The Global Remittance Market is poised to reach $ 1200 Bn owing to rise in mobile-based payment channels and cross-border transactions. : Ken Research

 Buy Now

Global Remittance Market Ecosystem

Global Remittance Market is concentrated among the top 10 players. Prominent players are pursuing various strategies, such as research & development initiatives, product innovations, joint ventures & strategic partnerships, expansion, and mergers & acquisitions to gain a competitive edge in the market. Market players are focusing on leveraging the capabilities of newly emerged fintech companies to offer their consumers the utmost convince of remitting funds. The major companies dominating the Global Remittance market for its products, services, and continuous product developments are Bank of America, Citi Group Inc., Pay Pal, Wells Fargo, JP Morgan Chase among others.

For more information, request a free sample Report

1. Rise in Cross-Border Transactions and Mobile-Based Payment Channel

30% Growth in cross-border B2B transaction values 2020-22

Rise in cross-border transactions and move toward mobile banking and mobile-based payment solutions dominate payment trends in Asia-Pacific, which is expected to drive the growth of the remittance market. In addition, owing to rise in international commerce, migration and changing economic trends across the globe. In addition, new developments in the world of cross-border payments is the prospect of making real-time international payments a reality. A 30% growth was recorded in cross-border transactions in 2020-22. 

Furthermore, number of banks are striving to deliver timely cross-border remittances and value-added services using a relationship-centric approach, which fuel the growth of the remittance market.

2. “Reduced Remittance Cost and Transfer Time:” Will it sustain in the long run?

Visit A link Request for Custom Report

Cross-border payments have become insignificant in cost, quick, auditable, and accessible to everyone owing to the use of digital transfer networks such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identity, and others to send money. The average cost has fallen to 7%. Moreover, the adoption of digital remittance is expected to reduce reliance on cash agents in both sender and receiver nations, which is now contributing to the maintenance of high transaction costs.

The figure shows that the fees for a $200 remittance have come down significantly over time, although they seemed to have stagnated in the last 3 years. The median remittance fee has decreased from 7.7 percent in 2011 to 5.7 percent in 2020. The reduction was also broad across the distribution of remittance fees, with the 75th percentile decreasing from 11.1 percent to 7.7 percent, and the 25th percentile falling from 5.2 percent to 4 percent.

For more insights on market intelligence, refer to the link below: –

Global Remittance Market

Prescription for Success: Global Pharmaceutical Retail market On Track to reach $1 Trillion dollar by 2027: Ken Research

 Buy Now

1.The Asia-Pacific region is Expected to Lead the Pharmacy retail Market in the future

Interested to Know More about this Report, Request for a sample report

From Watsons in Singapore to Guoda Drugstores in China to Century Healthcare in Indonesia, Asia’s retail pharmacy market is emerging as one of Asia’s hot healthcare opportunities. Most Asian-Pacific markets still have room to grow. Today, Singapore has the most pharmacy locations per capita -- 1,540 persons for each pharmacy location. The pace of innovation and disruption will further intensify these anticipated market and investment shifts.

 2.E-pharmacies helping to bridge the gap in the Global healthcare system

With increasing internet penetration and smartphone availability, e-commerce has witnessed exponential growth across categories – from apparel to groceries, people have started purchasing most of their requirements via online platforms. As a result of this drastic shift in shopping behavior, e-pharmacies has emerged as a promising sector as they managed to offer the convenience of shopping out of the comfort of homes. In the statistics by the International Telecommunication Union (ITU), the internet penetration rate across the globe peaked at 53% from 17% in-between the years 2005-2019 which is further propelling the e-pharmacies industry, especially after covid-19.

3.With 9,706 stores, CVS Pharmacy (USA), is the largest chemist/pharmacy store chain in the world.

