· Singapore hasn't had a car manufacturing plant since Ford closed
its factory several decades ago, effectively ending automobile production on
the island owing to which it imports all its cars from other countries.
· Increasing Number of Auto Finance service providers are focussing on
improving their Value Added Services and streamlining their business operations
using Big Data, Data Analytics Tools, IoT, AI and others.
· The rise in private car service financing is driving the Singapore
automotive financing market. The objective of car service financing is to
create a financing program that offers flexible leases, weekly rentals, and
discounts to purchase new cars to potential drivers.
Improving Digital Infrastructure: Major Auto Finance Players of Singapore
are increasingly focussing on improving IT and investing in technology in order
to retain their customers in the highly competitive market of the country. Singapore’s Auto customers
are already responding to the advent of big data, open data and digital
technologies. Banks in the country are
seeing machine learning as the real fit when it comes to
optimizing financing and loan processes, such as credit
scoring, risk management, and compliance reporting for a better
infrastructure.
Emerging Green Car Loans: Singapore has put in a suite of measures to encourage drivers
to switch to electric vehicles, which are more environmentally friendly,
and is aiming to phase out all internal combustion engine vehicles by 2040.
This means all vehicles should either be hybrid or run on electricity in 20
years. Owing to the above reason, the country is expected to witness an increase
in Green Car Loans in the future with several Auto Finance players introducing
a portfolio of these.
Introduction of New Business Models: Owing to its limited area, Singapore
has strict car buying rules and regulations as Government is trying to curb the
car population by driving prices upwards in the country. Owing to the above
reason, new business models such as Shared Ownership and more may emerge in
future in Singapore to increase Car Sales.
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.
Auto Finance Market in
Singapore
Singapore Auto loan
Market
Singapore Green Car
loan Market Sales
Singapore Green Car
Finance Market
Singapore Auto Finance
Market Revenue
Singapore Auto Finance
Market Future Outlook
Covid-19 Impact
Singapore Auto Finance Industry
Covid-19 Impact
Singapore Auto Finance Market
Singapore New Vehicles
Finance Market
Singapore Used
Vehicles Finance Market
Singapore Commercial
Vehicles Finance Market
Singapore Passenger
Vehicles Finance Market
Singapore Motorcycles
Finance Market
Singapore Automotive
Market
Singapore Automotive
Finance Aggregator Market
Singapore Auto Finance
Companies
Singapore Passenger
Car Market Sales
Singapore Commercial
Car Market Sales
Singapore New Car
Sales Market
Singapore Used Car
Sales Market
Singapore On Road
Vehicles Market
DBS Bank Auto Finance
Market Shares
UOB Auto Finance
Market Shares
MayBank Auto Finance
Market Sales
OCBC Auto Finance
Market Shares
Standard Chartered
Bank Auto Finance Market Revenue
Hong Leong Finance
Auto Market Revenue
Singapura Finance Auto
Market Revenue
Sing Investment &
Finance Auto Market Revenue
Credit Master Auto
Finance Market Shares
Carro Auto Finance
Market Shares
Speed Credit Auto
Finance Market Shares
SF Holdings Auto
Finance Market Sales
Accord Motoring Auto
Finance Market Shares
Vincar Auto Finance
Market Shares
Capitall Auto Finance
Market Shares
Pasar Kewangan Auto
Singapura
For More Information
on the research report, refer to below link:-
Related Reports:-
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