India Car Loan Market to Grow at CAGR of over 8% till FY2026
High vehicle replacement and
demand for vehicles, continuous changes in vehicle technologies, combined with rising
disposable income and growing consumer spending on lifestyle products to drive
India car loan market.
According to TechSci report,
“India
Car Loan Market, By Type (New Car & Used Car), By Car Type (SUV;
Hatchback; & Sedan), By Source (OEM; Bank; & Non-Banking Financial
Company (NBFC)), By Percentage of Amount Sanctioned (Upto 25%; 25-50%; 51-75%;
Above 75%), By Type of City (Tier 1; Tier 2; Tier 3; & Tier 4), By Tenure
(Less than 3 Year; 3-5 Year; Greater than 5 Year), Competition, Forecast
& Opportunities, FY2026” India car loan market is
projected to grow at a CAGR of over 8% in value terms and to reach around USD
60 billion by FY2026. With lower interest rates, rising vehicle ownership,
increasing disposable income, the market has witnessed the increasing demand for
car loan in the country. In addition, the change from combustion engine
vehicles to electric vehicles, new vehicle launches, government incentives for
the purchase of electric vehicles, and the high replacement rate for vehicles
are encouraging car sales across India, which is consequently driving the car
loan market in the country as well.
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Car Loan Market"
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Based on the vehicle type, the market
can be segmented into SUVs, hatchbacks, and sedans in terms of vehicle type.
The hatchback is the country's dominant model of vehicle, holding a majority
share of around 50 percent in the Indian car loan industry, and the trend is
likely to continue in the country. This is due to the advantages it offers,
like riding comfort, safety, budget, lower noise and vibration when compared
with other counterparts in the same segment. During the forecast period, the north
region is projected to rise at the fastest pace than other regions. The government
of India has reduced GST from 12 percent to 5 percent on the purchase of
electric vehicles to encourage the adoption of electric vehicles and the government
is also providing USD 0.021 tax exemption on loans taken on the purchase of electric
vehicles, thereby driving the demand for car loans in the country. Based on
type, demand for new car loan has increased in the past few years and the trend
is likely to continue in the upcoming years.
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“The increasing demand for innovation
and new technologies in India car industry is expected to bring significant
growth opportunities for the India car loan market. During the forecast period,
both the governments, i.e., central and state authorities have come up with
measures to help soften the impact of COVID-19 on India’s auto industry. There
is a plan to extend subsidies for new energy vehicles until 2022, and such
vehicles will remain exempted from taxes, and this will help in boosting the India
car loan market during the projected period,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
““India Car Loan Market, By
Type (New Car & Used Car), By Car Type (SUV; Hatchback; & Sedan), By
Source (OEM; Bank; & Non-Banking Financial Company (NBFC)), By Percentage
of Amount Sanctioned (Upto 25%; 25-50%; 51-75%; Above 75%), By Type of City
(Tier 1; Tier 2; Tier 3; & Tier 4), By Tenure (Less than 3 Year; 3-5 Year;
Greater than 5 Year), Competition, Forecast & Opportunities,2026” has evaluated the future
growth potential of India car loan market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the India car loan market.
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