Visit this Link :- Request for custom report

In the coming years, competition is expected to heat up, particularly from big-box retailers and mail-order and online pharmacies. The top U.S. pharmacy in 2021 by market share based on prescription drug revenue was CVS Health Corporation. It held nearly 25 percent of the prescription drug market revenue. Payors have also steered customers towards mail ordering, such as by covering a 90-day supply of medications delivered to the home rather than the 30-day supply available at a traditional pharmacy. Finally, Internet pharmacies are aggressively pursuing cash-paying customers by offering discounted medications.

4.AI is giving a major boost to the Global pharmacy retail market to reach 1 trillion dollars by 2027.

In recent years, the pharmacy industry has been using AI and Machine Learning for various stages of the pharmaceutical development process.  AI systems can be used to automate tasks that will help in saving time and also the tasks will be performed by using fewer resources. More than 60% of life sciences companies spent over US$20 million on AI initiatives in 2019, and more than half expect investments in AI to increase in 2020, which will have a direct impact in the pharmaceutical companies. In 2018, Sanofi partnered with an AI startup in order to build an AI solution that would automate medical literature reviews, which will help the pharmacy market to study the customer base and medical needs.

Market Taxonomy

By Market Structure

• Organized
• Unorganized

By Type of Pharmacies

• Community Pharmacies
• Discount Pharmacies
• Hospital Pharmacies

By Type of Products       

• Prescribed Drugs
• Over-The-Counter
• Non-Pharmaceutical Products
• Medical Equipment

By Therapeutic Area

• Anti-Infective
• Cardiovascular
• Central Nervous System
• Pain/Analgesics
• Vitamins/Minerals/Nutrients
• Antibiotics
• Respiratory
• Gastro-Intestinal
• Gynecology
• Others

By Drug Type

• Patented Drugs
• Generics

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Target Audience

• Pharmaceutical Manufacturing Companies
• Pharmacy Retail Companies
• Independent Pharmacies
• Industry Associations
• Regulatory Bodies
• Telemedicine Companies
• Pharmaceutical Distributors & Wholesalers

Time Period Captured in the Report

• Historical Period: 2017-2022
• Base Period: 2022
• Forecast Period: 2022-2027

Major Players Mentioned in the Report 

• Ahold Delhaize
• Albertsons Companies Inc.
• Cipla
• CVS Pharmacy
• GlaxoSmithKline
• Loblaw
• Merck KGaA
• Novo Nordisk
• Rite Aid
• Sanofi
• Walgreens Boots Alliance

For More Insights On Market Intelligence, Refer to the Link Below: –

Global Pharmacy Retail Market

Related Reports by Ken Research: –

Australia Pharmacy Retail Market Outlook to 2025

Indonesia Pharmacy Retail Market Outlook to 2025 

Vietnam Pharmacy Retail Market Outlook to 2025

Brazil Pharmaceuticals Market is expected to register growth at CAGR of 8% by 2025- Which factors will help the industry attain its futuristic growth? : Ken Research

 Buy Now

Brazil’s overall health expenditure is expected to grow in future, supported by increased investments in the country’s universal and public healthcare system, says a report by Ken Research

1. Trends in Brazil Pharmaceuticals Market- Growing Number of Mergers and Acquisitions.

M&A in Brazil Pharmaceuticals Industry Market

The growing population of Brazil and increase in demand for generic and other medicines has led major players in the industry to expand their production capabilities. In order to capture the market potential, the industry has witnessed various mergers and acquisitions over the last few years. The companies largely focus on acquiring smaller companies or brands in order to expand their product portfolio or add a new business segment. Pressure has been rising to meet the regulations on manufacturing, research and development of medicines. In addition, the profit margins of the international pharmaceutical companies have been under threat by powerful domestic generic companies.

2. Currency Depreciation was a major challenge faced by the Brazil pharmaceuticals market

To learn more about this report Download a Free Sample Report

The local currency of Brazil has been depreciating over the years. In 2018, the exchange rate with respect to US dollars was recorded to be BRL 3.6 and Brazil on the other hand relies heavily on the imports of raw materials for the manufacturing of medicine from countries such as Unites States of America, Germany and many other countries.

