1. Thailand’s auto finance market witnessed a decline in growth rate over the period of time with more than THB 1 Trillion credit disbursed in 2021
Due to the COVID-19 pandemic, vehicle loans have been disrupted for a number of reasons, including a decrease in the quantity of chips required for mass-produced automobiles. During the epidemic year, the new and used car sales markets in Thailand experienced a dip as a result of a decline in consumer purchasing power. The COVID-19 pandemic in 2020, which was a particularly challenging year for the sales of new automobiles in Thailand, has left the automotive industry still recovering.
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2. Through alliances and bank mergers, the Thailand car finance sector is growing and improving its service channels
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Government initiatives under the 2030 Agenda for Sustainable Development to increase employment are expected to aid the auto finance market in Thailand. The market has the opportunity to grow with access to global technologies such as banking chatbots which allow financial institutions to talk to millions of customers at once and proactively alert customers to potential issues or upcoming payments. Collaboration with well-established local and regional banks helps in developing new businesses that will benefit the auto finance sector in the country.
3. Increased usage of online platforms and technologies in auto financing are some of the key trends in Thailand’s auto finance market
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Fin-tech businesses are expanding into the market and offering financial services via web-based platforms by utilizing technology and innovation. There is an ever-growing collaboration between automakers and financial institutions to offer practical loan options. Thailand’s automotive industry is expanding in terms of new vehicle registrations, particularly for heavy equipment and private use. All these key trends will be beneficial for the auto finance sector of the country and will be useful for the growth of this sector in near future.
