Philippines Auto Finance Market Overview
According to SPER Market Research, the Philippines Auto Finance Market is estimated to reach USD xx billion by 2032 with a CAGR of xx%.
The Philippines economy's overall GDP (Constant Prices) output has been significantly influenced by the car finance industry. The Philippines' auto finance industry is relatively new and hasn't been able to take off there. The problem of people choosing cash purchases over financing payments stems from a lack of education and awareness in the nation. Two categories of organizations, namely banks and their subsidiaries and nonbank financial institutions, carry out the bulk of the operations. Toyota Financial Services, Philippines is the sole captive finance company operating in the nation; all other captive finance institutions are non-existent. The size of the auto loan market in the Philippines grew at a double-digit CAGR throughout the same time period. Reduced interest rates on loans, rising sales of new and used cars, rising household populations, and increased demand in urban areas are all contributing factors to growth, along with government-mandated technological advancements and the adoption of digitalization by the majority of the nation's financial institutions. With the increase in motorcycle sales, the two-wheeler market expanded thanks to the significant demand from rural businesses and workers in small industries. The main driving forces have been rising car sales, stable prime loan rates, and changes in the used car market.
A rise in the number of vehicles financed, credit disbursed, and auto loans outstanding is anticipated in the Philippines auto finance business, particularly in light of the Eastern Economic Corridor's rapid technological advancements (EEC). A further factor that is anticipated to drive growth is the involvement of numerous Japanese automakers. As a result, more vehicles are anticipated to be financed nationwide. Customers will see new marketing strategies emphasizing a customer-friendly viewpoint and allowing customers to easily manage auto loans banking services from home. Additionally, an increase in commercial operations involving autos, such as the use of vehicles for agricultural and industrial purposes, is anticipated in the forecast period.
Impact of COVID-19 on the Philippines Auto Finance Market
Auto finance companies were already undergoing reform prior to COVID-19. Their operations and offers were undergoing a digital transformation as a result of a greater emphasis on the customer, new engagement strategies, and preparation for a slowdown. This change won't be put into reverse by COVID-19; rather, it will speed up.
The digital and analytical skills that car finance companies were already developing must now be used in two new ways. Let's start by discussing the current problem. Second, as a part of a longer-term strategy reset that is focused on customers and assets.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2032 |
| Base year considered | 2021 |
| Forecast period | 2022-2032 |
| Segments covered | By Type of Vehicle Financed, By Banks and Non-Banks, By Type of Banking Institutions, By Nature of Vehicles, By Type of Vehicle Sold, By Tenure of Loans
|
| Regions covered | Luzon, Mindanao, Visayas
|
| Companies Covered | Asia Link Finance Corporation, Asia United Banking Corporation, Bank of Commerce, Bank of the Philippine Islands, BDO Bank, BPI Capital Corporation, Cebu International Finance Corporation, DBP Leasing Corporation, Eastwest Bank, Land Bank of Philippines, MetroBank, One Finance and Leasing Corporation, PS Bank, Radiowealth Finance Company, Robinsons Bank, Security Bank Corporation, The Philippine National Bank, Toyota Financial Services Philippines Limited, UPCB Bank, Union Bank, Unistar Credit and Finance Corporation
|
Target Audience-
- Auto mobile Associations
- Auto mobile OEMs
- Banks
- Captive Finance Companies
- Credit Unions
- Existing Auto Finance Companies
- Government Organizations
- Investors
- New Market Entrants
- OEM Dealerships
- Private Finance Companies
Philippines Auto Finance Market Segmentation:
1. By Type of Vehicle Financed:
- Motorcycles
- New Vehicles
- Used Vehicles
2. By Banks and Non-Banks:
- Banks
- Non-Banks
- By Type of Banking Institutions
- Commercial and Universal Banks
- Thrift Banks
3. By Nature of Vehicles:
- New Vehicles
- Used Vehicles
4. By Type of Vehicle Sold:
- Commercial
- Motorcycles
- Passenger
5. By Tenure of Loans:
- For New Vehicle
- For Used Vehicle
6. By Region:
Key Topics Covered in the Report:
- Size of Philippines Auto Finance Market (FY’2019-FY’2032)
- Overview of Philippines Auto Finance Market
- Segmentation of Philippines Auto Finance By Type of Vehicle Financed (Motorcycles, New Vehicles, Used Vehicles)
- Segmentation of Philippines Auto Finance Market By Banks and Non-Banks (Banks, Non-Banks)
- Segmentation of Philippines Auto Finance Market By Type of Banking Institutions (Commercial and Universal Banks, Thrift Banks)
- Segmentation of Philippines Auto Finance Market By Nature of Vehicles (New Vehicles, Used Vehicles)
