- 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.
Auto Finance Market in Singapore
Singapore Auto loan Market
Singapore Green Car loan Market Sales
Singapore Green Car Finance Market
Singapore Auto Finance Market Revenue
Singapore Auto Finance Market Future Outlook
Covid-19 Impact Singapore Auto Finance Industry
Covid-19 Impact Singapore Auto Finance Market
Singapore New Vehicles Finance Market
Singapore Used Vehicles Finance Market
Singapore Commercial Vehicles Finance Market
Singapore Passenger Vehicles Finance Market
Singapore Motorcycles Finance Market
Singapore Automotive Market
Singapore Automotive Finance Aggregator Market
Singapore Auto Finance Companies
Singapore Passenger Car Market Sales
Singapore Commercial Car Market Sales
Singapore New Car Sales Market
Singapore Used Car Sales Market
Singapore On Road Vehicles Market
DBS Bank Auto Finance Market Shares
UOB Auto Finance Market Shares
MayBank Auto Finance Market Sales
OCBC Auto Finance Market Shares
Standard Chartered Bank Auto Finance Market Revenue
Hong Leong Finance Auto Market Revenue
Singapura Finance Auto Market Revenue
Sing Investment & Finance Auto Market Revenue
Credit Master Auto Finance Market Shares
Carro Auto Finance Market Shares
Speed Credit Auto Finance Market Shares
SF Holdings Auto Finance Market Sales
Accord Motoring Auto Finance Market Shares
Vincar Auto Finance Market Shares
Capitall Auto Finance Market Shares
Pasar Kewangan Auto Singapura
For More Information on the research report, refer to below link:-
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