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Philippines Auto Finance Market Drives up a Gear: $51.6 Billion Growth Forecast by 2027: Ken Research
GURUGRAM, India, Feb. 14, 2024 /PRNewswire/ — The Philippines’ auto finance market is accelerating onto a fast track, fueled by a rising middle class, increasing car ownership, and a growing appetite for financing solutions. Ken Research’s “Philippines Auto Finance Market Outlook to 2027″ report predicts a robust 10.2% CAGR, translating to a substantial $51.6 billion market size by 2027. This press release unlocks the key drivers, challenges, and exciting prospects waiting to be explored in this dynamic arena.
Market Overview: Shifting Gears towards Financial Inclusion
Beyond facilitating car purchases, the Philippines’ auto finance market plays a crucial role in driving economic growth, promoting financial inclusion, and empowering Filipinos to achieve their car ownership dreams. In 2022, the market reached a size of $23.2 billion, and it’s poised for remarkable growth, fueled by:
- Rising Middle Class: With a growing middle class and increasing disposable incomes, more Filipinos are aspiring to car ownership, creating a larger customer base for auto finance solutions.
- Urbanization & Car Dependency: Rapid urbanization coupled with limited public transportation options is driving the demand for personal vehicles, making auto finance more relevant.
- Favorable Government Policies: Initiatives like the Auto Loan Moratorium Act and the Ease of Doing Business Act support the auto finance industry and enhance consumer confidence.
- Technological Advancements: Online loan applications, digital onboarding processes, and mobile banking are making auto finance more accessible and convenient.
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Market Segmentation: Diverse Solutions for Diverse Needs
The report delves into the various segments of the Philippine auto finance market, offering a comprehensive view:
- Loan Type: New car loans dominate the market (70%), with used car loans (20%) and refinancing options (10%) gaining traction.
- Lender Type: Banks hold the largest share (60%), followed by captive finance companies (25%) and non-bank financial institutions (15%).
- Loan Term: Loans with terms of 3-5 years are most popular (60%), with longer-term options (5-7 years) growing in demand.
Competitive Landscape: A Fierce Race for Market Share
The market features a mix of established players, new entrants, and innovative fintech companies vying for dominance:
- Established Leaders: BDO Unibank, BPI, and Metrobank hold significant market share with their extensive branch networks and brand recognition.
- Captive Finance Giants: Toyota Financial Services Philippines and Ford Motor Credit Philippines cater to their respective brand loyalists.
- Emerging Fintech Challengers: Startups like East West Bank’s CoVault and online lending platforms like Money store are offering innovative solutions and disrupting the traditional landscape.
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Challenges: Roadblocks on the Journey to Growth
Despite the promising outlook, some challenges need to be addressed:
- High Interest Rates: Relatively high interest rates can deter potential borrowers and limit accessibility, especially for lower-income segments.
- Economic Fluctuations: Economic downturns and rising inflation can impact loan repayment capabilities and increase credit risks for lenders.
- Fraud & Data Security: Robust fraud prevention measures and data security protocols are crucial to protect consumers and enhance industry trust.
Future Outlook: Cruising Towards a Brighter Financial Future
The Philippine auto finance market is poised for continued growth, driven by several exciting factors:
- Technological Advancements: AI-powered credit scoring, blockchain-based solutions, and big data analytics will enhance risk assessment, personalize loan offerings, and optimize operations.
- Focus on Financial Inclusion: Partnerships with fintech companies and microfinance institutions will expand access to affordable financing for underserved segments.
- Regulatory Reforms: Government initiatives aimed at promoting responsible lending and enhancing consumer protection will create a more stable and sustainable market.
Key Takeaways for Stakeholders:
This report offers valuable insights for various stakeholders in the Philippine auto finance market, including:
- Auto Finance Providers: Identifying high-growth segments, adopting innovative technologies, offering competitive rates and flexible loan terms, and prioritizing risk management.
- Investors: Understanding market trends, assessing investment opportunities in promising segments like fintech and digital lending platforms.
- Policymakers: Formulating regulations that balance innovation with consumer protection and promote responsible lending practices.
- Car Buyers: Gaining insights into the diverse range of auto finance options available and making informed choices based on their budget, creditworthiness, and needs.
Conclusion:
The Philippines’ auto finance market is on an upward trajectory, offering exciting opportunities for businesses and investors who can adapt to the changing landscape.
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Taxonomy
Philippines Auto Finance Market Segmentation
By Category of Lenders
Banks
NBFC’s
Captive Financing Companies
By Nature of Vehicle
New
Used
By Type of Vehicle Financed
Four Wheelers
Two and Three Wheelers
Buses, Trucks & LCVs
By Loan Tenure
12-24 months
25-48 months
49-60 months
By Type of Vehicle (Automobile) Financed
New Passenger Vehicle
New Commercial Vehicle
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Philippines Auto Finance Market
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The market will grow at a CAGR of 16.6% during 2022-2027 due to high growth in online loan aggregator players. Major investments in petrochemicals, manufacturing, & logistics will uplift the need for lubricants in machinery, processing plants & transportation fleets. Globally, the financial sector including Saudi Arabia, has been undergoing digital transformation. This includes the adoption of online and mobile banking services.
The market is expected to grow at a CAGR of 12.1% during 2022-2027. The rise of per capita disposable income by 7.4% from previous year and further expected rise is likely to represent a potential opportunity for industry. Technological advancements from online loan aggregators is expected to provide a boost in the market’s growth due to increased efficiency in operations, scalability and marketing.
According to Ken Research estimates, the Philippines Home Finance Market –has increased in 2022 at a CAGR of 3.7% owing to growing demand for used vehicles and financing penetration in the sector. Property values in the Philippines are rising remarkably, with a sizable increase observed throughout the real estate sector. Property prices have reached unheard-of heights as demand for homes and investment options rises steadily, showing a robust and vibrant market in the nation.
Mexico Car Finance Market Outlook 2027F driven by government regulations & technological innovations
According to Ken Research estimates, the Mexico Car finance Market which grew at a CAGR of ~% from 2017-2022 & is forecasted to grow at a CAGR of ~% from 2023-2027F owing to government regulations, increased demand for cars & technological innovations. The Mexico car Finance market is witnessing a steady growth & is recovering from the negative impact it suffered as a result of the global pandemic.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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