Germany Automotive Loan Market is Fueled By Passenger Cars During the Forecast Period
The increasing trend of buying luxury car,
growing captive banks as finance leaders, and comprehensive product range such
as automotive loan, automotive protection contracts, etc. under one platform
are the leading factors driving the Germany Automotive Loan Market during the
projected period.
According to TechSci Research
report, “Germany Automotive Loan Market–By Region
Competition Forecast and Opportunities, 2018-2028F” The Germany
automotive loan market is expected to grow faster during the forecast period.
Germany is Europe’s leading production and sales market for cars, and the
automotive loan requirement is consistently increasing. Due to the high price
of vehicles, manufacturers and financiers often offer financing options at
interesting parameters, influencing consumers to avail loans to purchase
vehicles. Since many consumers cannot pay for the purchase of car or
two-wheeler from regular income or savings, the loan offers an intriguing
alternative. More individuals could now afford new automobiles due to improved
economic conditions and growing consumer spending patterns, which supported the
growth of the Germany automotive loan industry.
The automotive
loan is the best solution that allows an individual to buy a vehicle for
personal or commercial use if one needs more savings. Using automotive loans,
an individual can purchase a car outright by obtaining a loan from a bank or
another financial institution. Then, one must repay the loan in equal monthly
installments and interest over a specified period. Nowadays, the critical
functions of automotive loans include increasing the public profile of the
captive, digitalization, and innovative technologies, offering a wide range of
products under one platform, and creating new markets for financial services
through e-mobility and alternative drive technologies.
The COVID-19
pandemic has impacted the requirements of cars as well. Due to the potential
risk of infection, many individuals perceive public transportation as risky.
Therefore, they are willing to switch to cars, motorbikes, or bicycles. Thus,
the demand for vehicles has increased, and prices are rising with the
increasing demand for vehicles. Hence, consumers are availing automotive loans
to make the purchase which is anticipated to boost the market for the automotive
loan industry in Germany.
According to
the Federal Statistical Office (Destatis) report 2022, households are increasingly
preferringmore than one car. The number of cars on German roads has never been
higher, despite initiatives to encourage climate-friendly transportation in the
country and historically high gasoline prices. As per calculations made by the
Federal Motor Transport Authority (KBA) on vehicle registrations, Destatis
announced that Germany achieved a new record car density of 580 vehicles per
1,000 people in 2021. Germany had 48.5 million registered passenger automobiles
at the start of 2022, a considerable rise from the 48.2 million reported at the
beginning of 2021 and is the most significant number ever. The statistics
demonstrate that more individuals are choosing electric cars when they purchase
a new vehicle: For example, between January and July 2022, 13.6% of
newly-registered automobiles were electric, up from 0.6%, the year before.
Browse over XX market
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The Germany automotive loan market is segmented
based on vehicle type, provider type, percentage of amount sanctioned, tenure
and region.
The market is divided into two-wheeler, passenger
cars, and commercial vehicles based on vehicle type. Among them, passenger cars
are most popular in the Germany market as German manufacturers keep a keen
focus on quality and reliable vehicles
that last for an extended period and also make the best luxury cars.
Based on the provider
type, the market is segmented into banks, NBFCs (non-banking financial companies,
OEM (original equipment manufacturers), and others (fintech companies)). Among
them, banks are majorly preferred by Germans to avail loans as the financial
system of Germany is well functioning.
Furthermore, based on
the percentage of amount sanctioned, the market is segmented into less than
25%, 25-50%, 51-75%, and more than 75%. By tenure, the market is segmented into
less than 3 years, 3-5 years, more than 5 years.
The market analysis also
studies the regional segmentation to devise regional market segmentation,
divided among south-west, south-east, north-west, north-east. Among which sout-west
has a prominent share in the automotive loan market in Germany.
Key market players in the Germany
automotive loan market include:
- Volkswagen Bank GmbH
- Mercedes-Benz Bank AG
- Banque
PSA Finance S.A.
- Bank11 für Privatkunden
und Handel GmbH
- Süd-West-Kreditbank
Finanzierung GmbH
- Deutsche Bank AG;
Nordfinanz GmbH
- Auto Empire Trading GmbH
- smava GmbH
- MCE Bank GmbH
A
borrower change on a car loan, which allows someone to transfer a car loan to
not just another car but also to another person, is the new function made
accessible to customers by smava GmbH.The new borrower acquires the existing
loan. This must consent to all requirements for the takeover. There are two
options for unpaid payments after the contract transfer to the new borrower:
continuous monthly rate according to the contract or payment of the remaining
amount with a one-time fee. This aspect will drive the automotive loan market
during the forecast period in Germany.
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“Germany's rising
demand for new and used vehicles witnessed significant growth during the
forecast period. The need for automobile loans is driven by consumers
preferring monthly loan installments due to increasing vehicle pricing.
Additionally, the rise of non-banking financial institutions offering minimum
interest rates and EMIs is encouraging consumers to obtain loans to buy
vehicles, fueling the automotive loan in the Germany market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Germany Automotive Loan
Market Segmented By Vehicle Type (Two-Wheeler, Passenger Car, Commercial
Vehicle), By Provider Type (Banks, NBFCs (Non-Banking Financial Companies, 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, By Company, Forecast & Opportunities, 2018-2028F”, has evaluated the future
growth potential of automotive loan in the Germany market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Germany automotive loan market.
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