The domestic currency (BRL) depreciation resulted in high costs on imports of raw materials and it led to a downfall in the production outputs of generic and patented drugs in the country.

3. Growing ministry of health budget- The government is taking measures to support Brazil’s pharmaceutical industry

Visit this Link: – Request for custom report

Budget allocation of Ministry of Health is growing over the years in Brazil. Of the total Ministry of Health’s annual budget approximately 89% is effectively utilized as planned by the ministry. Budget execution of Pharmaceuticals Assistance on the other hand was comparatively lower and accounted for approximately 72% of the total pharmaceutical’s assistance budget. This has directly impacted the patients in the country who were dependent on the SUS for access to therapies these patients need.

Urban Boom in the Philippines Fuels Home Finance Market as Over 55% of Population Embraces City Life in 2022. Will Philippines continue to support Home Finance Market in future? : Ken Research

 Buy Now

1. Rapid Urbanization creating a demand for housing and a drive the need for home finance options.

For more information, request a free sample Report

With a rising population and increased movement from rural to urban regions, the Philippines is rapidly urbanizing. Housing demand and the necessity for home financing solutions are both fueled by urbanization. As more individuals look for homes in metropolitan areas, the market grows and offers a range of home loan options to suit varied income levels and preferences.

Of the 109.03 Mn people living in the Philippines as of 2020, 58.93 Mn, or 54.0%, resided in urban barangays. Compared to 2015, when there were 50 Mn urban dwellers, this implies a growth of 7.20 Mn people. The remaining 50.10 Mn people, or 46.0% of the total population, were classed as rural in 2020, or those who resided in barangays that were considered rural.

Explore and access the knowledge that will drive your success in the dynamic and promising of Philippines home finance market.

2. BALAI BERDE and EDGE: Scaling Up Green Housing in the Philippines

Green building rating systems such as IFC’s EDGE add a lot of value to residential projects on their own. However, when coupled with financial products and incentives, they present a more attractive proposition for both developers and homebuyers, promoting unprecedented growth and scale for homes that contribute to climate change mitigation.

Visit A link Request for Custom Report

We’ve seen how Arthaland, as the first nonbank issuer of green bonds in the Philippines, is using the $60 Mn green bond proceeds to fund the development of their entire portfolio of EDGE-certified residential and commercial projects using EDGE as criteria, through green construction finance and green mortgages.

Then there is the secondary mortgage market, which can also be made more sustainable through green mortgage-backed securities (green MBS).

Interest in the market is growing for this partnership, with over 90,000 sqm of floor space and 3,000 housing units registered for EDGE certification in the Philippines, even before the BALAI BERDE launch.

For more insights on market intelligence, refer to the link below: –

Philippines Home Finance Market

The Global Lubricants Market is poised to grow at a robust rate reaching $18 Bn by 2026. Will it sustain? : Ken Research

 Buy Now

Global Lubricants Market Ecosystem

Global Lubricants Market is concentrated among the top 10 players. The top companies have been utilizing competitive strategies and investments to retain and expand their shares. The players are competing on the basis of Geographies covered, brand awareness, retention rate & price of the product. The major companies dominating the Global Lubricants market for its products, services, and continuous product developments are Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc, and Total Energies among others.

1.“High expectations from industrial sector:” Will it be leading the market growth in upcoming years?

Interested to Know More about this Report, Request for a sample report

With the rising cost of powering industrial activities, the industrial sector is making effort to cut down energy consumption & energy costs. Engine parts that are not properly lubricated are more prone to friction & ultimately damage which means that they use more fuel, resulting in more pollution. The global industrial lubricants market recorded demand generation of 15,017 kilotons in 2015 and is projected to rise to 19,477.6 kilotons by 2024. A good grade product helps reduce damage by reducing friction & enhancing machine efficiency. Rapid industrialisation is expected to propel growth in upcoming years.

2.“Synthetic lubricants becoming a priority:” The growing demand for synthetic lubricants, especially in Europe, is anticipated to aid global market growth.

