- Thailand’s market utilizes the conventional method of banking consisting of workforce and in person deals rather of online procedures.
- Nowadays, lots of non-banks have actually delved into the Auto-financing business and they are doing it in an easier method than banks.
- The vehicle market in Thailand is the biggest in Southeast Asia and the 10th biggest worldwide.
Growth in Online Retail and Liberal Trade Arrangements: There will be an increase in need for business lorries due to continuous federal government financial investment, growth in online retail, and logistics. The car makers of the nation strategy to increase need by launching brand-new designs (consisting of both the internal combustion engine and electrical lorries). With this, the higher trade openings under the present ASEAN Free Trade Area contract would allow Thailand to export more autos to the remainder of the area.
Used car funding more available and affordable: Thailand’s federal government revealed aids for electrical lorries is prepared for to increase the nation’s need and sales for lorries. Due to numerous funding business’ policies that use car funding more available and affordable, secondhand car funding might experience a boost in the division of the kind of vehicle moneyed in the upcoming years. In addition to this, to boost the volume of brand-new auto loan, Thailand’s leading banks likewise have the possibility to tactically deal with the initial equipment producer.
Shift from ICE to EV and Rapid Digitalization: Due to the increased energy effectiveness, price, and ecological friendliness of electrical lorries, the marketplace has actually experienced a shift far from internal combustion engines. As an outcome, EVs are now chosen over ICE lorries in Thailand. To boost the customer experience, automobile funding companies are leaning a growing number of towards innovative technical advancements. Online auto sales have actually become a “one-stop-shop” service that offers clients instructions and personalization. In order to boost and automate the shipment and usage of monetary services, such as payment entrances and trading platforms, brand-new technology-based companies are signing up with the Thai car financing sector.
Analysts at Ken Research in their newest publication “Thailand Auto Finance Market Outlook to 2026F- Driven by Road Infrastructure Development and Economic Growth in the Country“ observed that the Auto Finance market is an emerging market in Vietnam at a rebounding phase from the recession after the pandemic. The tremendous infrastructural advancement jobs in the nation, collaborations, and mergers with other banks together with the adoption of digitalization are anticipated to add to the marketplace development over the projection duration. The market is anticipated to grow at a 7.4% CAGR throughout 2021-2026F owing to the increasing buying power of customers, adoption of EVs, and brand-new federal government policies.
Key Segments Covered:-
Thailand Auto Finance
By Type of Vehicle funded
- New automobiles
- Used automobiles
- Motorcycles
By Distribution channels
- Banks & Subsidiaries
- NBFC’s
- Captives
By Type of Financing
- Passenger Vehicles
- Commercial Vehicles
By function type
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By Tenure of the loans
- 1 year
- 2 years
- 3 years
- 4 years
- 5 years and above
Key Target Audience:-
- Banks and their Subsidiaries
- NBFCs
- Captive Finance Companies
- Government and Institutions
- Automobile Companies
- Car Dealers
- Government and Institutions
- Existing Car Finance Companies
- OEM Dealerships
- New Market Entrants
- Investors
- Automobile Associations
Time Period Captured in the Report:-
- Historical Year: 2016-2021
- Base Year: 2021
- Forecast Period: 2021– 2026F
Companies Covered:-
Banks and Subsidiaries
- TMBThanachart Bank
- Ayudhya Bank
- Siam Commercial Bank
- TISCO Bank
- Kiatnakin Bank
- Kasikorn Bank
- Others (Including ICBC Bank, Citi Bank, Bangkok Bank, and Krungthuri Bank)
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Captives
- Toyota Leasing Thailand
- Honda leasing
- Mercedes-Benz leasing
- BMW Financial Services
- Others
NBFC’s
- Muangthai Capital
- Asia Sermkij Leasing
- Nakhon Luang Capital Limited
- Thitikorn
- Summit Capital
- Group Lease
- Aeon Thana Sinsap
- G Capital Public Limited
- Others (Thai Ace Capital, SGF Capital, JMT Network, Phatra Leasing Company, Mitsib Leasing)
Key Topics Covered in the Report:-
- Thailand Automotive Market Overview
- Thailand Automotive Finance Market Overview
