Singapore Auto Finance Market Introduction and Overview
According to SPER Market Research, the Singapore Auto Finance Market is estimated to reach USD XX billion by 2033 with a CAGR of XX%.
The report includes an in-depth analysis of the Singapore Auto Finance Market, including market size and trends, product mix, distribution channels, and supplier analysis. The auto finance market is the mechanism by which consumers can borrow money or get financing through a formal contract from a bank, credit union, or the car dealership where the purchase is being made. In addition, the lender makes money by adding interest to the loan amount. The goal of auto finance services is to provide funds to clients who are prepared to buy or rent an automobile. Over the past few years, there has been a notable increase in demand for the automotive financing sector due to global technological advancements.
Market Opportunities and Challenges
Opportunities: The Singapore auto finance market is expanding as a result of the rise in vehicle prices and the development of online applications for auto financing. Additionally, the growth of the auto finance market is positively impacted by the adoption of digital technologies for financing automobiles. The last few years have seen a rise in vehicle prices from auto manufacturers due to the global inflation of commodity prices. In addition, rising government taxes, strict regulations, and increased demand from developing countries all contribute to rising car prices. In addition, online lending services are now the most innovative technology in this sector. The web- and mobile-based platforms make it simple to view, compare, and apply for loan services. The need for auto financing services is growing as a result of rising car costs.
Challenges: The high expense of car ownership in Singapore is one issue. The local government imposes taxes and fees that drive up the cost of cars in an effort to reduce the number of vehicles on the road. People may find it difficult to afford a car as a result, especially young adults. Another issue is that some people might have trouble obtaining financing or loans in order to purchase a car. Getting the money needed to buy a car can be difficult if one doesn't have a good credit history or a steady income because banks and finance companies may have strict guidelines.
Market Competitive Landscape
Singapore's auto finance market is highly competitive, with many local and foreign players. But the industry is extremely concentrated, with a small number of dominant players controlling the majority of the market (based on credit disbursed). Among the major banking institutions in Singapore offering auto loans are DBS Bank, Standard Chartered, OCBC, MayBank, and UOB. Major nonbanking financial institutions in the nation also comprise Sing Investment and Finance, Hong Leong Finance, and Singapura Finance, among others. The interest rate offered, the clientele, the service portfolio, technology, and other factors are the benchmarks at which the businesses compete.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Vehicle Age, By Vehicle Type, By Purpose, By Loan Provider
|
| Regions covered | Eastern Region, Western Region, Northern Region, Southern Region
|
| Companies Covered | Accord Motoring, Capitall, Carro, Credit Master, Goldbell Financial Services, Hong Leong Finance, Money Max Leasing, SF Holdings, SG Cash N Cars, Sing Investment & Finance, Singapore Auto Finance Property Holdings, Singapura Finance, Vincar, and Others.
|
COVID-19 Impact on Singapore Auto Finance Market
The COVID-19 pandemic was like an unanticipated roadblock, having a major effect on the Singapore Auto Finance Market. People's mobility was restricted due to lockdowns and other measures put in place to stop the virus's spread, which decreased overall economic activity. Many people experienced financial uncertainty as a result, which limited their capacity to make major purchases like cars. Many prospective car buyers were reluctant to take out auto loans or finance new cars because they were concerned about their jobs or their incomes being cut. The supply chain for the automotive industry was disrupted, which had an impact on the availability of cars and parts.