Visit this Link :- Request for custom report

The global demand for synthetic lubricants has been on rise & has picked up pace due to rising awareness about alternatives for mineral oil lubricants. Moreover, synthetic varieties have grown in popularity due to their better efficiency than natural mineral oil. They have largely begun to replace natural mineral oil as the preferred choice in various sectors that demand high consistency levels. Moreover, the segment is anticipated to register a robust growth in the upcoming years, especially in Europe wherein stringent regulations on CO2 emissions have been placed, thereby serving as a catalyst for the market. Moreover, increasing investment in blending plants for synthetic lubricants in Russia & Netherlands is also driving the market in Europe. USA is another region wherein the demand for synthetic lubricants is at an all-time high.

Market Taxonomy

By Type of Application

• Industrial
• Automotive
• Others

By Type of Lubricant (Industrial Lubricant)

• Engine Oil
• Turbine Oil
• Hydraulic Oil
• Compressor Oil
• Transformer Oil
• Greases
• Industrial gear Oil
• Metal Working Fluids
• Others

By Grade (Industrial Oil)

• Mineral Oil
• Semi-synthetic Oil
• Synthetic Oil

By Type of End Use (Industrial)

• Power Generation
• Construction & Mining
• Transportation
• Metal production
• General Manufacturing
• Food Industry
• Commercial
• Others

By End-use of Lubricant (Automotive)

• Commercial Vehicle
• Passenger Car
• Motor Cycle
• Marine
• Others (Aviation, Railway)

By Type (Automotive)

• Passenger car Motor Oil
• Heavy Duty Diesel Engine Oil
• Hydraulic Oil
• Gear Oil
• Greases

By Grade (Automotive)

• Mineral Oil
• Synthetic Oil
• Semi-Synthetic Oil

By Geography

• Asia Pacific
• Europe
• Latin America
• Africa
• Middle East
• North America

Key Target Audience

• Lubricants Manufacturers
• Lubricants Distributors
• Base-oil Companies
• Additive Companies
• Refining Companies
• Construction and Mining Industry
• General Manufacturing Industry
• Metal Production Industry
• Power Generation Industry
• Food Processing Industry
• Agriculture Industry
• Medical Industry
• Automotive OEMs

Time Period Captured in the Report:

• Historical Period:2017-2022
• Base Year: 2022
• Forecast Period: 2022-2027

Key Players Covered 

• Petromin
• Castrol
• Exxon Mobil
• Chevron
• Fuchs
• Petronas
• Saudi Aramco
• Valvoline
• Royal Dutch Shell Plc
• Total Group
• ENEOS Corporation
• AMALIE Oil
• BP Plc
• PetroChina Company Ltd.

For More Insights On Market Intelligence, Refer to the Link Below: –

Global Lubricants Market

Related Reports by Ken Research: –

UK Lubricant Market Outlook to 2027

Nigeria Lubricants Market Outlook 2027F

Mexico Lubricants Market Outlook to 2027F

5 Key Factors to Consider for Achieving Product-Market Fit: Ken Research

 Creating a great product is not enough if there is no one willing to pay for it. That’s why achieving product-market fit is a big deal in business. But how do you determine if your product is the need of your customer? In this article, we will take you through the five crucial steps that will help you achieve product-market fit with ease. But before we start, let’s first understand what product-market fit is.

Define Product Market Fit

In other words, when an entrepreneur identifies a specific need within the market and creates a solution that effectively caters to customer preferences and desires, a product-market fit is achieved.

How do you consider product-market fit before launching the product?

Many business owners spend a lot of money and time in building a product without understanding the product-market fit. As a result, most of the businesses fail because the product does not match the requirements of the customers. So, to escape the failure from your business journey, focus on these 5 parameters that will enable you to understand if your product is ready to make a buzz in the market. Let’s dive in.

1. Find out Customer Needs and Pain Points:

Understanding the needs and pain points of the target customers is important for creating a product that effectively solves their problems. Conducting comprehensive market research, surveys, and interviews offers valuable insights into customer desires.

