China Automotive Finance Market to 2023 - Improved Credit System Pushes the Development of Auto Finance Market
DUBLIN, Jan. 16, 2019 /PRNewswire/ --
The "China Automotive Finance Industry Report, 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The penetration of used car finance in China will be 13% in 2018, rising to 25% in 2023.
Auto finance has seen a rising penetration rate in China in recent years, to about 40% in 2017, a gap of 70% with developed countries, but China is chasing faster. It is anticipated in the upcoming several years that the auto finance penetration in China will climb progressively, rising to 58% in 2023 under the impetus of favorable policies and a change in consumer spending habits.
The Chinese auto finance market is booming, with the participation of professional car rental companies, automakers, dealerships, banks and so forth, with the market size estimated at RMB1.2 trillion, with a year-on-year increase of 2.6% in 2018, projected to grow at a rapid rate in the next five years and to reach RMB1.6 trillion in 2023.
In the Chinese auto finance market, there are auto finance companies, commercial banks, auto financial leasing companies, internet auto finance firms, etc., among which commercial banks take a lion's share of the market but are getting increasingly squeezed, while auto finance companies seize a growing market share: 34.8% in 2017.
The dealership-grown auto finance companies and internet platforms will enjoy more and more market share as a result of marketing channels closer to consumer demand, friendlier product design, the loosening of financing channels, and the improvement of the personal credit system, breaking the monopoly of commercial banks.
Used Car Finance: The used car trade has grown steadily in China with the enforcement of policies like "Several Opinions on Facilitating Easy Trade of Used Cars" over the past two years. From January to September 2018, a total of 10.14 million used cars were traded in China, an upsurge of 12.9% year on year, 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, which rose to 10% in 2017 under the drive of the increasingly effective used car evaluation system, changing consumer attitudes as well as the policies such as "Guidance for Strengthening Financial Support for New Consumer Fields". It is estimated that the penetration of used car finance will be 13% in 2018, rising to 25% in 2023.
Automobile internet finance: Being incentivized by policies like "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, while internet giants like Baidu, Alibaba, Tencent and JD (BATJ), as well as internet finance portals, are aggressively entering the market for auto internet finance. In the future, the conventional auto finance services will be offered online stead of offline, continuing the trend towards online service.
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.
Key Topics Covered:
1. Overview
1.1 Definition
1.2 Classification
1.3 Market Players
2. Global Automotive Finance Industry
2.1 Development Environment
2.2 Status Quo
2.3 Overview of Auto Finance in Major Countries
2.3.1 United States
2.3.2 Germany
2.3.3 Japan
2.4 Competitive Landscape
2.5 Global Expansion
3. Automotive Finance Industry in China
3.1 Development Environment
3.1.1 Policy
3.1.2 Economy
3.1.3 Automobile Production and Sales
3.1.4 Car Ownership
3.2 Development Course
3.3 Status Quo
3.4 Market Size
3.5 Competitive Landscape
3.6 Operation of Auto Finance Companies
3.7 Development Trends
3.7.1 Market Share of Auto Finance Companies Grows Further
3.7.2 Used Car Financial Business Grows Rapidly
3.7.3 Cyberization of Used Car Trade
3.7.4 Auto Financial Products Becomes More Diversified
3.7.5 Improved Credit System Pushes the Development of Auto Finance Market
3.7.6 Internet Auto Finance Has Developed into a Trend
3.7.7 Cooperation between Banks and Enterprises Drives Auto Finance
3.7.8 Competition in Auto Finance Industry Intensifies
4. Chinese Auto Finance Market Segments
4.1 Auto Financial Leasing
4.1.1 Profile
4.1.2 Development Course
4.1.3 Business Model
4.1.4 Status Quo
4.1.5 Policy Support
4.1.6 Competitive Landscape
4.1.7 Problems
4.2 Used Car Finance
4.2.1 Profile
4.2.2 Market Size
4.2.3 Price Trend
4.2.4 Market Structure
4.2.5 Huge Potential
4.2.6 Status Quo
4.2.7 Competitive Landscape
4.3 Internet Auto Finance
4.3.1 Profile
4.3.2 Policies
4.3.3 Status Quo
5. OEM-related Auto Finance Companies
5.1 SAIC-GMAC Automotive Finance Co., Ltd. (SAIC-GMAC)
5.2 Volkswagen Finance (China)
5.3 Chery Huiyin Motor Finance Service Co., Ltd.
5.4 BYD Auto Finance Company Limited
5.5 Ford Automotive Finance (China) Limited
5.6 Dongfeng Nissan Auto Finance Co., Ltd.
5.7 Herald International Financial Leasing
5.8 Toyota Motor Finance (China) Co., Ltd.
5.9 BMW Automotive Finance (China) Co., Ltd.
5.10 Yulon Motor Finance (China) Co., Ltd.
5.11 Changan Auto Finance Co., Ltd.
5.12 GAC-SOFINCO Automobile Finance Co., Ltd.
5.13 Genius Auto Finance Co., Ltd
5.14 Beijing Hyundai Auto Finance Co., Ltd.
6. Auto Finance-related Dealers
6.1 Yongda Automobiles
6.2 China Grand Automotive Services Co., Ltd.
6.3 Pang Da Automobile Trade
6.4 Yaxia Automobile
6.5 Shanghai Dongzheng Automotive Finance Co., Ltd
7. Other Auto Finance Companies
7.1 Cango Inc.
7.2 Great China Finance Leasing Co., Ltd.
7.3 Zhejiang Jingu Co., Ltd.
7.4 Yixin Group
7.5 eCapital
7.6 Ucar Inc.
7.7 Dafang Car Rental
7.8 Jiayin Financial Leasing
7.9 Souche
7.10 Weidai Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/9n86g4/china_automotive?w=5
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