Thailand Auto Finance Market Share and Trends 2023, Rise at a CAGR of XX% Growth Strategies, Competitive Analysis and Future Outlook 2022-2032: SPER Market Research
According to SPER Market Research, The Thailand Auto Finance Market is the area of the country’s financial services market that offers financing for the purchase or lease of automobiles. The auto finance market in Thailand offers a variety of financing options for buying or leasing a car. These include loans from individuals, companies, and other financial institutions. There is growth in the Thai auto finance market because of rising incomes, vehicle ownership, and government policies that support the industry. There are a number of different lenders in the market, and consumers have many financing choices.
Thailand Auto Finance Market Overview:
- Forecast CAGR (2022-2032): XX%
- Forecast Market Size (2032): XX billion
This statement describes how the Thai market is still dominated by manual labor and in-person transactions, rather than using online procedures for banking. Many non-banks have recently entered the auto-finance industry and are doing so more easily than traditional banks. The automotive sector in Thailand is very large, and it is projected to grow even larger in the near future. This is due to several factors, including increased spending by the government, the growth of internet shopping, and the effects of the ASEAN Free Trade Area agreement. In light of this growth, automakers in Thailand are planning to introduce new models of both internal combustion engine and electric vehicles. This announcement of government subsidies is expected to increase demand for cars in Thailand even more.
The availability of used car financing is likely to increase in the near future as a result of various financing companies’ policies that make used car financing more affordable and accessible. Additionally, Thailand’s top banks have the opportunity to collaborate with the original equipment manufacturer to increase the volume of new car loans. The market is shifting away from internal combustion engines, which are becoming more energy efficient, affordable, and environmentally friendly. This is causing auto lending companies to rely more on cutting-edge technologies to improve the customer experience. In Thailand, electric cars are becoming more popular than traditional internal combustion engine cars. Online car sales have become a one-stop-shop for consumers who want guidance and customization when purchasing a vehicle.
The COVID-19 pandemic has had a significant impact on Thailand’s car industry. Vehicle sales dropped during the early stages of the pandemic when the nation was under lockdown, thanks to transportation restrictions and factory closures. The decline in car sales has caused problems for the car finance industry, as consumers have been delaying purchases and many have lost jobs and income. This has made it more difficult for them to repay their car loans.
Many banks have tightened their lending criteria in order to reduce the risk of defaults, as the Bank of Thailand has reported a rise in non-performing loans in the auto finance industry. The Thai government has implemented a number of measures to support the auto industry, including a tax rebate programme and a decrease in the excise tax rates for new car purchases. While these measures have provided some relief to the industry, it will take time for the market to fully recover.
Thailand Auto Finance Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Aeon Thana Sinsap, Asia Sermkij Leasing, Ayudhya Bank, BMW Financial Services, G Capital Public Limited, Group Lease, Honda leasing, Mercedes-Benz leasing, Muangthai Capital, Nakhon Luang Capital Limited, Siam Commercial Bank, Summit Capital, Thitikorn, TISCO Bank, TMBThanachart Bank.
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Thailand Auto Finance Market Segmentation:
By Type of Vehicle Financed: Based on the Type of Vehicle Financed, Thailand Auto Finance Market is segmented as; Motorcycles, New cars, Used cars.
By Distribution Channels: Based on the Distribution Channels, Thailand Auto Finance Market is segmented as; Banks & Subsidiaries, Captives, NBFC’s.
By Type of Financing: Based on the Type of Financing, Thailand Auto Finance Market is segmented as; Commercial Vehicles, Passenger Vehicles.
By Purpose Type: Based on the Purpose Type, Thailand Auto Finance Market is segmented as; Lease, Loans.
By Tenure of the Loans: Based on the Tenure of the Loans, Thailand Auto Finance Market is segmented as; 1 year, 2 years, 3 years, 4 years, 5 years and above.
By Region: The Thailand Auto Finance Market covers regions of Bangkok, Central Region, Northern Region, Northeastern Region and Southern Region. Bangkok is the biggest market for automotive finance in Thailand. This is due to the city’s many car dealerships and financial institutions, which makes it a prime location for auto financing. The central region of Thailand, including provinces such as Ayutthaya, Nakhon Pathom, and Sarabur, is a major center for the production of automobiles and auto parts. The northern region of Thailand, which includes provinces such as Chiang Mai, Chiang Rai, and Lampang, is seeing a rise in middle-class residents and an increase in demand for cars. The northeastern region of Thailand is primarily agricultural, while the southern region is more popular for tourism. This has led to an increase in auto sales in the northeast, but a corresponding increase in auto financing needs in the south.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
Thailand Auto Finance Market Revenue
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