2. Focus on Competitive Analysis:

Analyzing competitors enables the identification of market gaps and the differentiation of products. Thoroughly studying competitors' offerings, pricing strategies, and customer feedback helps you gain a competitive advantage.

3. Work on Target Market Segmentation:

Segmenting the target market based on demographics, psychographics, and behavior facilitates tailoring the product to specific customer groups. Focusing on distinct segments allows your business to address its unique needs and preferences effectively.

4. Define Your Value Proposition:

A clear and compelling value proposition communicates the unique benefits customers gain from a product compared to alternatives. Defining what sets the product apart and effectively communicating it to potential customers is crucial.

5. Iterative Feedback and Testing:

Gathering continuous customer feedback and iterating on the product is a great way for achieving product-market fit. Early adopters and beta testers provide valuable insights to refine the product and align it with market demands.

Find the right fit for your product-market fit process

Building product-market fit requires a deep understanding of target customers, comprehensive competitive analysis, effective market segmentation, a compelling value proposition, and a commitment to iterative improvement based on customer feedback.
Doesn't it seem like a challenging task? Don't worry; at Ken Research, we excel in helping our clients determine product-market fit without any hassle. With a proven track record of assisting numerous players, we have successfully delivered remarkable business impact. You can rely on our expertise to guide you through the process of identifying the perfect product-market fit for your business.

Book a FREE DISCOVERY CALL with Ken Consultants today!

Halodoc: A Game-Changer in Indonesia's Health-Tech Sector – Ken Research

 Buy Now

Halodoc, Indonesia's premier digital health-tech platform, is rapidly expanding its reach, serving over 20 Mn monthly users and bringing accessible healthcare to millions of individuals throughout the vast archipelago, establishing itself as a leader in the industry.

STORY OUTLINE

• Jonathan Sudharta's mission to launch Halodoc in 2016, driven by technology-enabled healthcare access.
• prestigious awards received by Halodoc, such as the 2023 Marketeers Youth Choice Award and the 2022 Fortune Indonesia Change the World Award.
• Halodoc's successful funding rounds and diverse group of 18 investors and the recent investments are from Openspace and PT. Astra International Tbk.
• Halodoc’s received the "Most Innovative Start-Up" award from Galen Growth Asia and Forbes Indonesia's recognition.

Ranked as the 4th most populous nation globally, the Indonesian archipelago faces a significant challenge in healthcare accessibility. With a meager ratio of only 0.4 doctors per thousand residents, the availability of healthcare services remains limited. In 2016, Jonathan Sudharta embarked on a mission to launch Halodoc, driven by the vision of utilizing technology to facilitate convenient access to healthcare.

For more information, request a free sample Report

• Awards: Halodoc's Secret to Immunity?

Halodoc, a trailblazer in Indonesia's digital healthcare industry, leads with ~20,000 experienced doctors available via chat, video, or voice calls. This year, Halodoc has been honoured with a series of esteemed awards. These accolades include the 2023 Marketeers Youth Choice Award, the 2022 Fortune Indonesia Change the World Award, the Katadata25: Game Changer in Digital Award, and the Indonesian government's 2023 PPKM Award, further cementing Halodoc's exceptional recognition in the industry.
Halodoc has secured funding from a diverse group of 18 investors, with Openspace and PT. Astra International Tbk being the latest additions to the list of investors.

• Building Immunity through Awards: Halodoc's Journey to Excellence

Visit A link Request for Custom Report

Halodoc achieved notable recognition in the industry, being the sole health technology start-up from Southeast Asia featured on CB Insights' prestigious Digital Health 150 list in both 2019 and 2020. Additionally, Halodoc received the esteemed "Most Innovative Start-Up" award from Galen Growth Asia in 2018 and was handpicked as a "Choice Start-Up" by Forbes Indonesia. Halodoc has raised a total of ~$140Mn in funding over 4 rounds. Their latest funding was raised on Apr 21, 2021 from a Series C round. Halodoc has garnered an impressive user base of ~20Mn.

