China Car Finance Market Report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Car Finance market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this Report
The car finance service discussed in this Report covers only the financial services included during the sales of passenger cars, including both new passenger cars and second-hand passenger cars.
The financial services for commercial services are excluded in this Report.
What you need to know
The car finance market size has grown from RMB 235 billion to RMB 892 billion in the last five years, which surged by 82% from 2014-15. The growth rate has been stable at 24%-26% in the last two years. Mintel forecasts the value of the car finance market to reach RMB 2,526 billion in 2023. However, after considering various factors that could affect the car finance market, the total figure could fall anywhere between RMB 3,574 billion and RMB 1,479 billion.
Mintel finds that consumers’ major car finance method is from bank, either bank savings or bank loans. 30-39-year-old males are the core users of car finance. Major loan range is from 20%- 70% of the car price. Lending rate and monthly repayment have a high importance level among car finance users. The second-hand car market has a great influence on new car finance.
Expert analysis from a specialist in the field
Written by Terence Zhou, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Chinese consumers’ car financing methods are still conservative, especially consumers in tier two cities. Bank is the main car finance method for consumers. The top three methods that surveyed respondents chose are household savings, car-specific loans from banks and personal savings (48%, 46% and 46% respectively). On the other hand, for those consumers who use car finance, lending rate and monthly repayment have a high importance level when it comes to car finance selection. In addition, the second-hand car market has a great influence on consumers’ choices of car finance.
Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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