- Ecosystem of Thailand Auto Finance Market
- Business Cycle and Timeline of Thailand Auto Finance Market
- Thailand Auto Finance Value Chain Analysis
- Market Sizing Analysis of Thailand Auto Finance Market, 2016-2021
- Thailand Auto Finance Market Segmentation (By Type of Vehicle Financed, By Distribution Channel, By Tenure Loan, By Purpose Type, By Type of Motor Vehicle), 2021
- SWOT Analysis of Thailand Auto Finance Industry
- Trends and Developments in Thailand Auto Finance Industry
- Decision Making Parameters for Selecting Car Loan Vendor
- Issues and Challenges in Thailand Auto Finance Industry
- Growth Drivers of Thailand Auto Finance Market
- Government Regulators and Initiatives in Thailand Auto financing Industry
- Competition Framework for Thailand Auto Finance
- COVID-19 Impact on Thailand Auto Finance Market
- Future Outlook and Projections of Auto Finance Market in Thailand, 2021-2026F
- Market Opportunities and Analyst Recommendations
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Related Reports by Ken Research:-
UAE Auto Finance Market Outlook to 2026F
The UAE Auto Finance Market experienced considerable development throughout the duration 2016-2021, owing increasing auto need, versatile funding designs, and increase in online automobile financing aggregators. Growth rate of overall automobiles funded is going to increase over the duration as funding ends up being simpler and market penetration rates increase.
Urbanization is anticipated to increase to more than 60% by 2030, which indicates increased need for tasks, real estate, facilities, and social services such as mass transit. Moreover, the current boost in the cost of mass transit has actually resulted in increase in need for personal lorries. Egypt Auto Finance Market is presently at the development phase and the marketplace is presently increasing at a double digit CAGR owing since of lower rates of interest, growing non reusable earnings and simple funding alternatives.
Number of automobile ownership in Malaysia surpassed the population in Malaysia. Poor public transportation facilities is among the factors. The utilized car market is likewise taking pleasure in a boom in business, and is supposedly on-track to sign up double-digit development in sales. Import of lorries still surpasses the exports resulting substantial trade deficit. Government has actually taken numerous efforts to support domestic production of lorries by establishing business like Proton and Perodua. Government likewise offers numerous rewards on buying of National Car. The market is at maturity phase with steady population, high ownership of car and little domestic business vehicle market, the chance of development in Malaysia is rather restricted.
Philippines Auto Finance Market is Expected to grow at a good CAGR in between 2021 and 2026F, among the significant factors for the rising development in coming years is the Increasing Population and growing earnings levels resulting in increase in sales of automobiles , the increase in Auto Outstanding Loans in Philippines, the boost in Auto Loan Outstanding is anticipated a high development rate in between 2021F-2026F, High-Mid variety car designs are anticipated to witness strong success as most of car purchasers section consists of the High Income individuals resulting in bigger Loan quantity per consumer, Expectation of high development in car sales particularly in Green automobiles as the federal government is building the facilities like the charging point at public parks . Higher digitization and use of Artificial Intelligence and Machine Learning to enhance consumer benefit. New Business Models such as Subscription Lending, Shared ownership funding are entering play which will blaze a trail for high development rate in the Philippines Auto Finance Market.
Vietnam’s Cold Chain market was assessed to grow at a double-digit CAGR throughout 2016-2021. The market is presently in the development phase owing to lower rates of interest together with increasing federal government efforts and financial investments in the sector. The Pandemic has actually led to the sluggish development of Auto Finance where Vietnamese chosen to own a personal vehicle to prevent mass transit. The growing penetration of the web and mobile phones and the increasing buying power of the middle class led to altering choices of customers which are a few of the essential aspects sustaining the Auto Finance Market in Vietnam.
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