The report titled “Thailand Auto Finance Market Outlook to 2023 - by Loan Tenure, By Commercial Banks, Non- Banking Financial Institutions, Auto OEMs Captives; By New and Used Passenger and Commercial Vehicles” provides a comprehensive analysis of Thailand’s Auto Finance Market including market evolution, overview, genesis, market size, and market segmentation. The extensive focus has been placed in quantifying the auto credit disbursed auto loans outstanding and a number of vehicles financed. The report covers aspects such as market segmentation (by loan tenure, type of vehicles, new and used cars and type of institutions) and snapshot on general automotive space in Thailand. Competitive landscape of major players including Thanachart Bank, Bank of Ayudhya, Siam Commercial Bank, Ayudhya Capital Auto Lease, Kasikorn Bank, and TISCO Bank have been extensively covered. The report also covers future industry analysis (by credit disbursed and by auto loan outstanding), future market segmentation, SWOT analysis, growth opportunities, upcoming business models, government regulations and analyst recommendations.
Market Overview:
Thailand auto finance market played an essential role in the overall GDP contribution in the Thai economy. After witnessing a burst in 2015, the market is currently placed in its recovery phase registering a slow-moving growth rate. Major operations are conducted by three types of entities namely, banks & subsidiaries, captive finances, and nonbank financial institutes. Numerous new business strategies were adopted by major players including the launch of “Cash Your Car”, First Car Buyer Scheme, and Floor Plan Model with competitors indulging in maintaining extensive collaborations with luxury dealers like Volvo for product sales expansion.
Market Size:
Thailand auto finance market on the basis of total credit disbursed has expanded registering a CAGR of close to 4% during 2013-2018. The number of automobiles financed witnessed a CAGR of close to 6% owing to an increase in the household disposable income and more affluent middle class in the economy. Two-wheelers market experienced growth with the rise in motorcycle demand fueled by Thai farmers. The growing consumer confidence index, constant prime lending rates, growing car sales and evolving used car market has been the major growth factors. In terms of total auto loans outstanding, the market registered a CAGR of almost 5% during the review period.
Market Segmentation
By Type of Vehicles:
The credit disbursed for commercial vehicles registered a CAGR of above 6% during 2013-2018. On the basis of the auto loan outstanding, passenger vehicle recorded a CAGR above 1% while commercial vehicles experienced a CAGR of above 8%. Commercial vehicle finance has led the space by capturing a share of over 50% in 2018. The first buyer scheme was a boon for the market in its initial years; however, eventually, it failed because of the slow growth in the economy after the scheme.
By New and Used Cars:
New vehicles have led the market share on the basis of both, credit disbursed and auto loan outstanding in 2018. By Type of Institutions: By auto loan outstanding, banks & subsidiaries have led the market in 2018. This was followed by captive finances which are growing at a faster pace due to low interest charged. Lowest share was comprised by NBFIs.
By Loan Tenure:
On the basis of the auto loan outstanding, 3-year loan tenure has been the most popular segment in 2018. This was followed by 2-year loan tenure which is usually taken up for second-hand vehicles. This was followed by 4 years and 1-year tenure while 5 years and above was the least popular segment in the market in 2018.
Competitive Landscape
Competition Scenario:
The overall competition stage of the market has been fragmented owing to a presence of approximately 100-150 entities. The market is dominated by banks in terms of auto loans extended owing to the low cost of financing. There are 6 major banks offering auto loans in Thailand namely Thanachart bank, Bank of Ayudhya, Siam Commercial bank, Kasikorn Bank, TISCO and Ayudhya Capital Auto Lease. There are 16 major captive finances in the market, including Toyota Leasing Thailand, Ford Services, Mercedes-Benz Leasing, BMW Financial Services, MITSU Leasing Thailand, and others. The non –banks hold a minimal share in Thailand with 13 major players namely Ayudhya Capital Auto Lease, Ayudhya Capital Services Company Limited, Asia Sermkij Leasing Public Company Limited and others.
Future Analysis and Projections
Market Size:
The market has been anticipated to trace a CAGR close to 4% during 2018-2023E in terms of total credit disbursed for auto finance in Thailand. In terms of the auto loan outstanding, it has been expected that the market shall register a CAGR of above 6% during the same.
