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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
For More Insights On Market Intelligence, Refer To The Link Below: –
Philippines Auto Finance Market
Related Reports by Ken Research: –
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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Ken Research Private Limited
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TORTOLA, British Virgin Islands, Nov. 28, 2024 /PRNewswire/ — Fans across the GCC will see the iFOREX brand displayed prominently during thrilling La Liga matches. As viewers cheer on Real Madrid, FC Barcelona, and their other favorite teams, iFOREX is proud to connect with football fans throughout the region by showcasing its brand and commitment to empowering traders. This increased visibility underscores iFOREX’s dedication to supporting traders in the GCC and inviting them to explore new opportunities in online trading.
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About iFOREX
With over 25 years in the industry, iFOREX is a trusted provider of online trading services, offering a range of financial instruments and tools designed to support traders’ success. iFOREX’s mission is to empower traders with the knowledge, resources, and confidence they need to excel in today’s fast-paced market.
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Fintech PR
Transform Without the Cost: NTT DATA Business Solutions Brings ‘ZERO Cost Move’ to UKISUG Connect 2024
LONDON, Nov. 28, 2024 /PRNewswire/ — NTT DATA Business Solutions is set to bring its game changing ‘ZERO Cost Move’ to the UKISUG Connect 2024 Conference in Birmingham from 01 – 03 December 2024. This independent offering from NTT DATA Business Solutions is designed to eliminate the financial barriers associated with transitioning to the RISE with SAP solution, offering a fully funded technical migration so that organisations can focus their investment on transformative projects that deliver real business value.
In a competitive landscape where innovation is crucial, the ZERO Cost Move redefines SAP software migration as a strategic advantage rather than a financial burden. By covering all technical migration costs, NTT DATA enables businesses to allocate budgets toward initiatives that enhance operational efficiency and overall growth.
“We’re helping our customers unlock new potential by removing the SAP software migration costs that have historically held them back,” says Jon Gregory, Director – Business Development & Advisory Services, NTT DATA Business Solutions. “The ZERO Cost Move is a commitment to our clients’ success, allowing them to deploy RISE with SAP confidently while refocusing their budgets from the technical move to their priority initiatives that really unlock business value.”
Key Benefits of the ZERO Cost Move:
- No-Cost Technical Migration: NTT DATA manages the complete migration from SAP ERP Central Component or SAP S/4HANA on-premise to RISE with SAP, freeing up resources for innovation and growth.
- Proven SAP Expertise: With extensive global experience in projects involving SAP S/4HANA, our team ensures a seamless, efficient transition, reducing risks and accelerating time to value.
- Fast, Risk-Free Transition: Our Technical Conversion Centre of Excellence for SAP S/4HANA streamlines the migration process, providing a rapid, low-risk pathway to RISE with SAP.
- Focus on Strategic Business Value: Businesses invest saved migration costs into initiatives that align with their highest priorities – from Artificial Intelligence and GenAI, to automation, organisational change management, testing, analytics and more.
“We are excited to redefine what a migration can mean for businesses,” states Christopher Gabriel, Chief Marketing Officer and VP of Innovation, NTT DATA Business Solutions. “With a ZERO Cost Move to RISE with SAP, we remove consulting fees for your technical migration, breaking down barriers to transformation and enabling valuable resources to be redirected toward game-changing digital innovation.”
Meet with Us at UKISUG Connect 2024
As a Gold sponsor, NTT DATA Business Solutions will be at Stand G12 throughout the conference to discuss the benefits of the ZERO Cost Move offer. Delegates are also invited to attend our presentation, “RISE to Innovation with NTT DATA Business Solutions,” delivered by Jon Gregory on Monday 2nd December, from 2:30 PM to 3:00 PM in the Cloud ERP Stream (Exec 1). The session will explore how the ZERO Cost Move can help businesses achieve a seamless transition to RISE with SAP and unlock new opportunities for digital innovation.
About NTT DATA Business Solutions
NTT DATA Business Solutions is a leading global IT service provider focused on SAP with a powerful ecosystem of partners. With more than 35 years of in-depth experience, we enable companies worldwide to become Intelligent Enterprises. We deliver end-to-end solutions that accelerate sustainable growth and success – from strategic consulting and implementation to managed services and beyond. As a global strategic SAP partner, we drive innovation and leverage the latest technologies to support our customers individually and across all industries. Our more than 15,300 dedicated employees in over 30 countries work passionately every day to make it happen.
NTT DATA Business Solutions is part of NTT DATA, a $30+ billion trusted global innovator of business and technology services headquartered in Tokyo. As One NTT DATA we serve 75% of the Fortune Global 100 and are committed to helping customers innovate, optimize and transform for long-term success. NTT DATA is part of NTT Group.
Press Contact NTT DATA Business Solutions
Local: Carl Adams
Marketing Director UK&I
NTT DATA Business Solutions UK&I
12 Gough Sq, London, EC4A 3DW
T: +44 (0) 0207 832 1800
E-mail: [email protected]
Global: Jasmin Straeter
Head of Global Communications
NTT DATA Business Solutions AG
Königsbreede 1, 33605 Bielefeld, Germany
T: +49 521 9 14 48 108
Email: [email protected]
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VILNIUS, Lithuania, Nov. 28, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is pleased to announce its partnership with SafePal, a next-generation non-custodial crypto wallet suite. SafePal, known for its unique hybrid approach to empowering DeFi and CeFi over a hundred blockchains, joins forces with BingX to enhance liquidity, elevate user experience, and expand access to innovative blockchain services for traders worldwide. This collaboration also marks a significant advancement in the BingX Global Broker Program, reinforcing its commitment to building a more interconnected and efficient trading ecosystem.
Vivien Lin, Chief Product Officer of BingX, expressed enthusiasm for this development: “SafePal will serve as an independent broker under the BingX Exchange Broker Program, indicating our rapid adoption and growth. Our partnership with SafePal is a pivotal step in reshaping how users access liquidity and seamless trading experiences. By integrating BingX’s advanced liquidity solutions with SafePal’s wallet ecosystem, we’re setting a new standard for broker integration and empowering users with unparalleled tools for trading success.”
This integration brings enhanced open API functionalities for spot, contract, and strategic trading, along with upgraded financial products. By merging BingX’s liquidity expertise with SafePal’s decentralized platform, the partnership delivers an elevated trading experience for users. It reflects BingX’s commitment to fostering broker collaborations while expanding its ecosystem. Additionally, the move underscores BingX’s forward-looking strategy to strengthen partnerships and broaden its impact within the broker ecosystem.
The BingX Global Broker Program has played a key role in building global partnerships and enhancing accessibility to cryptocurrency trading. By consistently delivering exceptional value to its users and broker partners, BingX has solidified its reputation as an industry leader. With the program’s latest upgrades and strategic collaborations like the partnership with SafePal, BingX is shaping a more interconnected, efficient, and user-focused cryptocurrency trading ecosystem. As part of its vision, BingX welcomes more broker platforms to join its efforts in driving innovation and advancing the future of decentralized finance.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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