China Automotive Loan Market By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type (Banks, NBFCs (Non-Banking Financial Services, OEM (Original Equipment Manufacturer), Others (Fintech Companies)), By Percentage of Amount Sanctioned (Less than 25%, 25-50%, 51-75%, More than 75%), By Tenure (Less than 3 Years, 3-5 Years, More than 5 Years), By Region, Competition Forecast & Opportunities, 2018-2028
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationChina Automotive Loan Market By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type (Banks, NBFCs (Non-Banking Financial Services, OEM (Original Equipment Manufacturer), Others (Fintech Companies)), By Percentage of Amount Sanctioned (Less than 25%, 25-50%, 51-75%, More than 75%), By Tenure (Less than 3 Years, 3-5 Years, More than 5 Years), By Region, Competition Forecast & Opportunities, 2018-2028
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Market Size
1 . The China automotive loan market was valued at approximately RMB 2.5 trillion to RMB 3 trillion in 2022-2023.
2 . The market has been growing at a compound annual growth rate%(CAGR) of 10-15 over the past five years, fueled by the expansion of the middle class and the increasing affordability of vehicles through financing.
The China automotive loan market is witnessing robust growth in terms of production and demand as China is one of world's largest market for automotives. Moreover,
An automotive loan is which allows an individual to buy a vehicle either for personal use or commercial use. As China is the largest Automobile market globally, both in terms of demand and supply, the market is also witnessing a surge in demand for automotive loan. When an individual gets approved for the loan, the lender will provide a certain amount of money which has to be paidback with interest and over an agreed period of time.
According to a report by CAAM (China Association of Automobile Manufacturers), in 2021, China’s production of automotive vehicles was about 26.082 millionwhich was high by 3.4% from 2020 and sold 26.275 million automobiles up by 3.8% year-on-year growth from 2020. According to report of standards and poor rating of China,
High
With the rise in sales of electric vehicles, the automotive loan market is also fueling. In the third quarter of 2022, banks in China lowered interest rates for automotive loans in an effort to increase sales of new-energy vehicles (NEVs).).
Expansion of Automotive Consumption Fueling the Market Growth
The primary driver behind the growth of automotive loans is an increase in consumer demand for cars. The raise in household income levels are stimulating the demand for automotive use. Furthermore, the acceleration in the execution of related strategies, such as urbanization and improved consumer ability to repay, is boosting automotive loan demand among consumers. Also, the modification in the existing automobile consumption policies is boosting the demand for automotive vehicles in China. In comparison to before, the overall penetration rate of auto finance in China has expanded significantly due to the rise in automobile consumption, modifications in residents' consumption notions, and improvement in the consumer finance sector. Thus, the automotive loan market is boosting in China.
Popularity of Automotive Loan Among the Younger Generation Boost the Market Growth
In recent years, auto finance has been increasingly popular in China as younger consumers have become more open to financing their automotive purchases than earlier generations.
Market Segmentation
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Company Profiles
Chery HuiYin Motor Finance Service Co., Ltd.;
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Attribute |
Details |
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Base Year |
2022 |
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Historical Years |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
Vehicle Type Provider Type Percentage of Amount Sanctioned Tenure Region |
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Regional Scope |
North, East, North-East, South-Central, North-West, South-West |
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Key Companies Profiled |
Chery HuiYin Motor Finance Service Co., Ltd.; Dongfeng Nissan Finance Co.; Changan Auto Finance Co., Ltd.; SAIC Motor Financial Holding Management Co; BYD Auto Finance Company Limited; Herald International Financial Leasing Co., Ltd.; Toyota Motor Finance (China) Co., Ltd.; Volkswagen Finance Private Limited; Genius Auto Finance Co., Ltd.; GAC-SOFINCO Automobile Finance Co., Ltd. |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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