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

The report titled “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” provides a comprehensive analysis on the performance of the Auto Finance industry in Singapore. The report covers various aspects including credit disbursed, trends & developments, issues & challenges faced by the industry, competition landscape and more. The Singapore Auto Finance market report concludes with projections for future of the industry including forecasted values by 2025, market segmentations, COVID - 19 impact and analysts’ recommendations.

Singapore Auto Finance Market Overview and Size

The Singapore Auto Finance Market was observed to be in maturity stage during the period of 2015-2020 despite growing digital advancements to ease loan application process, emerging green car loans and introduction of finance aggregators. This is due to the strict regulations of government in terms of maintaining the on-road vehicles. The Singapore Auto Finance Industry had shrunk at a CAGR of ~0.1% on the basis of Auto credit disbursed and slightly grown at ~1.5% basis Auto Loan Outstanding in 2015-20. The CAGR was comparatively low owing to less number of cars financed in 2020 due to COVID – 19.

Singapore Auto Finance Market Segmentations

• By Type of Cars Financed (Units): Singapore Auto Finance market is dominated by Used Vehicles in terms of absolute number of vehicles sold as well as financed. However, relative penetration of auto finance is higher for new vehicles than used vehicles in the country, owing to higher prices of the former.
• By Type of Institution basis Loan Outstanding: Majority of the Auto Loans in Singapore is through Banks owing to the huge number of loans offered by them at comparatively low interest rates.

Competitive Landscape of Singapore Auto Finance Market

The Auto Finance market of Singapore consists of a large number of Domestic as well as international players. However, only top few players occupy a lion’s share of the market (basis credit disbursed) making the Industry highly concentrated. Major Baking Institutions involved in Auto Loans Services in Singapore include DBS Bank, Standard Chartered, OCBC, MayBank, and UOB among others. Also, Major Non Banking Financial Institutions in the country include Hong Leong Finance, Singapura Finance, Sing Investment and Finance and more. The parameters at which the companies are competing are Interest Rate Offered, Clientele, service portfolio, Technology and more.

Singapore Auto Finance Market Future Outlook & Projections

The Singapore Auto Finance industry is expected to increase at a CAGR of ~11% basis Auto credit disbursed and ~0.4% basis Auto Loan Outstanding during 2020 to 2025. The credit disbursed is expected to rise in Singapore at higher than average CAGR owing to higher number of cars financed in the future. The government of Singapore is working towards expansion of Green Car Sales in the country, which is expected to increase the demand of ‘Green Car Loans’ in the future years. New Business Models such as Shared Ownership Financing may also emerge in the country in the coming years. Lastly, Industry is expected to move towards a digital growth with the expansion of Artificial Intelligence, Machine Learning, Big Data and more to further simplify loan application process.

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.

 

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• TAM/SAM/SOM Analysis
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