PORTLAND, Ore., Oct. 12, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Car Finance Market by Distribution Channel (Banks, OEMs, Credit Unions, and Others), Vehicle Age (New Vehicles and Used Vehicles), Application (Personal and Commercial), and Purpose (Loans and Lease): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global car finances industry was pegged at $1.29 billion in 2019, and is expected to hit $2.33 billion by 2027, registering a CAGR of 14.3% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in global average price of automobiles and increase in demand for vehicles fuel the growth of the global car finance market. On the other hand, emergence of rideshare services and surge in debts from various borrowers curtail down the growth to some extent. However, enactment of technologies in existing product lines and untapped potential of emerging economies are expected to create