Thailand auto finance market is likely to witness a boon in terms of a number of auto loans sanctioned especially on the technological front with the development of the Eastern Economic Corridor (EEC). The digital front would witness new schemes that are more customers friendly. Moreover, the rise in commercial activities engaging automobiles such as the use of vehicles in public transport, agricultural and industrial use, are expected to be the potential prospects of growth in the next five years.
Key Segments Covered:
Type of Vehicles (Passenger Vehicles and Commercial Vehicles on the basis of Credit Disbursed and Auto Loan Outstanding)
New and Used Cars (On the Basis of Number of Vehicles Financed and Auto Loan Outstanding)
Type of Institutions (Banks & Subsidiaries, Captive Finances and Non-Bank Financial Institutes on the Basis of Auto Loan Outstanding)
Loan Tenure (1 Year, 2 Years, 3 Years, 4 Years, 5 and More years on the basis of Auto Loan Outstanding)
Key Target Audience:
Existing Auto Finance Companies
Banks & Subsidiaries
Auto OEM Captive Finance Companies
Non-Banking Financial Institutions
New Market Entrants
Automobile Financing Companies
Government Organizations
Investors
Automobile Associations
Automobile Original Equipment Manufacturer
Time Period Captured in the Report:
Financial Year 2013-2018: Historical Period
Financial Year 2019-2023: Future Forecast
Companies Covered:
Banks:
Thanachart Public Company Limited, Siam Commercial Bank Public Company Limited, Kasikorn Bank Public Company Limited, Kiatnakin Bank Public Company Limited, Bank of Ayudhya Public Company Limited and TISCO Bank Public Company Limited
Subsidiaries:
Ratchthani Leasing Public Company Limited, Thanachart Group Leasing Company Limited, Ayudhya Capital Auto Lease Public Company Limited, Ayudhya Capital Services Company Limited, Krungsri LEASING Services Company Limited, Ngern Tid Lor Company Limited, TISCO Leasing Company Limited, TISCO Tokyo Leasing Company Limited, Kasikorn Leasing Company Limited AND Kiatnakin Leasing Company Limited.
Captive Finances:
Toyota Leasing Thailand, Mercedes-Benz Leasing, BMW Financial Services, MITSU Leasing Thailand, Ford Services Thailand Company Limited, Honda Leasing Thailand Company Limited, Hyundai Motor Thailand Company Limited, Kia Motors Finance, Mazda Financial Services Limited, Suzuki Motor Thailand Company Limited, Volvo Financial Services, Tri Petch Isuzu Leasing Company Limited, Land Rover Financial Services, Mini Financial Services, Porsche Financial Services And Thai Rung Union Car Public Company Limited
Non-Banks:
Ayudhya Capital Services Company Limited, Ayudhya Capital Auto Lease Public Company Limited, Asia Sermkij Leasing Public Company Limited, Ngern Tid Lor Company Limited, Jmt Network Services, SGF Automotive, Thai Ace Capital, Aeon Thana Sinsap Public Company Limited, Summit Capital Leasing Company Limited, Nakonluang Capital Public Company Limited, J Money Company, G Capital Public Company Limited and Thiensurat Leasing Company Limited
Key Topics Covered in the Report:
Thailand Auto Finance Market Value Chain
Thailand Auto Finance Market Ecosystem
Thailand Auto Finance Market Overview
Thailand Auto Finance Market Size on the Basis of Credit Disbursed, 2013–2018
Thailand Auto Finance Market Size on the Basis of Auto Loan Outstanding, 2013-2018
Thailand Auto Finance Market Trends & Challenges
Thailand Auto Finance Market Segmentation by Type of Vehicles (Credit disbursed, and Auto Loan Outstanding)
Thailand Auto Finance Market Segmentation by New and Used Vehicles (Number of Vehicles Financed and Auto Loan Outstanding)
Thailand Auto Finance Market Segmentation by Type of Institutions (Auto Loan Outstanding)
Government Regulations in Thailand Auto Finance Market
Strengths of Major Players in Thailand Auto Finance Sector
Company Profile of Major Players in Thailand Auto Finance Sector
Future Outlook and Projections in Thailand Auto Finance Market (2019-2023)
Growth Opportunities in Thailand Auto Finance Market
Future Market Segmentation of Thailand Auto Finance Market
SWOT Analysis of Thailand Auto Finance Market
Analyst Recommendations
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