Market Research Report
China Automotive Finance Industry Report, 2017-2021
|Published by||ResearchInChina||Product code||278816|
|Published||Content info||125 Pages
Delivery time: 1-2 business days
|China Automotive Finance Industry Report, 2017-2021|
|Published: August 24, 2017||Content info: 125 Pages||
Auto finance found a penetration rate of roughly 38% in China in 2016, indicating still a vast room for growth compared with over 50% in the United States, Japan and European countries. Stimulated by favorable policies and changes in people's consumption habits, the penetration of auto finance will rise steadily in the next few years, reaching an estimated 55% in 2021.
The Chinese auto finance market approached RMB1 trillion in 2016 and is expected to be around RMB1.125 trillion in 2017. Along with the rising penetration, the market size will report RMB1.75 trillion in 2021.
The Chinese automotive finance market now is still dominated by commercial banks with a market share of approximately 50%. However, driven by favorable policies like the Guidance on Increasing Financial Support for New Consumer Sectors, auto finance companies, financial leasing firms and other enterprises have made great headway, squeezing the market share of commercial banks.
Thanks to favorable policies, used car finance and Internet auto finance have been bestowed with good opportunity for development.
Despite a penetration of only 8% for used car finance in 2016, the figure will increase steadily, touching 20% in 2021, promoted by the policies like the Guidance on Increasing Financial Support for New Consumer Sectors, gradual improvement of used car evaluation system and changes in consumption concept.
China Automotive Finance Industry Report, 2017-2021 focuses on the following: