• 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
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