Credit Disbursed from Singapore Auto Finance Industry is expected to witness a CAGR of 8.9% during 2020-2025: Ken Research

• 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.

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

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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