Philippines Auto Finance Market Overview
Philippines is 2nd fastest growing vehicle market in ASEAN with Commercial vehicles with higher market share and the market has observed the maximum growth in the automotive industry in ASEAN Countries, with automotive loan outstanding growth in the last five years mainly due to population increase and economic growth. The Auto Finance Market is in the Growing Phase with Banking Institutions and NBFCs leading the Market and Online Aggregators Platforms entering the Market with the Introduction of Online Personal Loan aggregator Platforms in the market to provide ease in vendor selection process like BSP pay, Pesopay are among the top aggregator, Better Technological Infrastructure in the form of growing Auto Finance platforms and rising usage of AI and ML for better Auto lending experience will lead the future growth of the industry. Innovative Business Models such as Subscription Lending & shared ownership may grow in future to increase car financing. The market is still expected to a good growth in Auto Finance Market of Philippines.
How Is Rapid Auto Finance Market Is Positioned In Philippines?
Philippines Auto Finance Market Overview
Philippines Auto Finance Market is Expected to grow at a good CAGR in between 2021 and 2026F, one of the major determinants for the surging growth in coming years is the Increasing Population and growing income levels leading to rise in sales of cars , the rise in Auto Outstanding Loans in Philippines, the increase in Auto Loan Outstanding is expected a high growth rate between 2021F-2026F, High-Mid range car models are expected to witness strong success as the majority of car buyers segment includes the High Income people leading to larger Loan amount per customer, Expectation of high growth in car sales especially in Green cars as the government is building the infrastructure like the charging point at public parks. Higher digitization and usage of Artificial Intelligence and Machine Learning to improve customer convenience. New Business Models such as Subscription Lending, Shared ownership financing are coming into play which will lead the way for high growth rate in the Philippines Auto Finance Market.
Competition Scenario in Philippine Auto Finance Market
Philippines Auto Finance Industry is expected to witness growth in future owing to reasons such as Increasing demand for automotive, growing income levels, new and innovative business models and more. Major Institutions include Security Bank, Robinson Bank, First United Finance and Leasing Corporation, East West bank, Asia Link Finance Corporation. Other players in the market includes Yulon Finance Philippines Corporation, MetroBank, Welcome Bank, TFSPH, Bank of Philippines Island, BDO Unibank, Malayan Insurance, Land Bank of Philippines, Development Bank of Philippines, Union Bank, Sterling Bank of Philippines, Pen Bank, The Philippine Bank of Communications. Companies in Auto Finance Market in Philippines are competing based on Interest Rate Offered, Loan Tenure, Deals Offered, Convenience and Extra Fees Charged.
Key Segments Covered:-
Philippines Auto Finance Market
By Category of Lenders (By Credit dispersed), 2021 & 2026F
Universal and Commercial Banks
Thrift Banks
NBFCs
Captives
By Type Of Vehicles (By Credit dispersed), 2021 & 2026F
Two and Three Wheelers
Four Wheelers
Buses and Trucks
By Type of Ownership (By Credit dispersed), 2021 & 2026F
Used Cars
New Cars
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By Category of Vehicles (By Credit dispersed), 2021 & 2026F
Passenger Vehicles
Commercial Vehicles
By Loan Tenure (By Credit dispersed), 2021 & 2026F
12 – 24 Months
25 – 48 Months
By Geographical Location (By Credit dispersed), 2021 & 2026F
Region I
Region II
Region III
Region IV – A
Region IV – B
Region V
Region VI
Region VII
Region VIII
Region IX
Region X
Region XI
Region XII
NCR
A.R
CARAGA
Key Target Audience
Banks and its Subsidiaries
NBFCs
Captive Finance Companies
Government and Institutions
Automobile Companies
Car Dealers
Government and Institutions
Existing Auto Finance Companies
OEM Dealerships
New Market Entrants
Investors
Auto mobile Associations
Time Period Captured in the Report:
Historical Period: 2016-2020
Base Year: 2021
Forecast Period: 2022– 2026F
Companies Covered:
Asialink Finance Corporation
Yulon Finance Philippines Corporation
Security Bank
MetroBank
Welcome Bank
Toyota Financial Services Philippines Corporation (TFSPH)
Bank of Philippines Island
BDO Unibank
Malayan Insurance
Philippine Depository and Trust Corporation
LBP leasing and Financing Corporation
Robinsons Bank
The Philippine Bank of Communications (PBCOM)
Land Bank of Philippines
Asia United Bank
Development Bank of Philippines
Union Bank
Sterling Bank of Philippines
Penbank and more
For more insights on the market intelligence, refer to the link below:-
Philippines Auto Finance Market
Related Reports By Ken Research:-
KSA Auto Finance Market Outlook to 2026F
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