PORTLAND, Ore., Oct. 12, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Car Finance Market by Distribution Channel (Banks, OEMs, Credit Unions, and Others), Vehicle Age (New Vehicles and Used Vehicles), Application (Personal and Commercial), and Purpose (Loans and Lease): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global car finances industry was pegged at $1.29 billion in 2019, and is expected to hit $2.33 billion by 2027, registering a CAGR of 14.3% from 2020 to 2027.

Drivers, restraints, and opportunities-

Rise in global average price of automobiles and increase in demand for vehicles fuel the growth of the global car finance market. On the other hand, emergence of rideshare services and surge in debts from various borrowers curtail down the growth to some extent. However, enactment of technologies in existing product lines and untapped potential of emerging economies are expected to create multiple opportunities for the key players in the industry.

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Covid-19 scenario-

  • The outbreak of the pandemic has resulted in sharp decline in consumer trends and preferences toward purchasing cars. Accordingly, the global car finance market has been considerably affected. However, the overall situation is gradually being ameliorated across the world and the market is expected to get back to its position soon.
  • At the same time, it’s worth mentioning that people across the world have started preferring private way of transportation over selecting public transport which, in turn, has provided the market with a mixed effect.

The banks segment to lead the trail by 2027-

Based on distribution channel, the banks segment accounted for nearly two-fifths of the global car finance market share in 2019 and is anticipated to maintain the lion’s share throughout the study period. The OEMs segment,

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Sep 30, 2020 (Market Insight Reports) —
Selbyville, Delaware Market Study Report, has recently added a report on the ‘Travel Insurance market’ which presents substantial inputs about the market size, market share, regional trends, and profit projection of this business sphere. The report also enlightens users regarding the foremost challenges and existing growth tactics implemented by the leading organizations that constitute the dynamic competitive gamut of this industry.

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Global Travel Insurance Market is valued approximately at USD 15.60 billion in 2019 and is anticipated to grow with a CAGR of 14.44% over the forecast period 2020-2027.

Major market player included in this report are:

  1. Allianz SE (Germany)
  2. Munich Reinsurance America (US)
  3. American Express Company (US)
  4. Travelex Insurance Services (US)
  5. Bajaj Finserv Limited (India)
  6. China Pacific Life Insurance Co., Ltd. (China)
  7. MS&AD Insurance Group Holdings (Japan)
  8. Munich Re Group (Germany)
  9. Ping An Insurance (China)
  10. Prudential Financial, Inc. (US)

The detailed segments and sub-segment of the market are explained below:

By Insurance Cover:

  1. Single Trip Travel Insurance
  2. Annual Multi-Trip Travel Insurance
  3. Long-Stay Travel Insurance
  4. By Distribution Channel:
  5. Insurance Intermediaries
  6. Insurance Company
  7. Bank
  8. Insurance Broker
  9. Insurance Aggregator
  10. Others

By User:

  1. Senior Citizens
  2. Education Traveller
  3. Backpacker
  4. Business Traveller
  5. Family Traveller
  6. Fully independent Traveller

By Region:

  1. North America
  2. S.
  3. Canada
  4. Europe
  5. UK
  6. Germany
  7. Asia Pacific
  8. China
  9. India
  10. Japan
  11. Latin America
  12. Brazil
  13. Mexico
  14. Rest of the World

Tourism accounts a significant share of International Trade services with rise in the number of international tourists worldwide. For Instance: As per data from United Nation World Tourism Organization, in the first half of 2019, 4% rise in the number of international tourists travel worldwide has been noticed. Such tremendous rise in the tourism industry over the years