Friday, August 20, 2021

The Singapore Auto Finance Market is dominated by financing of Used Cars majorly through Banking Institutions owing to their huge Loan portfolio and driven by factors such as growing digital advancements to ease application process in the country: Ken Research

 Rising Digital Advancements: In recent years, Singapore’s Auto Finance Industry is increasingly moving towards more digital, platform-based and simplified systems, to increase its acceptance and overall efficiency. High penetration of mobile commerce has led to large disruption in the segment, with market participants being able capture a lion’s share of the market by applying more customer centric approaches. Some of the most popular players in Singapore providing digital loan services are DBS Bank, UOB and more.

Emerging Finance Aggregator Platforms: In recent years, Digital Finance Aggregators Platforms as well as other credit Rating platforms are slowly emerging in the Singapore Market for the convenience of its Car Buying customers. For Example, Innovative digital startups such as LANDELA are reshaping the challenging car shopping and financing process into a quick and easy experience for customers in Singapore by providing them with a wide range of car loans options most suitable for them within a short time.

COVID Impact on Auto Finance Industry: COVID-19 led to increase in car inventories in Singapore owing to decrease in car sales in the country, especially in the months of April to June 2020 when auto sales decreased by more than 70%. Moreover, High uncertainty in the Financial Environment also led to increase in Loan Payment deferment requests in the country. Government of Singapore announced various financial relief programmes which allowed eligible individuals to defer loan payments and more.

Growing Private Hire Car Service: The Business of Private Hire Car Service is on a rise in Singapore owing to which private car service financing is also increasing in the country. Owing to the above reason, Big Taxi Players in the market such as Trans-cab have ventured into car financing and leasing a mid the growth of ride-hailing in the country.

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)

New Vehicles

Used Vehicles

By Credit Disbursed (By SGD Billion)

Commercial Vehicles

Passenger Vehicles

New Vehicles

Used Vehicles

Motorcycles

By Loan Outstanding (By SGD Billion)

Commercial Vehicles

Passenger Vehicles

New Vehicles

Used Vehicles

Motorcycles

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

Banks & Subsidiaries

Finance Companies

Others

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.

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

Singapore Auto Finance Market

Related Reports:-

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

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

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

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249

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