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.
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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