New York, Oct. 24, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "China Automotive Finance Industry Report, 2018-2023" - https://www.reportlinker.com/p04091849/?utm_source=GNW
The Chinese auto finance market is booming with the participation of professional car rental companies, automakers, dealerships, banks and so forth, with the estimated market size posting RMB1.2 trillion with a year-on-year increase of 2.6% in 2018, and projected to grow at a rapid rate in the next five years and to reach RMB1.6 trillion in 2023.
In Chinese auto finance market, there co-exist auto finance companies, commercial banks, auto financial leasing companies, internet auto finance firms, etc., among which commercial banks takes a lion’s share of the market but get increasingly squeezed, while auto finance companies seize a growing market share and held 34.8% in 2017.
The dealership-grown auto finance companies and internet platforms will enjoy more and more market shares in the wake of the marketing channels closer to consumer demand, the friendlier product design, the loosening of financing channels and the perfection of personal credit system, to break the monopoly of commercial banks.
Used Car Finance: The used car trade has grown steadily in China with the enforcement of policies like the Several Opinions on Facilitating Easy Trade of Used Cars over the past two years. From January to September of 2018, a total of 10.14 million used cars were traded in China, an upsurge of 12.9% year on year and being far higher than the growth rate of new car sales. The huge used car market provides opportunities for used car finance.
Used car finance had a penetration rate of just 8% in China in 2016, and it rose to 10% in 2017 under the drive of the increasingly perfect used car evaluation system, the changing consumer attitudes as well as the policies such as the Guidance for Strengthening Financial Support for New Consumer Fields. As estimated, the penetration of used car finance will be 13% in 2018 and up to 25% in 2023.
Automobile internet finance: Being incentivized by policies like the Guidance for Facilitating the Healthy Development of Internet Finance, the traditional automakers and dealerships have begun to optimize the original auto finance procedures and experience, whilst internet giants like Baidu, Alibaba, Tencent and JD (BATJ) as well as internet finance portals are aggressively attempting at auto internet finance. In future, the conventional auto finance services will be changed to be offered online stead of offline, and the automobile internet finance grows a trend.
China Automotive Finance Industry Report, 2018-2023 highlights the following:
Global automotive finance industry (overview, development environment, status quo, auto finance development in countries, competitive landscape, etc.);
China automotive finance industry (overview, development environment, development course, status quo, market size, competitive pattern, auto finance companies’ operation, development tendencies, etc.);
Auto finance market segments in China (automobile financial leasing, used car finance, automobile internet finance);
14 OEM-related auto finance companies, 5 dealership-grown auto finance companies, and 10 other auto finance related firms.
Read the full report: https://www.reportlinker.com/p04091849/?utm_source=GNW
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China Automotive Finance Industry Report, 2018-2023
Auto finance sees a rising penetration rate in China over the recent years, to about 40% in 2017, a gap with 70% in the developed countries, but China is chasing faster. It is anticipated in the upcoming several years that the auto finance penetration in China will be climbing progressively and will rise to 58% in 2023 under the impetus of favorable policies and a change in consumer spending habits.
| Source: ReportLinker FR