The Ups and Downs of the Singapore Auto Finance Market. Will the market be able to keep up with the trends in the Automobile sector ?: 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 The Singapore Auto Finance Market was observed to be in a growth stage between 2015 and 2020 as a result of increasing digital advancements which has eased the loan application process, emerging green car loans, the introduction of finance aggregators, and other factors. In 2015-20, the Singapore Auto Finance Industry grew at a CAGR of 0.7% on the basis of auto credit disbursed and 2.2% on the basis of auto loan outstanding. The CAGR was relatively low due to a lower number of cars financed in 2020 as a result of COVID-19. 1. High Income People, largely males and majorly between the Age Group of 35 – 44 years are the largest Buyers of Cars in Singapore. Other Challenges in Singapore Auto Finance Market More than 60% of the population that buy motor vehicles are from the male segment, whereas the remaining are purchased by the women. Moreover, in this, the higher income group are more likely to purchase their own vehicles as compared to the other groups of the income. In Singapore, the research shows that the age group of 34-44 are the target customers of the vehicle purchase as they are in the better condition to buy more sophisticated motor brands. Moreover, due to strict regulations and high taxes, the car ownership rate in Singapore is relatively low compared to its neighboring countries. 2. Rising Private Car Service, Emerging Green Loans, Growing Digital Advancements are some of the major Trends governing the Singapore Auto Finance Industry. 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. Moreover, banks in the country such as DBS have launched “Green Car Loan” at interest rates as low as 1-2% p.a. to encourage car owners in Singapore to reduce their carbon footprint. Furthermore, Automotive Financing Companies are increasingly moving towards higher technological advancements to improve operational profits as well as customer experience. For example- AI is increasingly making important decisions, from who gets approved for credit to how to answer customer questions about loan decisions in real time. Interested to Know More about this Report, Request for a sample report 3. Singapore Auto Finance Industry witnessed decreased Car Sales and an increase in Non-Performing Loans during the COVID 19 Peak in the country. Visit this Link :- Request for custom report Singapore Auto Finance Industry witnessed decreased Car Sales and an increase in Non-Performing Loans during the COVID 19 peak in the country. Non-performing loans also surged as consumers and businesses were unable to make loan/lease payments. Relatively larger number of people opted for deferred loan repayment Government Schemes. Moreover, the Singapore Government also announced a special “Hire Purchase Agreement” valid till 31st January 2021 in which temporary relief from legal or enforcement actions was provided against any failure to pay or breach of contract caused by COVID 19. It broadly covered commercial vehicles in Singapore. Online Auto Finance Aggregator Platforms in Singapore is an emerging Market in the country which is expected to extremely simplify the whole loan acquisition process. Emerging Aggregator platforms in Singapore are direct-to-consumer channels that allow buyers to shop online for loans and get them approved before going to the dealership. These platforms collaborate with Banks, Captives, NBFCs, Fintech lenders and other peer-to-peer lending platforms to provide multiple financing options that range from personalized interest rates and variable terms to completely new ownership models such as shared leasing and car subscriptions. In the past, 5 – 10 years, Singapore is witnessing a new wave of digital enhancements with several new fin-tech platforms for aggregation, peer – to – peer lending and more coming in the market. Key Segments Covered By Type of Cars Financed- (Units) New Vehicles Used Vehicles 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. Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249 Tags: Carro auto finance Market Share Singapore, Challenges Singapore Auto Finance, Competitors in Singapore Car Finance Market, Credit Master Auto Finance Share, DBS Bank Car Finance Revenue share, e-platform players Singapore Auto Finance Market, Emerging Players in Singapore Hire Purchase Loans Market, Funds Raised Startups Singapore Car Loan, Hong Leong Finance Auto Finance Share, Investment Singapore Auto Finance, LANDELA Auto Loan Revenue share, Leading Players in Singapore Auto Finance Market, Leading Singapore Auto Loan Service Providers, Major players in Singapore Vehicle Finance Market, MayBank auto finance Market Share Singapore, Money Max Leasing Auto Finance Share, Number of Cars Financed Singapore, Number of Finance Companies Singapore, Number of new Vehicles Singapore, Number of used vehicles Singapore, Number of Vehicles Financed Singapore, OCBC Hire Purchase Loans Market Share, Opportunities Singapore Hire Purchase Loans, Sing Investment & Finance Auto Loan Outstanding, Singapore Auto Finance Lenders, Singapore Auto Finance Market, Singapore Auto Finance Ticket Size, Singapore Auto Loan Growth, Singapore Auto Loan NPAs in, Singapore Auto Loan Revenue Streams, Singapore Car Finance Industry, Singapore Car Loan Disbursed, Singapore Car Loan Outstanding, Singapore Car Loan Trends, Singapore Cars Parcs, Singapore commercial vehicle Loan Market, Singapore Hire Purchase Loans Market, Singapore Motorcycle Finance Sector, Singapore New Car Finance Market rate, Singapore Online Auto Finance Market, Singapore passenger vehicle Loan Market, Singapore Used Car Finance Sector, Singapore Used Vehicle Financed, Singapore Vehicle Loan Interest Rate, Singapore Vehicle Loan Sector Outlook, Singapore Vehicle Refinanced Market, Singapura Finance Leasing market share Singapore, Speed Credit Mobility Hire Purchase Loans Market Share, Standard Chartered Bank car finance interest income, Top 5 Funded FinTech’s Singapore, Top Captive players in Singapore Auto Finance Industry, Total Credit Disbursed Singapore, UOB auto finance Market Share, Vehicle finance Companies in Singapore