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Credit Disbursed from Singapore Auto Finance Industry is expected to witness a CAGR of 8.9% during 2020-2025: Ken Research

·8 min read

GURUGRAM, India, Oct. 11, 2021 /PRNewswire/ -- Key Findings

  • Singapore hasn't had a car manufacturing plant since Ford closed its factory several decades ago, effectively ending automobile production on the island owing to which it imports all its cars from other countries.

  • Increasing Number of Auto Finance service providers are focussing on improving their Value Added Services and streamlining their business operations using Big Data, Data Analytics Tools, IoT, AI and others.

  • The rise in private car service financing is driving the Singapore automotive financing market. The objective of car service financing is to create a financing program that offers flexible leases, weekly rentals, and discounts to purchase new cars to potential drivers.

Improving Digital Infrastructure: Major Auto Finance Players of Singapore are increasingly focussing on improving IT and investing in technology in order to retain their customers in the highly competitive market of the country. Singapore's Auto customers are already responding to the advent of big data, open data and digital technologies. Banks in the country are seeing machine learning as the real fit when it comes to optimizing financing and loan processes, such as credit scoring, risk management, and compliance reporting for a better infrastructure.

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Emerging Green Car Loans: Singapore has put in a suite of measures to encourage drivers to switch to electric vehicles, which are more environmentally friendly, and is aiming to phase out all internal combustion engine vehicles by 2040. This means all vehicles should either be hybrid or run on electricity in 20 years. Owing to the above reason, the country is expected to witness an increase in Green Car Loans in the future with several Auto Finance players introducing a portfolio of these.

Introduction of New Business Models: Owing to its limited area, Singapore has strict car buying rules and regulations as Government is trying to curb the car population by driving prices upwards in the country. Owing to the above reason, new business models such as Shared Ownership and more may emerge in future in Singapore to increase Car Sales.

Analysts at Ken Research in their latest publication "Singapore Auto Finance Market Outlook to 2025- Led by Green Car Loans, Growing Digital Advancements, Increasing Number of Finance Aggregators", the Singapore Auto Finance Market has been evolving in the country due to factors such as rising private car service demand due to changing consumer patterns owing to reasons such as Government policy restrictions on car ownership; improving transportation infrastructure and technology such as EVs leading to higher Green Car loans; rising investment in technologies such as IoT, Big Data, Open Data, AI, and more to simplify the loan application process; growing presence of finance aggregators in the region to improve sales and financing process. The market is expected to register a positive CAGR of 8.9% in terms of credit disbursed during the forecast period 2020-2025.

Key Segments Covered:-

  • By Type of Cars Financed- (Units)

  • By Credit Disbursed (By SGD Billion)

  • By Loan Outstanding (By SGD Billion)

  • By Type of Institution (Loan Outstanding) (SGD Billion)

Companies Covered:-

(Banks)

  • · DBS Bank

  • · UOB

  • · MayBank

  • · OCBC

  • · Standard Chartered Bank

(Finance Companies)

  • Hong Leong Finance

  • Singapura Finance

  • Sing Investment & Finance

  • Singapore Auto Finance Property Holdings

  • Credit Master

  • Carro

  • SG Cash N Cars

  • Speed Credit

  • SF Holdings

  • Accord Motoring

  • Vincar

  • Goldbell Financial Services

  • Capitall

  • Money Max Leasing

Key Target Audience:-

  • Existing Auto Finance Companies

  • Banks

  • OEM Dealerships

  • Captive Finance Companies

  • Credit Unions

  • Private Finance Companies

  • New Market Entrants

  • Government Organizations

  • Investors

  • Auto mobile Associations

  • Auto mobile OEMs

Time Period Captured in the Report:-

  • Historical Period: 2015-2020

  • Forecast Period:2020-2025

Key Topics Covered in the Report

  • Comprehensive analysis of Singapore Auto Finance Market and its segments.

  • Listed major players and their positioning in the market.

  • Identified major industry developments in last few years and assessed the future growth of the industry.

