Singapore Auto Finance Market Forecast 2021

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: 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 programmers 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.

Lack of Manufacturing: 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

Analysts at Ken Research in their latest publication “Singapore Auto Finance Market Outlook to 2025 (Edition II) – Driven by exorbitant Car Prices, Growing Digital Penetration and evolving Vehicle Ownership Characteristics amidst Systemically Regulated Car Ownership Polices by the Government”, highlight that the Singapore Auto Finance Market has been evolving in the country despite a setback in 2020 which saw the credit disbursed in 2020 fall by ~33% compared to 2019.

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Key Segments Covered

By Type of Cars Financed- (Units)

New Vehicles
Used Vehicles

By Type of Institution (Loan Outstanding) (SGD A Billion)
Banks & Subsidiaries
Finance Companies
Others

Companies Covered

(Banks)

Companies Covered

(Banks)

DBS Bank
UOB
May bank
OCBC
Standard Chartered Bank

(Finance Companies)

Hong Leong Finance
Singapore Finance
Sing Investment & Finance
Singapore Auto Finance Property Holdings
Credit Master
Carro
SG Cash N Cars
Speed Credit
SF Holdings
Accord Motoring
Vin car
Gold bell Financial Services
Capital
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
Automobile Associations
Automobile OEMs

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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 the last few years and assessed the future growth of the industry.

For more information on the research report, refer to below link:

Singapore Auto Finance Market Major Players

Qatar Auto Finance Market Outlook to 2023 –By Banks, Non Banking Financial Companies and Captives, By New and Used Vehicles Financed, By Type of Vehicle Financed (Motor Bikes, Cars and Light Commercial Vehicles) and By Loan Time Period

Singapore Used Car Market Outlook To 2025: Increasing Used Cars Demand Due to the Pandemic Contributes to Increase in Used Cars Sales during the Economic Crisis

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Ankur Gupta, Head Marketing & Communications

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