United States used car loans
market are anticipated to show a robust growth in the upcoming five years, 2023-2027.
The market growth can be attributed to surge in the demand of used cars by the
young adult population along with the financial stability for the new owner
even after buying a luxurious car. Moreover, the growing need to own a car or
vehicle to qualify for the higher living standards with society along with the rising
number of schemes for the loans from the banks and other investment firms is
driving the growth of the United States used car loans market in the upcoming
five years. Furthermore, feasible and affordable loans by the financing banks, NBFCs,
and OEMs that are often available at lesser interest, provides lower entry
prices are some major reasons for the market development thereby supporting the
growth of the United States used car loan market in the next five years.
Used car loans are the
financial aids and support that financing bodies provide the expectant
consumers on certain interest rates. These sanctioned loans are specifically
for the used cars, owning to the fact that used cars have lower durability,
viability and other related factors that are considered. Prices of the used
cars are lower than the original models and therefore often is charged with
lesser interest rate comparatively.
The United States used car
loans market is segmented by vehicle type, financiers, percentage of amount
sanctioned, tenure, competitional landscape, and regional distribution. Based
on vehicle type, the market is further bifurcated into hatchback, sedans, and
SUVs. Hatchbacks are anticipated to hold the largest revenue shares of the
market and assert its dominance over the market in the upcoming five years. The
market growth can be attributed to surge in the demand for mid-sized cars. Also,
the insurance costs and depreciation costs for hatchback cars are lower, and
thus the market segment sees the impressive growth in the next five years. SUVs
are also anticipated to hold significant shares of the market segment due to
increasing demand of luxurious cars and their affordability as a used car.
Holding the largest shares of
the United States used car loans market, a partial list of the major market
player includes ICICI Bank, Ally Financial Inc., The Bank of America
Corporation, Capital One Financial Corporation, The Ford Motor Company, General
Motors Financial Company, Inc., JPMorgan Chase & Co., American Honda
Finance Corporation, Pentagon Federal Credit Union, Toyota Motor Credit
Corporation, among others. Presence of multiple organized market players has
created a tough market scenario for the new market players. Also, automobile
manufacturers offer their own financing services, or they have certain tie-ups
with the banks, or NBFCs, to offer wider options for the consumers. Though the
process of sanctioning the used car loan from the NBFCs is way more feasible
for the consumers as compared to the financing solutions from the automobile
manufacturers.
Objective
of the Study:
- To analyze the historical
growth of the market size of United States used car loans market from 2017
to 2020.
- To estimate and forecast the market size of United
States used car loans market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast United States used car loans market based
on vehicle type, financier, percentage of amount sanctioned, tenure,
competitional landscape, and regional distribution.
- To identify dominant region or segment in the United
States used car loans market.
- To identify drivers and challenges for United
States used car loans market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in United
States used car loans market.
- To identify and analyze
the profile of leading players operating in United States
used car loans market.
- To identify key sustainable strategies adopted
by market players in United States used car loans market.
Download Free Sample Report
TechSci Research performed both primary
as well as exhaustive secondary research for this study. Initially, TechSci
Research sourced a list of banking bodies, financial aid suppliers, and service
providers 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 financial aids which could not be identified due to
the limitations of secondary research. TechSci Research analyzed the suppliers,
distribution channels and presence of all major players across the country.
TechSci Research calculated the market
size of United States used
car loans market using
a bottom-up approach, wherein data for various end-user segments was recorded
and forecast for the future years. TechSci Research sourced these values from
the industry experts and company representatives and externally validated
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:
- Used car loans banking systems, end users, and other
stakeholders
- Distributers and suppliers of the services and other
stakeholders
- Organizations, forums, and alliances related to used car
loans
- Market research and consulting firms
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as banking systems, suppliers, end users, etc., besides allowing them in
strategizing investments and capitalizing on market opportunities.
|
Attribute
|
Details
|
|
Base Year
|
2021
|
|
Historical Years
|
2017 – 2020
|
|
Estimated Year
|
2022E
|
|
Forecast Period
|
2023F – 2027F
|
|
Quantitative Units
|
Revenue in USD Million and CAGR for 2017-2021 and 2022E-2027F
|
|
Report Coverage
|
Revenue forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments Covered
|
Vehicle Type
Financier
Percentage of Amount Sanctioned
Tenure
|
|
Region Scope
|
South-Region, West-Region, Mid-West Region & Northeast-Region
|
|
Key Companies Profiled
|
ICICI Bank, Ally Financial Inc., The Bank of America
Corporation, Capital One Financial Corporation, The Ford Motor Company,
General Motors Financial Company, Inc., JPMorgan Chase & Co., American Honda Finance Corporation,
Pentagon Federal Credit Union, Toyota Motor Credit Corporation.
|
|
Customization Scope
|
10% free report customization with purchase. Addition or
alteration to regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
|
Report Scope:
In this report, United States used car loans market has been segmented into
following categories, in addition to the industry trends which have also been
detailed below:
- United States Used Car Loans Market, By Vehicle Type:
- United States Used Car Loans
Market, By Financier:
o OEM
o Banks
o NBFCs
- United States Used Car Loans
Market, By Percentage of Amount Sanctioned:
o Up to 25%
o 25-50%
o 51-75%
o Above 75%
- United States Used Car Loans
Market, By Tenure:
- Less than 3 years
- 3-5 years
- United States Used Car Loans
Market, By Region:
- South West
- Mid-West
- North East
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in United States used car loans 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).
Global United States Used Car Loans Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]