Rising demand of automotives, Positive Outlook for E-Vehicles, and Potential for Fintech Growth will drive Philippines Auto Finance Market: Ken Research

Growing Digital Advancements: The Industry is increasingly moving towards newer technology such as Artificial Intelligence and Machine Learning to improve its efficiency. The Insurance Commission continues to push for digitalization and further innovation by promoting better customer service. For instance, Fintech PH aims to position the Philippines as a hub for technological innovation in financial services through the partnership with the technology associations in China, Denmark, Israel, Japan, Malaysia, Singapore, and Thailand. In the past, 5 - 10 years, Philippines is witnessing a new wave of digital enhancements with several new fin-tech platforms for aggregation, peer - to - peer lending and more coming in the market. Some of the most well-known of these start- ups are- Moneymax, Seekcop, Justpay.to, pesopay etc.

Constant growth in automobile industry: Despite supply constraints, the auto industry seems to be growing at a high rate. The rise in private car service financing is driving the Philippines automotive financing market. For instance, it is the fourth largest automotive market in South East Asia increased by double digit in May 2022.

Increasing Private Hire Car Service, a large number of people in Philippines are now preferring private Hire Cars leading to potential increase in their financing in future.

Green Car Loans or Electric Vehicles is an emerging segment in Philippines leading way for green loans in the country.

Green Vehicle Policy: The Philippine electric vehicle (e-vehicle) industry aims to have a nation where the use of electric vehicles is highly promoted, encouraged, and supported by its government and society in order to develop a transportation landscape that is one with the environment, ecologically and economically.

The EV Act seeks to develop the Philippine electric vehicle (EV) industry and create a Comprehensive Roadmap for the EV Industry (CREVI). The law covers the manufacture, assembly, construction, import, trade and regulation of EVs, related equipment and their charging stations, and the tax incentives accompanying these projects.

Financial Support Provision: Auto Finance Companies and Dealerships are also expected to further increase their financing and contracting options making them more flexible to support retail Sales. It is expected that NBFC and Captive companies will start picking up more pace than Commercial Banks in Philippines Auto finance Industry

Analysts at Ken Research in their latest publication "Philippines Auto Finance Market Outlook to 2026- Driven by change in consumer spending, ease in provision of loans, improving technology and government support" by Ken Research observed that Auto Finance Market is an emergent market in Philippines at a growing stage even during the pandemic as well. The rising demand for automobiles, Positive Outlook for E-Vehicles, and growing digital advancement like Artificial Intelligence and Machine Learning, are expected to contribute to the market growth over the forecast period. The Philippines Auto Finance Market is expected to see high growth rate over the forecasted period 2021-2026F.

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Key Segments Covered:-

Philippines Auto Finance Market

By Category of Lenders (By Credit dispersed), 2021 & 2026F

Universal and Commercial Banks

Thrift Banks

NBFCs

Captives

By Type Of Vehicles (By Credit dispersed), 2021 & 2026F

Two and Three Wheelers

Four Wheelers

Buses and Trucks

By Type of Ownership (By Credit dispersed), 2021 & 2026F

Used Cars

New Cars

By Category of Vehicles (By Credit dispersed), 2021 & 2026F

Passenger Vehicles

Commercial Vehicles

By Loan Tenure (By Credit dispersed), 2021 & 2026F

12 - 24 Months

25 - 48 Months

By Geographical Location (By Credit dispersed), 2021 & 2026F

Region I

Region II

Region III

Region IV - A

Region IV - B

Region V

Region VI

Region VII

Region VIII

Region IX

Region X

Region XI

Region XII

NCR

A.R

CARAGA

Key Target Audience

Banks and its Subsidiaries

NBFCs

Captive Finance Companies

Government and Institutions

Automobile Companies

Car Dealers

Government and Institutions

Existing Auto Finance Companies

OEM Dealerships

New Market Entrants

Investors

Auto mobile Associations

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Time Period Captured in the Report:-

Historical Period: 2016-2020

Base Year: 2021

Forecast Period: 2022- 2026F

Companies Covered:-

Asialink Finance Corporation

Yulon Finance Philippines Corporation

Security Bank

MetroBank

Welcome Bank

Toyota Financial Services Philippines Corporation (TFSPH)

Bank of Philippines Island

BDO Unibank

Malayan Insurance

Philippine Depository and Trust Corporation

LBP leasing and Financing Corporation

Robinsons Bank

The Philippine Bank of Communications (PBCOM)

Land Bank of Philippines

Asia United Bank

Development Bank of Philippines

Union Bank

Sterling Bank of Philippines

Penbank and more

For more insights on the market intelligence, refer to the link below:-

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/philippines-auto-finance-market-outlook-to-2026/596136-93.html

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https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/ksa-auto-finance-market-outlook-to-2026/596022-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/singapore-auto-finance-market-outlook-2025/508467-93.html

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

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.