Key Target Audience:
- Auto mobile Associations
- Banks
- Captive Finance Companies
- Credit Unions
- Existing Auto Finance Companies
- Government Organizations
- Investors
- New Market Entrants
- OEM Dealerships
- Private Finance Companies
Our in-depth analysis of the Singapore Auto Finance Market includes the following segments:
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By Vehicle Age; |
New Vehicles
Used Vehicles
|
|
By Vehicle Type: |
Passenger Vehicles
Commercial Vehicles
|
|
By Purpose: |
Loan
Leasing
|
|
By Loan Provider: |
Banks
OEMs
Credit Unions
Others
|
Key Topics Covered in the Report:
- Singapore Auto Finance Market Size (FY’2023-FY’2033)
- Overview of Singapore Auto Finance Market
- Segmentation of Singapore Auto Finance Market By Vehicle Age (New Vehicles, Used Vehicles)
- Segmentation of Singapore Auto Finance Market By Vehicle Type (Passenger Vehicles, Commercial Vehicles)
- Segmentation of Singapore Auto Finance Market By Purpose (Loan, Leasing)
- Segmentation of Singapore Auto Finance Market By Loan Provider (Banks, OEMs, Credit Unions, Others)
- Expansion Analysis of Singapore Auto Finance Market
- Problems and Obstacles in Singapore Auto Finance Market
- Competitive Landscape in the Singapore Auto Finance Market
- Impact of COVID-19 and Demonetization on Singapore Auto Finance Market
- Details on Current Investment in Singapore Auto Finance Market
- Competitive Analysis of Singapore Auto Finance Market
- Prominent Players in the Singapore Auto Finance Market
- SWOT Analysis of Singapore Auto Finance Market
- Singapore Auto Finance Market Future Outlook and Projections (FY’2023-FY’2033)
- 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 Singapore Auto Finance Market
5. Market variable 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
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. Singapore Auto Finance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Singapore Auto Finance Market
7. Singapore Auto Finance Market, By Vehicle Age (USD Million)
7.1. Singapore Auto Finance Market Value Share and Forecast, By Vehicle Age 2024-2034
7.2. New Vehicles
7.3. Used Vehicles
8. Singapore Auto Finance Market, By Vehicle Type (USD Million)
8.1. Singapore Auto Finance Market Value Share and Forecast, By Vehicle Type, 2024-2034
8.2. Passenger Vehicles
8.3. Commercial Vehicles
9. Singapore Auto Finance Market, By Purpose (USD Million)
9.1. Singapore Auto Finance Market Value Share and Forecast, By Purpose, 2024-2034
9.2. Loan
9.3. Leasing
10. Singapore Auto Finance Market, By Loan Provider (USD Million)
10.1. Singapore Auto Finance Market Value Share and Forecast, By Loan Provider, 2024-2034
10.2. Banks
10.3. OEMs
10.4. Credit Unions
10.5. Others
11. Singapore Auto Finance Market Forecast, 2020-2034 (USD Million)
11.1. Singapore Auto Finance Market Size and Market Share
12. Singapore Auto Finance Market, By Vehicle Age, 2020-2034 (USD Million)
12.1. Singapore Auto Finance Market Size and Market Share By Vehicle Age (2019-2026)
12.2. Singapore Auto Finance Market Size and Market Share By Vehicle Age (2027-2033)
13. Singapore Auto Finance Market, By Vehicle Type, 2020-2034 (USD Million)
13.1. Singapore Auto Finance Market Size and Market Share By Vehicle Type (2019-2026)
13.2. Singapore Auto Finance Market Size and Market Share By Vehicle Type (2027-2033)
14. Singapore Auto Finance Market, By Purpose, 2020-2034 (USD Million)
14.1. Singapore Auto Finance Market Size and Market Share By Purpose (2019-2026)
14.2. Singapore Auto Finance Market Size and Market Share By Purpose (2027-2033)
15. Singapore Auto Finance Market, By Loan Provider, 2020-2034 (USD Million)
15.1. Singapore Auto Finance Market Size and Market Share By Loan Provider (2019-2026)
15.2. Singapore Auto Finance Market Size and Market Share By Loan Provider (2027-2033)
16. Singapore Auto Finance Market, By Region, 2020-2034 (USD Million)
16.1. Singapore Auto Finance Market Size and Market Share By Region (2019-2026)
16.2. Singapore Auto Finance Market Size and Market Share By Region (2027-2033)
16.3. Eastern Region
16.4. Western Region
16.5. Northern Region
16.6. Southern Region
17. Company Profile
17.1. Accord Motoring
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Capitall
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. Carro
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. Credit Master
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. Goldbell Financial Services
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. Hong Leong Finance
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. Money Max Leasing
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. SF Holdings
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. SG Cash N Cars
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. Sing Investment & Finance
17.10.1. Company details
17.10.2. Financial outlook
17.10.3. Product summary
17.10.4. Recent developments
17.11. Singapore Auto Finance Property Holdings
17.11.1. Company details
17.11.2. Financial outlook
17.11.3. Product summary
17.11.4. Recent developments
17.12. Singapura Finance
17.12.1. Company details
17.12.2. Financial outlook
17.12.3. Product summary
17.12.4. Recent developments
17.13. Vincar
17.13.1. Company details
17.13.2. Financial outlook
17.13.3. Product summary
17.13.4. Recent developments
17.14. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. 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.
