Singapore Auto Finance Industry Disbursed Credit

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• Singapore has not had an auto manufacturing plant since Ford closed its plant decades ago, ending auto production on the island through which it imports all of its cars from other countries.

• A growing number of auto finance service providers are focusing on improving their value-added services and streamlining their business operations using big data, data analytics tools, IoT , AI and others.

• The rise in financing of passenger car services is driving Singapore’s automobile financing market. The goal of auto services finance is to create a finance program that offers flexible leases, weekly rentals, and discounts to buy new cars to potential drivers.

Improving digital infrastructure: Singapore’s major auto finance players are increasingly focusing on improving IT and investing in technology to retain customers in the country’s highly competitive market. Singapore automotive customers are already responding to the advent of big data, open data and digital technologies. Banks nationwide see machine learning as the ideal solution for optimizing financing and lending processes, such as credit scoring, risk management, and compliance reporting for better infrastructure.

Emerging Green Car Loans: Singapore has put in place a series of measures to encourage drivers to switch to electric vehicles, which are more environmentally friendly, and aims to phase out all internal combustion engine vehicles by 2040 This means that all vehicles should be hybrids. or run on electricity in 20 years. For the above reason, the country is expected to see an increase in green auto loans in the future, with several auto finance players introducing a portfolio of these.

For more information on the research report, refer to the link below: –
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/singapore-auto-finance-market-outlook-to-2025/465121-93.html

Introduction of New Business Models: Due to its limited land area, Singapore has strict car buying rules and regulations as the government tries to reduce the number of cars by driving up prices in the country. For the above reason, new business models such as shared ownership and others may emerge in Singapore in the future to increase car sales.

Ken Research analysts in their latest publication “Singapore Auto Finance Market Outlook to 2025- Led by Green Car Loans, Growing Digital Advancements, Increasing the Number of Funding Aggregators,” Singapore’s auto finance market has evolved in the country due to factors such as the growing demand for passenger car services due to changing consumer habits for reasons such as government policy restrictions on car ownership; improving transport infrastructure and technologies such as electric vehicles leading to higher loans for green cars; increasing investments in technologies such as IoT, Big Data, Open Data, AI, etc. to simplify the loan application process; growing presence of financial aggregators in the region to improve sales and financing processes. The market is expected to register a positive CAGR of 8.9% in terms of disbursed credit during the forecast period 2020-2025.

Key segments covered: –

By type of cars financed – (units)

New vehicles

Used vehicles

By loan disbursed (per billion SGD)

Commercial vehicles

Passenger vehicles

New vehicles

Used vehicles

motorcycles

Per outstanding loan (per billion SGD)

Commercial vehicles

Passenger vehicles

New vehicles

Used vehicles

motorcycles

By type of institution (outstanding loan) (in billions of SGD)

Banks & Subsidiaries

Finance companies

Others

Covered companies

(Banks)

DBS Bank

UOB

May Bank

OCBC

Standard chartered bank

(Financial Companies)

Hong Leong Finance

Singapore Finance

Sing Investment & Finance

Singapore Auto Finance Property Holdings

Credit master

Carro

SG Cash N Cars

Speed ​​Credit

SF Holdings

Automobile Agreement

Vincar

Goldbell Financial Services

Capital city

Max Leasing Money

Key target audience

Existing auto finance companies

Banks

OEM dealers

Captive finance companies

Credit unions

Private finance companies

New entrants to the market

Government organizations

Investors

Automobile associations

Automotive mobile OEMs

Period captured in the report: –

Historic period: 2015-2020

Forecast period: 2020-2025

Key topics covered in the report: –

Comprehensive analysis of Singapore auto finance market and its segments.

Major listed players and their market positioning.

Identified the main developments in the industry in recent years and assessed the future growth of the industry.

Related reports: –
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/philippines-auto-finance-market-outlook/308534-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/thailand-auto-finance-market-outlook/299310-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/qatar-auto-finance-market-outlook-to-2023/274062-93.html

Contact us:-
Ken Research
Ankur Gupta, Marketing and Communication Manager
[email protected]
+ 91-9015378249

Ken Research Pvt. Ltd.,
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Ken Research is a research-based management consulting firm. We provide strategic advice to assist clients on critical business insights: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers and acquisitions, and sustainability across all industries and geographies. We provide business intelligence and operational advice in over 300 industry verticals highlighting disruptive technologies, emerging business models with analysis of precedents and success case studies. Some of the largest consulting firms and market leaders seek our information to identify new revenue streams, customer / supplier paradigm and competitive weak spots and due diligence.

This version was posted on openPR.


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