Rising Auto Finance Aggregators, Flexible Models of Financing with Growing Digital Advancement and Government Initiatives had driven Philippines Auto Finance Market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Buy Now Rising Innovation: Innovative digital startups such as iChoose.ph are reshaping the challenging car shopping and financing process into a quick and easy experience for customers in Philippines. It is expected that these will create an auto finance ecosystem in which digital aggregators increasingly control the sales and financing process. Car dealerships are expected to increasingly bring the experience of car shopping online by range of ways such as providing digital showrooms as well as e-finance. Rising Middle Class Population: The Philippines is one of the fastest growing economies and is witnessing a fast growing middle class which implies higher purchasing power and in turn growth in automobile sales. As a result of this, credit disbursement will increase as more people will become a part of the banking system. Also, banks and non-banks are targeting these segments in the most untapped areas, which will also result in steady increase in auto loan disbursements for these segments. COVID Impacts: Before COVID-19, ~37% of Southeast Asian consumers preferred personal vehicles. But with the outbreak of the pandemic, this proportion has increased to higher Extent, with this positive environment for the personal vehicles, the Philippines auto finance industry is expected to grow. Growing Digital Advancement: Dealers can ensure they’re reaching online-first car shoppers by investing in an all-encompassing digital marketing solution that leverages mobile, location, and social media. Also, by 2023, the BSP hopes to have digitalized 50% of payments and encouraged Majority of the population to open bank accounts. Government Initiatives: The Philippine government has mandated all lenders to grant a 30-day extension for all loan payments, including credit card dues and pawnshop loans, as the country grapples with the effect of the COVID-19 pandemic Under Bayanihan Law, all credit card issuers and pawnshops, will be mandated to offer the 30-day grace period without interest, penalties or additional charges. Although higher interest rate is charged on used vehicle financing, still Pre-owned car financing shall enhance owing to rising government initiatives. 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. 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 Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MTM2 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 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 information on the research report, refer to below link: Leading Players in Philippines Auto Finance Market Related Reports: KSA Auto Finance Market Outlook to 2026F– Driven by Women Entering the Market, Growing Private Entities and Initiatives by the Government 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 Policies by the Government Thailand Auto Finance Market Outlook to 2024: Growing Prominence of Captive Finance Companies and Loan Portfolio of Banks acting as a Catalyst for Market Growth Follow Us – LinkedIn | Instagram | Facebook | Twitter | YouTube Contact Us: – Ken Research Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249 Tags: Asia United Bank vehicle loan Market Analysis, Auto finance Interest Rate in Philippines, auto loan market Philippines, auto-financing market in Philippines, Automobile finance sector in Philippines, challenges in Philippines Auto Finance Market, Competitors in Philippines Auto Finance Market, Consumer Automotive Financial Services in Philippines, Digitalization in Philippines, e-platform players Philippines Auto Finance Market, Emerging Players in Philippines Auto Finance Market, Fin-tech companies in Philippines, Financial Institutions in Philippines, Investors in Auto Finance Market, Leading Players in Philippines Auto Finance Market, lending banks in Philippines, major players in Philippines Auto Finance Market, MetroBank Car loan Market Revenue, New Auto Finance Market Philippines, New players in Philippines Auto Finance Market, number of multi-finance companies Philippines, Online Auto- Finance Market in Philippines, Philippine Depository and Trust Corporation, Philippines Auto accounts Market, Philippines Auto Banking Market, Philippines Auto Finance Industry, Philippines Auto Finance Industry Outlook, Philippines Auto Finance Lenders, Philippines Auto Finance Market, Philippines Auto Finance Market Trends, Philippines Auto Finance Sector, Philippines Auto Investment Market, Philippines auto loans Market, Philippines Auto Market, Philippines auto refinance market size, Philippines Automobile banking Market, Philippines Automobile loan market, Philippines Automotive Loan Industry, Philippines Automotive Market, Philippines commercial vehicle Loan Market, Philippines Finance Automobile Industry, Philippines Motor Vehicle Loan Market, Philippines Online Auto Finance Market, Philippines passenger car Loan market, Philippines passenger vehicle Loan Market, Robinsons Bank auto finance Market, Security Bank Car Finance Market, Startups in Philippines Auto Finance Market, Sterling Bank of Philippines vehicle Loan Market, Union Bank auto finance Market Share, Used Auto Finance Market Philippines, Vehicle financed Companies in Philippines, vehicle financing Market in Philippines, Venture Capital Firms in Philippines