Singapore Auto Finance Market, Auto Finance Industry, Market Revenue, Market Size, Market Shares, Market Future Outlook: Ken Research

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How Is Singapore Auto Finance Market Positioned?

The Singapore Auto Finance industry is at a growth stage and is increasingly being supported by modern digital infrastructure and huge loan portfolio. The average cost of car loan in the industry is ~2.4% and~2.7% for a new or used car respectively. Singapore Auto Finance market has grown in the in past few years owing to the favorable policies by Government for expanding green cars sector, increasing average disposable income of people, growing investments by large players for customer satisfaction. Moreover, Emergence of digital finance aggregators, improving infrastructure, rising technological innovations along with increase in use of internet and rising mobile penetration have also led to this expansion in the market.

Market: The Auto Finance market basis credit disbursed as well as loan outstanding had seen relatively average growth in the last few years, recording a CAGR of ~% and ~% during 2015-2020 respectively. The CAGR had grown comparatively at a lower rate owing to less number of cars financed in 2020 due to COVID – 19.Other contributing factors for relatively lower CAGR were high cost of loan, time consuming application process, low vehicle sales growth and more. As of 2020, on an average, 85-90% of the vehicles sold in Singapore were financed.

Singapore Auto Finance Market Segmentation

By Type of Cars Financed

Singapore Auto Finance market is dominated by Used Vehicles in terms of absolute number of vehicles sold as well as financed. However, relatively finance penetration rate is higher for new vehicles than used vehicles in the country owing to higher prices of the former.

By Credit Disbursed

Passenger Vehicles occupy the lion’s share of the total credit disbursed in the Auto Finance Market of Singapore with New Vehicles and Used Vehicles financing almost equally dominating the Passenger Vehicle segment.

By Loan Outstanding

Passenger Vehicles occupy the lion’s share of the loan outstanding in the Auto Finance Market of Singapore with New Vehicles and Used Vehicles financing almost equally dominating the Passenger Vehicle segment.

By Type of Institution

Majority of the Auto Loan Outstanding in Singapore is through Banks owing to the huge loan portfolio offered by them at comparatively lower interest rates.

singapore-auto-finance-market

Competitive Scenario in Singapore Auto Finance Market

The Auto Finance market of Singapore consists of a large number of Domestic as well as international players. However, only top few players occupy 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. Also, Major Non-Banking Financial Institutions in the country include Hong Leong Finance, Singapura Finance, Sing Investment and Finance and more. The parameters at which the companies are competing are Interest Rate Offered, Clientele, service portfolio, Technology and more.

Singapore Auto Finance Future Outlook and projections

The Singapore Auto Finance industry is expected to increase at a CAGR of 8.9% basis Auto credit disbursed and 1.3% basis Auto Loan Outstanding during 2020 to 2025. The credit disbursed is expected to rise in Singapore at higher than average CAGR owing to higher number of cars financed in the future. The government of Singapore is working towards expansion of Green Car Sales in the country which is expected to increase the demand of ‘Green Car Loans’ in the future years. New Business Models such as Shared Ownership Financing may also emerge in the country in the coming years. Lastly, Industry is expected to move towards a digital growth with the expansion of Artificial Intelligence, Machine Learning, Big Data and more to further simplify loan application process.

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.

For More Information on the research report, refer to below link:-

Singapore Auto Finance Market

Related Reports:-

Philippines Auto Finance Market Outlook to 2024- Growing Prominence of Captive Finance and Surge in Used Car Sales Supporting Disbursement for Auto Loans

Thailand Auto Finance Market Outlook to 2024: Growing Prominence of Captive Finance Companies and Loan Portfolio of Banks acting as a Catalyst for Market Growth

Qatar Auto Finance Market Outlook to 2023 –By Banks, Non Banking Financial Companies and Captives, By New and Used Vehicles Financed, By Type of Vehicle Financed (Motor Bikes, Cars and Light Commercial Vehicles) and By Loan Time Period

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Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

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