According to Ken Research, Halodoc is at the forefront of Indonesia's digital healthcare industry, tackling the crucial issue of healthcare accessibility. With their innovative platform and extensive network of experienced doctors, Halodoc utilizes technology to offer convenient healthcare services. Their esteemed awards underline their remarkable contributions, resilience, and ongoing commitment to transforming healthcare delivery and improving access for millions of Indonesians.

For more insights on market intelligence, refer to the link below: -

Indonesia Health Tech Market

High Gear: Saudi Arabia Reigns Supreme in the Automotive Industry – Ken Research

 Buy Now

In recent times, there has been a resurgence in demand for Saudi Arabia's used car and after market segments. Experts project that the used car market is poised for steady growth, with a CAGR estimated to be around ~4% from 2019 to 2025.

STORY OUTLINE

• The Covid-19 pandemic caused a significant decline of ~60% in new car sales in 2020, leading to a surge in private vehicle ownership and the growth of the affordable used car market.
• Consumers in Saudi Arabia prioritize newer models and reputable brands with strong resale value when purchasing used cars for their commuting and travel needs.
• The used car industry in Saudi Arabia is experiencing growth, as indicated by the improvement in the used to new car ratio from around 50 in 2014 to around 2 in 2019.
• Online auto-classified platforms and marketplaces, such as Yalla, Open Souq, Abdulla Fouad, Motory, and SellAnyCar.com, play a significant role in facilitating used car transactions and driving market expansion.

The Covid-19 pandemic resulted in a sharp ~60% decline in new car sales in 2020, with the trend persisting for over a year. As the virus continued to spread, there was a noticeable surge in private vehicle ownership, driving the growth of the affordable used car market. Consumers sought out newer models and reputable brands known for their strong resale value to meet their commuting and travel needs. The pre-owned car industry in Saudi Arabia is experiencing a period of growth, as indicated by the improvement in the used to new car ratio. From ~1.50 in 2014, the ratio has increased to ~2 in 2019, reflecting the rising prominence of the used car market compared to new car sales.

1. Click, Compare, Buy: KSA's Digital Journey to Vehicle Ownership

For more information, request a free sample Report

Across the nation, online auto-classified platforms and marketplaces are gaining widespread popularity as a growing trend. These platforms utilize cutting-edge technologies to offer consumers an enhanced experience. Notably, more than 10% of used car transactions are facilitated by independent dealers who have established digital marketplaces for buying and selling pre-owned vehicles. Key players in the used car market include Yalla, Open Souq, Abdulla Fouad, Motory, and SellAnyCar.com. To support SellAnyCar.com's expansion efforts, a unit of Saudi Arabia's sovereign wealth fund has provided ~$35 Mn in funding.

2. Shifting Gears: The Key Factors Accelerating the Surge in Used Car Sales

• Used Car Industry Poised for Growth with Rising Disposable Income and Online Platform Expansion.
• Young Workforce Surge: Saudi Arabia's burgeoning younger generation entering the workforce fuels the demand for used cars.
• Women Driving Transformation: The lifting of the ban on women drivers opens up new avenues, propelling the used car market.
• Disposable Income Dynamics: The decline in disposable income stimulates the search for cost-effective options, boosting the used car sector.
• Expatriate Bargain Hunters: Middle-income expatriates seeking better deals contribute to significant growth in the used car market.

3. Toyota's Resale Advantage: Fueling Highest Used Car Sales in 2019

Visit A link Request for Custom Report

Toyota has emerged as a dominant force in the used car market in KSA, capturing the attention and preference of customers. One of the key factors contributing to Toyota's popularity is its reputation for better resale value, ensuring that customers can retain a significant portion of their investment when it comes time to sell. Additionally, Toyota vehicles are known for their low maintenance requirements, providing owners with peace of mind and cost savings over the long term. This combination of exceptional resale value and low maintenance has propelled Toyota to the top spot in used car sales, solidifying its position as a trusted and sought-after brand in the market.