  • Singapore Auto Finance Market

  • Singapore Banks Market

  • Singapore Finance Companies

  • Singapore Auto Finance Companies

  • Singapore Top NBFCs

  • Singapore Auto Loan Outstanding

  • Consumer Expenditure Singapore

  • Types of Car Loans Singapore

  • Singapore Major Industries

  • Singapore Automotive Imports

  • Singapore Automotive Exports

  • Singapore Passenger Car Sales

  • Singapore Commercial Car Sales

  • Singapore New Car Sales

  • Singapore Used Car Sales

  • Singapore Transportation Industry Growth Drivers

  • Singapore Key Transportation Infrastructure

  • Singapore Auto Finance Market COVID-19 Impact

  • Major Players Singapore Auto Finance Market

  • Singapore Auto Finance Market Competition Share basis credit

  • Singapore Auto Finance Market Competition Parameters

  • Singapore Auto Finance Market Competition Structure

  • Singapore On-Road Vehicles by Category

  • Singapore Auto Finance Market Growth

  • Singapore major Auto Finance Hubs

  • Singapore Auto Finance Application Process

  • Singapore Auto Finance Aggregators

  • Electric Vehicles Market Singapore

  • Singapore Average Price of Vehicles

  • Digitization in Singapore Auto Application Process

  • Singapore Auto Finance Industry Threats

  • Singapore Auto Finance Industry Opportunities

  • Singapore Auto Finance Industry Future Technologies

  • Singapore Automotive Industry COVID Impact

  • Singapore May Bank Profile

For More Information on the research report, refer to below link:-

Singapore Auto Finance Market Outlook to 2025

Related Reports:-

Vietnam Auto Finance Market Outlook to 2024 - by Loan Tenure, by Type of Institution (Commercial Banks and Non- Banking Financial Institutions) and by Type of Vehicle (Passenger and Light Commercial)

Vietnam auto finance market has witnessed continuous growth since 2014 and has constituted approximately 6% of the overall South Asian auto finance market in 2018. The market compasses similar trends fairly in-line with domestic vehicle sales market, qualitatively & quantitatively with banks and non-banking financial institutions being the major operating entities in the space. The market is currently in its growth stage.

Philippines Auto Finance Market Outlook to 2024- Growing Prominence of Captive Finance and Surge in Used Car Sales Supporting Disbursement for Auto Loans

The auto finance market has played an imperative role in the overall GDP (Constant Prices) contribution in the Philippine economy with a value contribution of more than 25% in terms of auto loan outstanding by the end of 2019 (Provisional). The Auto Finance Market in Philippines is fairly new and has not been able to penetrate the country. There is a lack of knowledge and awareness in the country which leads to the problem of people opting for cash purchases, in place of finance payments.

Major operations are conducted by two types of entities namely, Banks & Subsidiaries and Non Bank Financial Institutes. The only captive finance working in the country is Toyota Financial Services Philippines and other than that there is a lack of Captive finance institutions. Philippines auto finance market size in terms of auto loan outstanding increased with a double digit CAGR during the same period. The growth factors include lowering lending rates, growth in new & used car sales, expanding household population and higher demand in the urban regions along with progressive technological advancements being mandated by the government and the adoption of digitalization by all major financial institutions in the country. Two-wheelers market witnessed growth with the rise in motorcycle fueled by the huge demand by small industry workers and rural business. Constant prime lending rates, growing car sales and evolving used car market have been the major push factors.

Thailand Auto Finance Market Outlook to 2024: Growing Prominence of Captive Finance Companies and Loan Portfolio of Banks acting as a Catalyst for Market Growth

The auto finance market has played an imperative role in overall GDP contribution in the Thai economy with a valuable contribution of ~ in terms of auto loan disbursed by the end of 2019. The market compasses similar trends fairly in-line with the domestic vehicle sales market, qualitatively & quantitatively. After witnessing a burst in 2015 the market is currently placed in its recovery phase registering a slow-moving growth rate. Thailand's auto finance market size in terms of the auto loan outstanding increased during 2014-2019P thus, registering a positive CAGR during the same period. The growth factors include lowering lending rates, growth in new & used car sales, expanding household disposable income and higher farm income along with progressive technological advancements being mandated by the government and the adoption of digitalization by all major financial institutions in the country.

Qatar Auto Finance Market Outlook to 2023 –By Banks, Non Banking Financial Companies and Captives, By New and Used Vehicles Financed, By Type of Vehicle Financed (Motor Bikes, Cars and Light Commercial Vehicles) and By Loan Time Period

The Vehicle Finance Market in Qatar witnessed a slight decline during the period 2014-2018, owing to decreasing new vehicle sales over the same period. The market is in growth stage with vehicle sales beginning to follow a normal growth trend after continued exponential growth till 2014, followed by a rapid decline after that. Trends in the market were largely stimulated by decline in oil prices after 2014 and blockade led by Saudi & a few other neighboring gulf countries against Qatar. These trends led to decline of new vehicle sales in Qatar but spurred the growth of used vehicles, especially in passenger cars segment in the country.

US Vehicle Finance Market Outlook to 2023 –By Banks and Non Bank Entities including Captives and Credit Unions and Finance Companies (Auto Loan Portfolio), By New and Used Vehicles, By Type of Vehicle Financed (Passenger Cars and Light Trucks), By Loan Time Period and By Risk Category

The Vehicle Finance Market in US witnessed a steady growth during the period 2013-2018, owing to an increase in new and used vehicle sales over the same period. The Market is reaching its Maturity Stage with Vehicle sales beginning to follow a normal growth trends after continued exponential growth over past couple of years. Trends in the market were largely stimulated by low interest rates in the economy as well as a rise in retail price of automotives in US. Some challenges faced during the period in the market were the rising loan default rates, instable vehicle sales and a pullback on loan issues lead by banks, in the latter half of the research period.

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View original content:https://www.prnewswire.com/news-releases/credit-disbursed-from-singapore-auto-finance-industry-is-expected-to-witness-a-cagr-of-8-9-during-2020-2025-ken-research-301396962.html

SOURCE Ken Research