United Kingdom Auto Loan Market Size– By Product, By Ownership, By Provider Type, By Tenure- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
United Kingdom Auto Loan Market Introduction and Overview
According to SPER Market Research, ‘United Kingdom Auto Loan Market Size – By Product, By Ownership, By Provider Type, By Tenure – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the United Kingdom Auto Loan Market is estimated to reach USD 135.02 billion by 2033 with a CAGR of 4.7%.
Automobile loans are a sort of financing provided by banks and government agencies that allows clients to purchase an automobile without paying the whole amount at the time of ownership transfer. Instead, customers make equal monthly payments on the principal and interest rate of the vehicle, and when the price is paid in full, they become the owner. Auto loans are secured loans in which the vehicle is placed as collateral.
According to OICA, the early phases of the COVID-19 pandemic, especially in 2020 Q1, had a significant impact on the auto sector, resulting in a 3-4% decline in new vehicle demand and a 1-2% decline in used car demand from 2019. However, once international lockdown regulations relaxed after June 2020, sales rose. In comparison to the same period in 2019, Accenture saw a 3.2% increase in the demand for new loans in Q2 2020.
Scope of the Report:Report Metric Details
Market size available for years 2020-2033
Base year considered 2023
Forecast period 2024-2033
Segments covered By Product, By Ownership, By Provider Type, By Tenure
Regions covered London, East Anglia, Southwest, Southeast, Scotland, East Midlands, Yorkshire, Humberside
Companies CoveredBlue Motor Finance, Northridge Car Finance, Lloyds Bank, Nationwide Building Society, Royal Bank of Scotland, Close Brothers Motor Finance, Black Horse Finance, MotoNovo Finance, Moneybarn, Zopa.
United Kingdom Auto Loan Market SegmentationBy Vehicle Type:Based on the Vehicle Type, United Kingdom Auto Loan Market is segmented as; Passenger Vehicle, Commercial Vehicle.
By Ownership: Based on the Ownership, United Kingdom Auto Loan Market is segmented as; New Vehicles, Used Vehicles.
By Provider Type: Based on the Provider Type, United Kingdom Auto Loan Market is segmented as; Banks, Original Equipment Manufacturers, Non-Banking Financial Companies, Credit Unions, Other Provider Types.