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Indonesia Auto Finance Market Accelerates: $51 Billion Engine Roars by 2026 Fueled by Aspiration & Innovation: Ken Research
GURUGRAM, India, Feb. 20, 2024 /PRNewswire/ — Indonesia’s auto finance market is hitting the gas pedal, propelled by a surge in car ownership fueled by rising aspiration and innovative financial solutions. Ken Research’s “Indonesia Auto Finance Market Outlook” report predicts a dynamic 6.2% CAGR, driving the market to a sizeable $51 billion by 2026. This press release unveils the key drivers, challenges, and exciting prospects shaping this high-octane landscape.
Market Overview: Shifting Gears towards Growth & Aspiration
Beyond facilitating car purchases, auto finance plays a crucial role in democratizing mobility, boosting economic activity, and enabling individuals to fulfill their dreams of car ownership. In 2022, the market reached a size of $34 billion, and its set for continued acceleration, fueled by:
- Aspiring Middle Class: Growing disposable incomes and a desire for improved lifestyles drive the demand for personal vehicles, creating a fertile ground for auto financing.
- Digital Revolution: Rising internet and smartphone penetration empower consumers with online loan applications, comparisons, and convenient management options.
- Supportive Policies: Government initiatives like relaxed down payment requirements and tax breaks further stimulate car sales and access to auto finance.
- Fintech & Tech Disruption: Innovative fintech startups and tech-savvy traditional players offer competitive rates, personalized solutions, and seamless user experiences.
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Market Segmentation: Tailored Solutions for Diverse Needs
The report delves into the various segments of the Indonesian auto finance market, offering a comprehensive view:
- Loan Type: New car loans hold the majority share (70%), with used car loans following (30%). Affordability and diverse needs dictate segment preferences.
- Lender Type: Captive finance companies still dominate (40%), followed by banks (30%) and non-bank financial institutions (30%). Brand loyalty and competitive rates influence choices.
- Loan Tenure: Shorter-term loans (2-3 years) are popular (50%), with medium-term (4-5 years) and long-term (6+ years) options gaining traction. Risk appetite and budget limitations play a role.
Competitive Landscape: Local Champions & Global Players Share the Road
The market features a mix of established local players, regional leaders, and international financiers:
- Local Champions: Bank Central Asia (BCA Finance), Mandiri Bank (Mandiri Tunas Finance), and Danamon Bank (Adira Dinamika Finance) offer extensive networks and local expertise.
- Regional Leaders: CIMB Niaga Auto Finance (Malaysia) and Bangkok Bank Ayudhya (Thailand) bring regional experience and diverse product portfolios.
- Global Players: Toyota Astra Finance (Indonesia-Japan JV) and Hyundai Motor Finance (South Korea) leverage brand partnerships and international best practices.
Challenges: Navigating the Bends on the Road to Success
While the future looks bright, some challenges need to be addressed:
- Cybersecurity Threats: Protecting sensitive customer data and ensuring secure online transactions are crucial for building trust in digital platforms.
- Limited Financial Literacy: Educating consumers about loan terms, responsible borrowing practices, and potential risks is essential for informed decision-making.
- Competition & Price Wars: Intense competition can lead to unsustainable business models and pressure on profit margins, impacting long-term market stability.
- Unequal Access & Affordability: Limited access to formal finance and high interest rates in certain segments can hinder financial inclusion and car ownership for low-income groups.
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Future Outlook: A Collaborative, Tech-Driven, and Inclusive Ecosystem
The Indonesian auto finance market is poised for continued growth, driven by several exciting factors:
- Fintech Integration: Leveraging AI, big data analytics, and blockchain technology will personalize offers, enhance risk assessment, and improve loan approval processes.
- Mobility Solutions Boom: Growing popularity of car-sharing and subscription services will create new financing needs and drive market diversification.
- Collaboration & Partnerships: Collaboration between traditional players, fintech startups, and automakers will foster innovation and reach new customer segments.
- Regulatory Reforms: Government initiatives aimed at promoting financial inclusion, ensuring data security, and fostering fair competition will bolster market stability and growth.
Key Takeaways for Stakeholders:
This report offers valuable insights for various stakeholders in the Indonesian auto finance market, including:
- Auto Finance Providers: Invest in robust cybersecurity measures, develop user-friendly digital platforms, and offer competitively priced and flexible loan options.
- Fintech Startups: Focus on niche segments, collaborate with established players, and leverage data analytics for personalized solutions.
- Policymakers: Implement regulations that protect consumer data, promote financial literacy, and ensure fair competition within the market.
Conclusion: Riding the Wave of Opportunity
Indonesia’s auto finance market stands at a pivotal point, brimming with potential to fuel personal aspirations, empower individuals, and drive economic progress. By overcoming challenges like cybersecurity concerns and financial literacy gaps, and through the collective efforts of various stakeholders, the sector can truly unleash its full potential. Imagine a future where responsible lending practices, cutting-edge technologies, and inclusive access to financing create a win-win situation for all. This not only paves the way for a $51 billion market by 2026 but also fosters a more mobile, inclusive, and prosperous Indonesia. By collaborating, innovating, and prioritizing responsible growth, the Indonesian auto finance market can ensure that the journey towards a thriving ecosystem is not just smooth but also sustainable and beneficial for all its passengers.
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Taxonomy
Indonesia Auto- Finance Market Segmentation
By ownership
New
Used
By Type of Lender
Banks
NBFCs
Captive Financing Companies
By Category of Vehicle
Commercial
Personal
By Duration of Loan basis
Less than 2 Years
3 years
4 years
5-6 years
By Geographical Location
West Java
Jakarta
Jawa Tenegah
Jawa Timur
Sumatera Ultara
Others
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Related Reports by Ken Research: –
The Indonesia Auto Finance market witnessed substantial growth from USD 19.219 Bn in 2022 to USD 36.838 Bn in 2022. The market reported a CAGR of 2% during the forecast period of 2022-2026. Increasing Population, growing income levels and recovery of the economy post Covid is leading to a rise in sales of vehicles which is expected to drive the rise in Auto Outstanding Loans in Indonesia.
According to Ken Research estimates, the Philippines Auto 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. Launch of new models and initiatives to support electric vehicle adoption in Philippines by automakers stimulate the consumer interest in autos. Companies have started focusing on increasing the volume along with preserving the margin. Promos are focused on value enhancement than price.
According to Ken Research estimates, the demand for automobiles has increased significantly since the latter part of the year, which has propelled the automotive finance industry and is likely to continue to fuel the market over the projection period. The global auto finance market was valued at USD ~250 billion in 2022 and is projected to grow to USD 400 Billion by 2027, growing at a robust CAGR from 2022 to 2027.
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 industry in Thailand is the largest in Southeast Asia and the 10th largest in the world.
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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