The report titled “Singapore Auto Finance Market Outlook to 2025- Driven by Green Car Loans, Growing Digital Advancements and Increasing Number of Finance Aggregators” provides a comprehensive analysis on the performance of the Auto Finance industry in Singapore. The report covers various aspects including credit disbursed, trends & developments, issues & challenges faced by the industry, competition landscape and more. The Singapore Auto Finance market report concludes with projections for future of the industry including forecasted values by 2025, market segmentations, COVID -19 impact and analysts’ recommendations.
Singapore Auto Finance Market Overview and Size
The
Singapore Auto Finance Market was observed to be in growth stage during the
period of 2015-2020owing to the growing digital advancements to ease loan
application process, emerging green car loans, introduction of finance
aggregators and more. The Singapore Auto Finance Industry had grown at a CAGR of
0.7% on the basis of Auto credit disbursed and 2.2% basis Auto Loan Outstanding
in 2015-20. The CAGR was comparatively low owing to less number of cars
financed in 2020 due to COVID – 19.As of 2020,on an average, 85-90% of the
vehicles sold in Singapore were financed, with approximately ~65% of the cost
share borrowed from Auto Financial Institutions.
Singapore Auto Finance Market Segmentations
By Type of Cars Financed (Units): Singapore Auto Finance market is dominated by Used Vehicles
in terms of absolute number of vehicles sold as well as financed. However,
relative penetration of auto finance is higher for new vehicles than used
vehicles in the country, owing to higher prices of the former.
By Credit Disbursed and Loan Outstanding basis Type of Cars: Passenger Vehicles occupy the lion’s share of the total
credit disbursed as well as loan outstanding in the Auto Finance Market of
Singapore with New Vehicles and Used Vehicles financing almost equally dominating
the Passenger Vehicle segment.
By Type of Institution basis Loan Outstanding: Majority of the Auto Loans in Singapore is through Banks
owing to the huge number of loans offered by them at comparatively low interest
rates.
The Auto Finance market of Singapore consists of a large number of Domestic as well as international players. However, only top few players occupy a lion’s share of the market (basis credit disbursed) making the Industry highly concentrated. Major Baking Institutions involved in Auto Loans Services in Singapore include DBS Bank, Standard Chartered, OCBC, MayBank, and UOB among others. Also, Major Non Banking Financial Institutions in the country include Hong Leong Finance, Singapura Finance, Sing Investment and Finance and more. The parameters at which the companies are competing are Interest Rate Offered, Clientele, service portfolio, Technology and more.
Singapore Auto Finance Market Future Outlook &
Projections
The
Singapore Auto Finance industry is expected to increase at a CAGR of 8.9% basis
Auto credit disbursed and 1.3% basis Auto Loan Outstanding during 2020 to 2025.The
credit disbursed is expected to rise in Singapore at higher than average CAGR
owing to higher number of cars financed in the future. The government of
Singapore is working towards expansion of Green Car Sales in the country, which
is expected to increase the demand of ‘Green Car Loans’ in the future years. New
Business Models such as Shared Ownership Financing may also emerge in the
country in the coming years. Lastly, Industry is expected to move towards a
digital growth with the expansion of Artificial Intelligence, Machine Learning,
Big Data and more to further simplify loan application process.
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:-
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