The KSA used car market has witnessed significant growth due to the Covid-19 pandemic, shifting consumer preferences, and the rise of online platforms. Toyota's dominance in the market, with its better resale value and low maintenance, has fueled the highest used car sales, reflecting its strong position in the industry's expansion.

For more insights on market intelligence, refer to the link below: –

KSA Used car Market

Future Outlook of Global Auto Finance Market: Ken Research

 Buy Now

What Is The Size Of Global Auto Finance Industry?

Global Auto Finance Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028.

The Auto Finance Market is largely driven by increasing vehicle sales, easy loan availability, technological advancements, rising disposable income, the shift towards electric vehicles, leasing and subscription models, urbanization and mobility solutions, and government initiatives and incentives.

The accessibility of auto loans and the ease of obtaining them play a crucial role in the growth of the auto finance market. Financial institutions, including banks, credit unions, and specialized auto finance companies, provide loans with competitive interest rates and flexible repayment terms, making it convenient for individuals to finance their vehicle purchases.

The integration of technology in the auto finance sector has streamlined the loan application and approval processes. Online loan applications, digital documentation, and automated approval systems have made it more efficient for borrowers to obtain auto financing, which has boosted the market growth.

Rapid urbanization, coupled with the development of smart cities, has led to increased demand for mobility solutions. Ride-sharing platforms, car rental services, and other emerging mobility trends require robust auto finance systems to support their operations, contributing to market growth.

Furthermore, Governments worldwide has introduced incentives to promote vehicle sales, including subsidies, lower interest rates, or favorable tax policies.

To learn more about this report Download a Free Sample Report

Global Auto Finance Market By Type

The Global Auto Finance market is segmented by Type into New cars, used cars and Motorcycles. New car type dominates the Global Auto Finance market in 2022. New car financing tends to have a larger market share due to higher demand and sales volume compared to used cars and motorcycles. Additionally, new car purchases often involve higher loan amounts, leading to a greater need for financing. The availability of attractive loan terms, competitive interest rates, and manufacturer incentives further contribute to the dominance of the new car segment in the auto finance market.

Global Auto Finance Market By Distribution Channel

The Global Auto Finance market is segmented by Distribution Channel into Banks & Subsidiaries, NBFC's, OEMS and Captives. Banks & Subsidiaries are the dominant segment in the market in 2022. Banks possess significant advantages such as established networks, extensive customer bases, and access to low-cost funding sources. Their financial stability, regulatory compliance, and ability to offer a wide range of financial services make them a preferred choice for many consumers seeking auto financing. Furthermore, banks often have long-standing relationships with customers, allowing for cross-selling opportunities and bundled financial products.

Global Auto Finance Market By Type Of Financing

The Global Auto Finance market is segmented by Type of Financing into Passenger Vehicles and Commercial Vehicles. Passenger Vehicle Segment dominates the market in 2022. Passenger vehicles, which include cars, SUVs, and minivans, generally have a larger market share compared to commercial vehicles such as trucks and vans. This dominance is due to the higher volume of passenger vehicle sales worldwide, driven by individual consumers and families purchasing vehicles for personal use. Additionally, passenger vehicle financing tends to involve smaller loan amounts, making it more accessible to a broader customer base, further contributing to its dominance in the auto finance market.

Visit this Link: – Request for custom report

Global Auto Finance Market By Purpose Type

The Global Auto Finance market is segmented by Purpose Type into Loans and Lease. Loan segment dominates the global auto finance market in 2022. Loans, which involve borrowing funds to purchase a vehicle with the intention of ownership, generally have a larger market share compared to leasing. This dominance can be attributed to the widespread preference for vehicle ownership among consumers worldwide. Loans provide individuals with the opportunity to own a vehicle outright, build equity, and customize or modify the vehicle to their liking. Additionally, loans offer more flexibility in terms of vehicle usage and mileage compared to lease agreements.

