Rising Digital Advancements: In recent years, Singapore’s Auto Finance Industry is increasingly moving towards more digital, platform-based and simplified systems, to increase its acceptance and overall efficiency. High penetration of mobile commerce has led to large disruption in the segment, with market participants being able capture a lion’s share of the market by applying more customer centric approaches. Some of the most popular players in Singapore providing digital loan services are DBS Bank, UOB and more.
Emerging Finance Aggregator Platforms: In recent years, Digital Finance Aggregators Platforms as well as other credit Rating platforms are slowly emerging in the Singapore Market for the convenience of its Car Buying customers. For Example, Innovative digital startups such as LANDELA are reshaping the challenging car shopping and financing process into a quick and easy experience for customers in Singapore by providing them with a wide range of car loans options most suitable for them within a short time.
COVID Impact on Auto Finance Industry: COVID-19 led to increase in car inventories in Singapore owing to decrease in car sales in the country, especially in the months of April to June 2020 when auto sales decreased by more than 70%. Moreover, High uncertainty in the Financial Environment also led to increase in Loan Payment deferment requests in the country. Government of Singapore announced various financial relief programmes which allowed eligible individuals to defer loan payments and more.
Growing Private Hire Car Service: The Business of Private Hire Car Service is on a rise in Singapore owing to which private car service financing is also increasing in the country. Owing to the above reason, Big Taxi Players in the market such as Trans-cab have ventured into car financing and leasing amid the growth of ride-hailing in the country.
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.
For More Information on the research report, refer to below link:-
Related Reports:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249
