- Philippines Auto Finance Market remains in the growing stage and is driven by intro of slaves and online aggregators along with growing frequency of funding business and vehicle dealerships in the market.
- Better Technological Infrastructure and the increasing use of AI and ML for much better Auto financing experience with Innovative Business Models such as Subscription Lending & shared ownership will the method for the development in Philippines vehicle funding market.
- Philippines closed 2021 as the 2nd fastest growing market for automobile in Southeast Asia, with the variety of systems produced and offered signing up double-digit boosts from the previous year.
Growing Digital Advancements: The Industry is significantly moving towards more recent innovation such as Artificial Intelligence and Machine Learning to enhance its performance. The Insurance Commission continues to promote digitalization and additional development by promoting much better client service. For circumstances, Fintech PH intends to place the Philippines as a center for technological development in monetary services through the collaboration with the innovation associations in China, Denmark, Israel, Japan, Malaysia, Singapore, and Thailand. In the past, 5 – ten years, Philippines is experiencing a new age of digital improvements with a number of brand-new fin-tech platforms for aggregation, peer – to – peer financing and more can be found in the marketplace. Some of the most widely known of these start- ups are- Moneymax, Seekcop, Justpay.to, pesopay etc.
Constant development in auto market: Despite supply restraints, the vehicle market appears to be growing at a high rate. The increase in personal car service funding is driving the Philippines automobile funding market. For circumstances, it is the 4th biggest automobile market in South East Asia increased by double digit in May 2022.
Increasing Private Hire Car Service, a a great deal of individuals in Philippines are now choosing personal Hire Cars causing possible boost in their funding in future. Green Car Loans or Electric Vehicles is an emerging section in Philippines leading method for green loans in the nation.
Green Vehicle Policy: The Philippine electrical vehicle (e-vehicle) market intends to have a country where making use of electrical lorries is extremely promoted, motivated, and supported by its federal government and society in order to establish a transport landscape that is one with the environment, environmentally and financially. The EV Act looks for to establish the Philippine electrical vehicle (EV) market and produce a Comprehensive Roadmap for the EV Industry (CREVI). The law covers the manufacture, assembly, building, import, trade and guideline of EVs, associated equipment and their charging stations, and the tax rewards accompanying these jobs.
Financial Support Provision: Auto Finance Companies and Dealerships are likewise anticipated to additional increase their funding and contracting choices making them more versatile to support retail Sales. It is anticipated that NBFC and Captive business will start getting more speed than Commercial Banks in Philippines Auto financing Industry
Analysts at Ken Research in their most current 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 emerging market in Philippines at a growing phase even throughout the pandemic too. The rising demand for automobiles, Positive Outlook for E-Vehicles, and growing digital advancement like Artificial Intelligence and Machine Learning, are anticipated to contribute to the market growth over the forecast period. The Philippines Auto Finance Market is expected to see high growth rate with a CAGR of 6.8% 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
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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
- C.A.R
- CARAGA
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
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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 BankDevelopment Bank of Philippines
- Union Bank
- Sterling Bank of Philippines
- Penbank and more
Key Topics Covered in the Report:
- Philippines Population Analysis, 2021
- Automotive Transport Overview
- Ecosystem of Philippines Auto Finance
- Philippines Auto Finance Market Evolution
- Philippines Auto Finance Market Value Chain Analysis
- Types of Car Loans in Philippines Auto Finance Industry
- Philippines Auto Finance Market Segmentation
- Philippines Automotive Future Outlook
- Philippines Auto Finance Industry Analysis
- Decision Making Parameter for Selecting Car Loan Vendor
- Issues and Challenges in Philippines Auto Finance Industry
- SWOT Analysis of Philippines Auto Finance Industry
- COVID Impact on the Philippines Auto Finance Industry
- Government Policies affecting Philippines Auto Finance Industry
- Competitive scenario in Philippines Auto financing Market
- Digital disruptions in Auto Finance
- Analyst Recommendation
For more insights on the market intelligence, refer to below link:-
Philippines Auto Finance Market
Related Reports By Ken Research:-
KSA Auto Finance Market is expected to grow with a positive CAGR throughout the future period 2021-2026F. The Vision 2030 project in KSA has massive plans for the economy targeting to improve employment figures that might aid the auto finance market as well. A lot of new construction activities are taking place like the Neom and Red Sea project which will increase need for commercial vehicles and majorly HCVs. It is anticipated that the commercial vehicles demand/ production is going to rise till 2025, thereby positively affecting the marketplace.
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 development with the expansion of Artificial Intelligence, Machine Learning, Big Data and more to further simplify loan application process.
According to Ken Research estimates, the Thailand Auto Finance Market grew from approximately THB 900 Bn in 2016 to approximately THB 1200 Bn in 2021, and is forecasted to grow further to ~ THB 1800 Bn by 2026F owing to the increasing purchasing power of the consumers and adoption of EVs. The automotive market in Thailand is the largest in Southeast Asia and the 10th largest in the world. Banks have been the dominant players as they have huge pre-built database that they leverage for their own advantage. Many Western brands are present in the nation but Japanese brands have actually long had a dominant position in Thailand due to budget-friendly rates.
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