Global Auto Finance Market By Tenure

The Global Auto Finance market is segmented by Tenure into      1 year, 2 years, 3 years, 4 years & 5 year and above. 3 years tenure is the most preferred by the customers globally in 2022. A 3-year tenure is commonly preferred by many consumers for auto financing due to several factors. It strikes a balance between affordability and loan term duration, allowing borrowers to spread out their payments over a reasonable period. Additionally, a three-year tenure aligns well with the average ownership cycle of vehicles, providing borrowers with an opportunity to trade in or sell their vehicles without significant negative equity.

Global Auto Finance Market By Region

The Global Auto Finance market is segmented by Region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is the most dominant region in the market in 2022. North America, comprising countries such as the United States and Canada, is the significant market for auto financing. The region has a high level of vehicle ownership, a well-established banking sector, and a strong culture of car ownership. Additionally, the availability of diverse financing options, competitive interest rates, and a robust dealer network contribute to the dominance of North America in the global auto finance market.

Request free 30 minutes analyst call

Competition Scenario In Global Auto Finance Market

The global auto finance market is highly competitive, with numerous financial institutions and specialized auto finance companies vying for market share. Players in the market compete based on factors such as competitive interest rates, flexible loan terms, diverse financing options, quick loan processing, superior customer service, and innovative digital experiences.  Additionally, offering specialized financing solutions for electric vehicles, lease and subscription models, and partnerships with dealerships and original equipment manufacturers (OEMs) are key strategies to gain a competitive edge. The market is driven by continuous efforts to provide customers with attractive financing packages while adapting to changing consumer preferences and technological advancements. Some of the Major Players in the market are BMW Financial Services, Toyota Financial Services, GM Financial and Honda Financial Services.

For More Insights On Market Intelligence, Refer To The Link Below: –

Global Auto Finance Market

Related Report by Ken Research: –

Philippines Auto Finance Market Outlook to 2027

Thailand Auto Finance Market Outlook to 2026F

UAE Auto Finance Market Outlook to 2026F

Auto Finance Market Is Expected To Grow At A CAGR Of 11.4% By 2027. Will The Philippines Auto Finance Market Stand On This Expected Figure? : Ken Research

 Buy Now

1. 60% of the mobile and internet users had an online financial transaction in the past and accounts with NGOs and cooperatives were primarily transacted over-the-counter (OTC).

For more information, request a free sample Report

• Increased use of online banking/mobile apps reflects a progressive shift towards digital payments. These online payment channels helped in weathering movement restrictions imposed by months of COVID-19 lockdown measures.
• Adults who were uncomfortable using online platforms were worried about the possibility of losing money due to hacking and inadvertent transactions (i.e., transfer to wrong account). To address these concerns, FSPs are improving their security measures to ensure that users are shielded from fraudulent transactions.

Trends and Developments in Philippines Auto Finance Market

2. Incentives provided for development and Deployment of Electric Vehicles in Philippines.

• Electric Vehicle Industry Development Act (EVIDA) gave incentives to electrified vehicles pushing for lower to zero-emission vehicles as well as improving EV charging infrastructure network.
• EV players consist of 54 manufacturers/importers, 11 parts manufacturers, and 18 dealers/traders. There are 19 charging stations, mostly in the main island of Luzon.
• In 2018, there were about 7,000 registered EVs for local use in the country according to Land Transportation Office (LTO).
• The Electric Vehicle Association of the Philippines (EVAP) forecasts an annual growth rate of 8-12% that will produce P1.68 B ($33.6 M) revenue from services and sales of 200,000 units by 2024.

Visit A link Request for Custom Report

3. Major Regulatory Authorities & Associations

Bangko Sentral ng Pilipinas: The central monetary authority in charge of regulating money, banking and credit in the Philippines.

Bankers Association of the Philippines: A non-profit organization that frames rules and regulations in co-operation with the Central Bank that will help in efficiency and effectiveness of banking services.

Securities and Exchange Commission: The national government regulatory agency charged with supervision over the corporate sector, capital market participants, and securities and investment instruments market, and protection of the investing public.

For more insights on market intelligence, refer to the link below: –

Philippines Auto Finance Market