Portland, OR, May 18, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the Automotive finance market in South Korea generated $29.42 billion in 2020 and is expected to reach $43.58 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030. The report provides an in-depth analysis of major investment pockets, of the most winning strategies, drivers and opportunities, market size and estimates, competitive scenario and hesitant market trends.
Significant improvements in auto loans and finance services among various banks nationwide, availability of a variety of auto finance service offerings provided by leading banks through online and mobile platforms, remarkable increase in adoption of electric vehicles and increase in the number of mobile-first customers for transparent financing are expected to drive the growth of the automotive financing market in South Korea. On the other hand, the increase in the number of car owners offering ride-sharing services to customers is hampering the growth to some extent. However, a notable increase in the automobile industry is expected to create many opportunities for the growth of the industry.
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- The outbreak of the COVID-19 pandemic has negatively impacted the growth of the auto finance market in South Korea, due to the occurrence of lockdowns in the country.
- The lockdowns have led to the postponement and cancellation of new car purchases or leases, which has significantly reduced the demand for auto finance in the country.
- In addition, the financial crisis, irregular income and rising unemployment rate in the country further aggravated the growth of the market.
- However, the market should recover soon.
The report offers detailed segmentation of the South Korea auto finance market based on distribution channel, vehicle age, application, purpose and region.
By vehicle age, the new vehicle segment held the greater market share in 2020, bringing together nearly three-fifths of the total market. The used vehicle segment, on the other hand, is expected to quote the fastest CAGR of 4.6% during the forecast period.
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Based on applications, the individual segment held the majority share in 2020, holding more than three quarters of the global market. The commercial segment, on the other hand, is expected to show the fastest CAGR of 7.0% during the forecast period.
Based on purpose, the lending segment held the lion’s share in 2020, garnering more than three-fifths of the global market. The rental segment, on the other hand, is expected to quote the fastest CAGR of 5.3% during the forecast period.
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Key players analyzed in the South Korea Auto Finance Market report are Mitsubishi HC Capital Inc., Hyundai Capital Services, Inc., IBK (Industrial Bank of Korea), Renault Finance, RCI Financial Services, Shinhan Financial Group, Bank of America Corporation, BMW Group Financial Services Korea, and Toyota Financial Services and Truist.
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Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.