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The Auto Finance market of Singapore consists of a large number of Domestic as well as international players. However, only the 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. Moreover, the government of Singapore is working towards the expansion of Green Car Sales in the country, which is expected to increase the demand for ‘Green Car Loans’ in the future years.
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1. More than 50% Sales in Singapore Automotive Industry are of Used Vehicles mostly due to highly expensive cars in the country.
More than 50% sales in Singapore Automotive Industry are of Used Vehicles mostly due to highly expensive cars in the country owing to high number of additional charges. Singapore Automotive Market is in the growth stage with multiple factors supporting it such as labor availability, R&D efforts, rising income levels and more. Hence, despite the government's policies to reduce the number of cars, there are nearly one million vehicles on Singapore's roads. Cost-effective models or used cars are witnessing strong success as the new cars are highly expensive and the majority of car buyers segment includes the middle class looking for mid-range cars. But the new vehicle sales are expected to witness highest growth rate though Used Cars Sales will continue to dominate the Market in future.
2. Toyota, Mercedes-Benz, Honda, BMW and Mazda were the top 5 OEM Brands which accounted for more than half of Passenger Car Sales in Singapore in 2020
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2020 was a tumultuous year for the entire world, & Singapore’s passenger car market was no different. Compared to 2019 & 2018, every brand sold fewer cars mainly due to the pandemic as well as zero car population growth policy in the country. 2020 witnessed a significant reshuffling of brands. Toyota emerged as the winner this year after trailing Honda to the top step in the preceding two years. Toyota went all in for 2020 with the switch to a strong virtual presence and introduction of TFSSG. Furthermore, Honda occupied third position in the market as new City was its headline model for 2020 and very impressive for the segment, but the decline of the compact sedan market and higher COE prices meant it wasn’t a sure-fire best-seller like it was in the past.
3. Singaporeans are buying fewer cars with time, but the preference for expensive and luxury cars has increased .
Singaporeans are Buying Fewer Cars, but more expensive cars. Declining COE premiums can lead to growth in car sales. Moreover, Car-sharing companies (BlueSG, Tribecar erc) are seeing a continuous spike in revenue & usership. Incentives provided to deregister a car before 10 years – in terms of COE & PARF rebates, thus impacting the average age of cars in Singapore. Despite cancelled COE bidding and closure of showrooms, 40% of new car registrations were luxury cars, as compared to 19-25% last year. Increase of luxury car registrations during the pandemic was seen as a sign of rising inequalities in the country.
4. Use of advanced technology like predictive analysis and focusing on building partnerships can help in growing business.
When customers shop for a car, they need information about two things: the car itself and how to finance it. Hence, A tighter online integration of information gathering for car buying and car financing can help move a consumer to the next stage of the purchasing process. The solution is an interactive online interface embedded with AI. The online experience must extend seamlessly into the dealership – for instance, by giving the customer access to terms and pricing details on their mobile app rather than having to rely on the dealer. A company can predict when the customer will be looking for a new car by leveraging external databases, such as credit bureaus, social media, and online searches, and internal data, such as customer risk score, payment histories, and loan to value. By taking advantage of web analytics, a lender can expand their pipeline by 5% to 10%. Moreover, an intelligent predictive analysis program includes built-in risk-based pricing, so that each person can be given a customized offer.
For more insights on the market intelligence, refer to the link below:-
Singapore Auto Finance Market
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