Philippines Auto Loan Outstanding Expected to Reach of Over PHP 4,700 Billion by the Year Ending 2023: Ken Research

GURUGRAM, India, July 31, 2019 /PRNewswire/ --

• New vehicle financing will continue to lead the market share in next 5 years. Pre-owned car financing shall enhance owing to rising government initiatives.
• The share of multi finance companies has been projected to incline over the coming years. As compared to the banks, multi-finance companies generate better returns and offer customized and innovative credit products. These products are more appealing to masses and banks cannot provide such products because of the size of operations and standardization involved with the size.
• Various Fintech start-ups are likely to penetrate the market in order to expand them within the Philippines auto financing sector.

Technological Advancement in the Philippines Financial Sector: Due to advances in technology, the market has become more efficient and competitive. Developments in financial technology has allowed for various improvements such as quick retrieval of documents, quicker transactions and customized services based on the customers past preferences. Motor vehicle financing has become seamless, fast and transparent leading to improved operations. As a result, a positive outlook can be expected out of Filipino auto finance market.

Rising Middle Class Population: The Philippines is one of the fastest growing economies and is witnessing a fast growing middle class which implies higher purchasing power and in turn growth in automobile sales. As a result of this, credit disbursement will increase as more people will become a part of the banking system. Also, banks and non-banks are targeting these segments in the most untapped areas, which will also result in steady increase in auto loan disbursements for these segments.

The recovering nature of the market has opened avenues for change in operating models, thereby laying huge potential for future growth. Operational precision, consolidated and synchronized compliance-controls amongst various analogous regulatory organizations, generalization and standardization bought in licensing and documentation and digitalization are some of the key changes expected in the coming five years.

Analysts at Ken Research in their latest publication "Philippines Auto Finance Market Outlook to 2023 – By Banks and NBFCs including Captive Units (Auto Loan Portfolio and Motor Cycle Loan Portfolio), By New and Used Motor Vehicles, By Motor Vehicle Financed (Passenger and Commercial Vehicles), By Loan Time Period" believe that the Philippines Auto Finance demand would grow in the near future by opting digitalization and market innovation, providing customized services, focusing towards marketing and promotion, providing commercial and used vehicle financing and other factors. The market is further anticipated to register a positive CAGR of 17% in terms of AUM during the forecasted period 2018-2023.

Key Segments Covered

By Type of Motor Vehicle Loans Provided By Banks and NBFCs

• Auto Loan Portfolio
• Motor Cycle Loan Portfolio

By Type of Motor Vehicle

• New Vehicle
• Pre-Owned Vehicles

By Type of Motor Vehicle Financed

• Passenger Vehicles
• Passenger Cars
• Utility Vehicles
• Sports Utility Vehicles
• Two Wheelers
• Commercial Vehicles
• Trucks
• Buses
• Trailers

By Time Period of Loan between New and Pre-Owned Motor Vehicles and

• One Year
• Two Year
• Three Year
• Four Year
• Five Years

By Vehicles Registered Under Various Regions

Key Target Audience

• Existing Auto Finance Companies
• Banks & Subsidiaries
• Auto OEM Captive Finance Companies
• Non Banking Financial Institutions
• New Market Entrants
• Automobile Financing Companies
• Government Organizations
• Investors
• Automobile Associations
• Automobile Original Equipment Manufacturer

Time Period Captured in the Report:

• Historical Period: 2013-2018
• Forecast Period: 2018-2023

Key Companies Covered:

• Banking Institutions
• Metro Bank
• BDO Bank
• PS Bank
• East West Bank
• Philippine National Bank
• Bank of the Philippine Islands
• Maybank Philippines Incorporated
• Others
• Non-Banks and Dealership Financing
• Toyota Financial Services Philippines Corporation (TFSPH)
• MAFS
• Unistar Credit and Finance Corporation
• Radio Wealth finance Company
• Others

Key Topics Covered in the Report

• Philippines Auto Finance Market Evolution
• Philippines Auto Finance Market Overview and Genesis
• Philippines Auto Finance Market Ecosystem, 2018
• Philippines Auto Finance Market Value Chain Analysis
• Philippines Auto Finance Market Size, 2013-2018
• Philippines Auto Finance Market Segmentation, 2013-2018
• Major Trends and Development in Philippines Auto Finance Market
• Regulatory Framework in the Philippines Auto Finance Market
• Snapshot on Philippines Automotive Sales And Manufacturing Market, 2013-2023
• Comparative Landscape in the Philippines Auto Finance Market
• Philippines Auto Finance Market Future Outlook and Projections, 2018-2023
• Analyst Recommendations for the Philippines Auto Finance Market

For more information on the market research report, please refer to the below link:

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/philippines-auto-finance-market-outlook/227542-93.html

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SOURCE Ken Research