drivers of Germany Car Finance Market

End User Analysis of Germany Car Finance Market

Key Challenges of Germany Car Finance Market

SWOT Analysis of Germany Car Finance Industry

Future Outlook of Germany Car Finance Market

Trends and Development of Germany Car Finance Market

For more insights on the market intelligence, refer to below link:-

Germany Car Finance Market

Related Reports by Ken Research:-

Australia Car Finance Market Outlook to 2028F

Oman Car Finance Market Outlook to 2027F

China Car Finance Market Outlook to 2028F

No comments:

Post a Comment