- Segmentation of Philippines Auto Finance Market By Type of Vehicle Sold (Commercial, Motorcycles, Passenger)
- Segmentation of Philippines Auto Finance Market By Tenure of Loans (For New Vehicle, For Used Vehicle)
- Statistical Snap of Philippines Auto Finance Market
- Growth Analysis of Philippines Auto Finance Market
- Problems and Challenges in Philippines Auto Finance Market
- Competitive Landscape in the Philippines Auto Finance Market
- Impact of COVID-19 and Demonetization on Philippines Auto Finance Market
- Details on Recent Investment in Philippines Auto Finance Market
- Competitive Analysis of Philippines Auto Finance Market
- Major Players in the Philippines Auto Finance Market
- SWOT Analysis of Philippines Auto Finance Market
- Philippines Auto Finance Market Future Outlook and Projections (FY’2019-FY’2032)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Philippines Auto Finance Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4. Heat map analysis
6. Competitive Landscape
6.1 Philippines Auto Finance Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Philippines Auto Finance Market
7. Philippines Auto Finance Market, By Type of Vehicle Financed, 2019-2032 (USD Million)
7.1 Motorcycles
7.2 New Vehicles
7.3 Used Vehicles
8. Philippines Auto Finance Market, By Banks and Non-Banks, 2019-2032 (USD Million)
8.1 Banks
8.2 Non-Banks
9. Philippines Auto Finance Market, By Type of Banking Institutions, 2019-2032 (USD Million)
9.1 Commercial and Universal Banks
9.2 Thrift Banks
10. Philippines Auto Finance Market, By Nature of Vehicles, 2019-2032 (USD Million)
10.1 New Vehicles
10.2 Used Vehicles
11. Philippines Auto Finance Market, By Type of Vehicle Sold, 2019-2032 (USD Million)
11.1 Commercial
11.2 Motorcycles
11.3 Passenger
12. Philippines Auto Finance Market, By Tenure of Loans, 2019-2032 (USD Million)
12.1 For New Vehicle
12.1.1 1 year
12.1.2 2 years
12.1.3 3 years
12.1.4 4 years
12.1.5 5 years or more
12.2 For Used Vehicle
12.2.1 1 year
12.2.2 2 years
12.2.3 3 years or more
13. Philippines Auto Finance Market, By Region, 2019-2032 (USD Million)
13.1 Philippines Auto Finance Size and Market Share by Region (2019-2025)
13.2 Philippines Auto Finance Size and Market Share by Region (2026-2032)
13.3 Luzon
13.4 Mindanao
13.5 Visayas
14. Company Profiles
14.1 Asia Link Finance Corporation
14.1.1 Company details
14.1.2 Financial outlook
14.1.3 Product summary
14.1.4 Recent developments
14.2 Asia United Banking Corporation
14.2.1 Company details
14.2.2 Financial outlook
14.2.3 Product summary
14.2.4 Recent developments
14.3 Bank of Commerce
14.3.1 Company details
14.3.2 Financial outlook
14.3.3 Product summary
14.3.4 Recent developments
14.4 Bank of the Philippine Islands
14.4.1 Company details
14.4.2 Financial outlook
14.4.3 Product summary
14.4.4 Recent developments
14.5 BDO Bank
14.5.1 Company details
14.5.2 Financial outlook
14.5.3 Product summary
14.5.4 Recent developments
14.6 BPI Capital Corporation
14.6.1 Company details
14.6.2 Financial outlook
14.6.3 Product summary
14.6.4 Recent developments
14.7 Cebu International Finance Corporation
14.7.1 Company details
14.7.2 Financial outlook
14.7.3 Product summary
14.7.4 Recent developments
14.8 DBP Leasing Corporation
14.8.1 Company details
14.8.2 Financial outlook
14.8.3 Product summary
14.8.4 Recent developments
14.9 Eastwest Bank
14.9.1 Company details
14.9.2 Financial outlook
14.9.3 Product summary
14.9.4 Recent developments
14.10 Land Bank of Philippines
14.10.1 Company details
14.10.2 Financial outlook
14.10.3 Product summary
14.10.4 Recent developments
14.11 MetroBank
14.11.1 Company details
14.11.2 Financial outlook
14.11.3 Product summary
14.11.4 Recent developments
14.12 One Finance and Leasing Corporation
14.12.1 Company details
14.12.2 Financial outlook
14.12.3 Product summary
14.12.4 Recent developments
14.13 PS Bank
14.13.1 Company details
14.13.2 Financial outlook
14.13.3 Product summary
14.13.4 Recent developments
14.14 Radiowealth Finance Company
14.14.1 Company details
14.14.2 Financial outlook
14.14.3 Product summary
14.14.4 Recent developments
14.15 Robinsons Bank
14.15.1 Company details
14.15.2 Financial outlook
14.15.3 Product summary
14.15.4 Recent developments
14.16 Security Bank Corporation
14.16.1 Company details
14.16.2 Financial outlook
14.16.3 Product summary
14.16.4 Recent developments
14.17 The Philippine National Bank
14.17.1 Company details
14.17.2 Financial outlook
14.17.3 Product summary
14.17.4 Recent developments
14.18 Toyota Financial Services Philippines Limited
14.18.1 Company details
14.18.2 Financial outlook
14.18.3 Product summary
14.18.4 Recent developments
14.19 UPCB Bank
14.19.1 Company details
14.19.2 Financial outlook
14.19.3 Product summary
14.19.4 Recent developments
14.20 Union Bank
14.20.1 Company details
14.20.2 Financial outlook
14.20.3 Product summary
14.20.4 Recent developments
14.21 Unistar Credit and Finance Corporation
14.21.1 Company details
14.21.2 Financial outlook
14.21.3 Product summary
14.21.4 Recent developments
15. List of Abbreviations
16. Reference Links
17. Conclusion
18. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
