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Used Car Financing Market Size, Share & Growth Report | 2031
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Used Car Financing Market Size, Share & Growth Report | 2031

Segments - Used Car Financing Market by Car Types (Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles), by Financiers (OEMs, Banks, and NBFCs), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Swarup Sahu
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Fact-checked by : V. Chandola
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Editor : Ranjit Pankhade

Upcoming | Report ID :BFSI-4653 | 4.8 Rating | 65 Reviews | 221 Pages | Format : PDF Excel PPT

Report Description


The global used car financing market was valued at USD 8.82 billion in 2022 and is expected to reach USD 22.56 billion by 2031, expanding at a CAGR of 11% during the forecast period, 2023–2031.

High cost of cars and financial issues of customers are driving the market. Additionally, increasing interest of people towards owning a vehicle drives the market. Financial assistance offered while purchasing cars helps people to buy cars for personal use, thus fueling the market.

Used Car Financing Market Outlook

Introduction to Used Car Financing

A used car is a pre-owned vehicle, which has already been used by one or more than one owner. Used cars are sold through various outlets such as franchise and independent car dealers, auctions, rental car companies, and private party sales. Car finance helps users to purchase a car by providing finance through car loans and leases. Used cars can be easily viewed through online platforms and the specifications of cars can be analyzed and compared on these online platforms.

  • A car is often considered as a status symbol, hence people are increasingly leaning towards buying cars. This is expected to drive the used car financing market during the forecast period.

  • New startups in the field of car financing are providing collective data to every customer, which helps the customers to compare and analyze used cars and evaluate their financing options. This factor fuels the used car financing market.

  • Rising prices of cars is expected to boost the used car financing market.

  • Major financial issues arose during the pandemic, which hampered the growth of the used car financing market.

  • Increasing sales of used cars in the market in comparison to new cars provides growth opportunities for the players operating in the used car financing market. Digitization in the automobile industry is aiding customers in getting digital loans.

Used Car Financing Market Scope

The report on the global used car financing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Used Car Financing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016-2021

Forecast Period

2023–2031

Segmentation

Car Types (Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles) and Financiers (OEMs, Banks, and NBFCs)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Toyota Trust, Mahindra Finance, Tata Capital, Bajaj Finserv, Maruti Suzuki True Value, Droom Credit, TSM Cars, Poonawalla Fincorp, Sundaram Finance Ltd, and CHOLAMANDALAM

Used Car Financing Market Segment Insights

Hatchback segment to dominate the market

On the basis of car types, the used car financing market is segmented into hatchbacks, sedans, sports utility vehicles, and multi-purpose vehicles. The hatchback segment is anticipated to register significant growth and dominate the market during the forecast period. This segment is expected to grow, due to availability of various features and styles of hatchback cars.

Used Car Financing Market Car Types

NBFCs to expand at a rapid pace

In terms of financiers, the used car financing market is classified as OEMs, banks, and NBFCs. The NBFCs segment is registering rapid growth and is expected to dominate the global used car financing market during the forecast period. Post COVID-19, key NBFCs struggled with the rising cost of funds amid a liquidity squeeze. Several financiers tightened the screening process of borrowers. Finance provided by NBFCs helps businesses to grow and increases sales, which is anticipated to fuel the NBFCs segment.

Asia Pacific to register significant growth

Based on regions, the used car financing market is diversified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to expand at a rapid pace and dominate the global market. Increasing preference towards owning a personal vehicle instead of relying on public transport drives the used car financing market in the region. The market in India is growing rapidly, as many financing options are available in the country.

Used Car Financing Market Regions

Segments

The global used car financing market has been segmented on the basis of

Car Types

  • Hatchbacks
  • Sedans
  • Sports Utility Vehicle
  • Multi-purpose Vehicle

Financiers

  • OEMs
  • Banks
  • NBFCs

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Toyota Trust
  • Mahindra Finance
  • Tata Capital
  • Bajaj Finserv
  • Maruti Suzuki True Value
  • Droom Credit
  • TSM Cars
  • Poonawalla Fincorp
  • Sundaram Finance Ltd
  • CHOLAMANDALAM

Competitive Landscape

Key players in the used car financing market are Toyota Trust, Mahindra Finance, Tata Capital, Bajaj Finserv, Maruti Suzuki True Value, Droom Credit, TSM Cars, Poonawalla Fincorp, Sundaram Finance Ltd, and CHOLAMANDALAM. Most of these players have tie-ups with banks and government organizations for providing loans to customers.

Used Car Financing Market Share

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Used Car Financing Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Used Car Financing Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Used Car Financing Market - Supply Chain
  4.5. Global Used Car Financing Market Forecast
     4.5.1. Used Car Financing Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Used Car Financing Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Used Car Financing Market Absolute $ Opportunity
5. Global Used Car Financing Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Used Car Financing Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Used Car Financing Demand Share Forecast, 2019-2026
6. North America Used Car Financing Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Used Car Financing Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Used Car Financing Demand Share Forecast, 2019-2026
7. Latin America Used Car Financing Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Used Car Financing Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Used Car Financing Demand Share Forecast, 2019-2026
8. Europe Used Car Financing Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Used Car Financing Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Used Car Financing Demand Share Forecast, 2019-2026
9. Asia Pacific Used Car Financing Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Used Car Financing Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Used Car Financing Demand Share Forecast, 2019-2026
10. Middle East & Africa Used Car Financing Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Used Car Financing Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Used Car Financing Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Used Car Financing Market: Market Share Analysis
  11.2. Used Car Financing Distributors and Customers
  11.3. Used Car Financing Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Toyota Trust
     11.4.2. Mahindra Finance
     11.4.3. Tata Capital
     11.4.4. Bajaj Finserv
     11.4.5. Maruti Suzuki True Value
     11.4.6. Droom Credit
     11.4.7. TSM Cars
     11.4.8. Poonawalla Fincorp

Methodology

Our Clients

General Mills
Nestle SA
Dassault Aviation
FedEx Logistics
Siemens Healthcare
Deloitte
General Electric
The John Holland Group