GURUGRAM, India, Oct. 11, 2021 /PRNewswire/ -- Key Findings
- 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.
Key Segments Covered:-
- 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.
- Singapore Auto Finance Market
- Singapore Banks Market
- Singapore Finance Companies
- Singapore Auto Finance Companies
- Singapore Top NBFCs
- Singapore Auto Loan Outstanding
- Consumer Expenditure Singapore
- Types of Car Loans Singapore
- Singapore Major Industries
- Singapore Automotive Imports
- Singapore Automotive Exports
- Singapore Passenger Car Sales
- Singapore Commercial Car Sales
- Singapore New Car Sales
- Singapore Used Car Sales
- Singapore Transportation Industry Growth Drivers
- Singapore Key Transportation Infrastructure
- Singapore Auto Finance Market COVID-19 Impact
- Major Players Singapore Auto Finance Market
- Singapore Auto Finance Market Competition Share basis credit
- Singapore Auto Finance Market Competition Parameters
- Singapore Auto Finance Market Competition Structure
- Singapore On-Road Vehicles by Category
- Singapore Auto Finance Market Growth
- Singapore major Auto Finance Hubs
- Singapore Auto Finance Application Process
- Singapore Auto Finance Aggregators
- Electric Vehicles Market Singapore
- Singapore Average Price of Vehicles
- Digitization in Singapore Auto Application Process
- Singapore Auto Finance Industry Threats
- Singapore Auto Finance Industry Opportunities
- Singapore Auto Finance Industry Future Technologies
- Singapore Automotive Industry COVID Impact
- Singapore May Bank Profile
For More Information on the research report, refer to below link:-
Singapore Auto Finance Market Outlook to 2025
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