India car loan market is forecast to grow at a
CAGR of over 8% in value terms and to reach USD60 billion by FY2026. The car
loan market in India is anticipated to grow at a brisk rate during the forecast
period on account of growing disposable income and increasing ownership of
vehicles. Moreover, the shift from combustion engine vehicles towards electric
vehicles, product launches, subsidies offered by the government on the purchase
of electric vehicles, and high vehicle replacement rate are promoting sales of
cars across India, which is consequently boosting the India car loan market.
The car loan market in India can be segmented
based on the type, car type, source, percentage of amount sanctioned, type of
city, tenure, and region. In terms of car type, the market can be segmented
into SUVs, hatchbacks, and sedans. The hatchback is the dominant car type in
the country and the trend is likely to continue in the forthcoming years as
well. This is due to its advantages like riding comfort, safety, and lower
noise, vibration in comparison to other counterparts in the same segment.
Major
companies offering loans for the purchase of car in India are categorized into
banks, original equipment manufacturers (OEMs), or non-banking financial
company (NBFC). OEMs are coming up with various credit provisions to attract
more buyers and borrowers and are offering loans based on individual needs for
the purchase of cars in the country. Some of the banks providing car loans
include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, etc. Public and
private sector banks are the major dominators when compared to NBFC and OEMs
due to a large customer base, better customer service, and competitive rates.
However, the presence of NBFCs in non-metro and rural areas has helped in
increasing the market share of NBFCs over the past few years.
Years
considered for this report:
Historical
Years: FY2016-FY2019
Base Year:
FY2020
Estimated
Year: FY2021
Forecast
Period: FY2022–FY2026
Objective of
the Study:
- To analyze and estimate the market size of the India car loan market from FY2016 to FY2019.
- To estimate and forecast the market size of the India car loan market from FY2020 to FY2026 and growth rate until FY2026.
- To classify and forecast India car loan market based on by type, by organized vs unorganized, company and region.
- To identify the dominant region or segment in the India car loan market.
- To identify drivers and challenges for the India car loan market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Indian car loan market.
- To conduct pricing analysis for India car loan market.
- To identify and analyze the profiles of leading players operating in India car loan market.
- To identify key sustainable strategies adopted by market players in India car loan market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of manufacturers across the country. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the manufacturers which
could not be identified due to the limitations of secondary research. TechSci
Research analyzed the manufacturers, distribution channels, and presence of all
major players across the country.
TechSci Research calculated
the market size of India car loan market using a top-down approach, wherein
data for various end-user segments were recorded and forecast for the future
years. TechSci Research sourced these values from the industry experts and company
representatives and externally validated them through analyzing historical data
of these product types and applications for getting an appropriate, overall
market size. Various secondary sources such as company websites, news articles,
press releases, company annual reports, investor presentations, and financial
reports were also studied by TechSci Research.
Key Target Audience:
- Manufacturers, distributors, and end-users.
- Market research and consulting firms.
- Government bodies such as regulating authorities and policymakers.
- Organizations, forums, and alliances related to car loan.
The study is
useful in providing answers to several critical questions that are important
for the industry stakeholders such as manufacturers, end-users, etc., besides
allowing them in strategizing investments and capitalizing on market
opportunities.
Report Scope:
In this
report, India car loan market has been segmented into the following categories,
in addition to the industry trends which have also been detailed below:
o
India Car Loan Market, By Type:
o
New Car
o
Used Car
o
India Car Loan Market, By Car Type:
o
SUV
o
Hatchback
o
Sedan
o
India Car Loan Market, By Source:
o
OEM
o
Bank
o
Non-Banking Financial Company (NBFC)
o
India Car Loan Market, By Percentage of Amount Sanctioned:
o
Upto 25%
o
25-50%
o
51-75%
o
Above 75%
o
India Car Loan Market, By Type of City:
o
Tier 1
o
Tier 2
o
Tier 3
o
Tier 4
o
India Car Loan Market, By Tenure:
o
Less than 3 year
o
3-5 Year
o
Greater than 5 Years
o
India Car Loan Market, By Region:
o
North Region
o
South Region
o
East Region
o
West Region
Competitive
Landscape
Company Profiles: Detailed analysis of the
major companies present in India car loan market.
Available
Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
-
Detailed analysis and
profiling of additional market players (up to five).
In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]