Finaccord’s new report, Consumer Automotive Financial Services in Singapore 2022, is part of a series that offers valuable insights into the markets for automotive financial services linked to sales of new and used cars, letting finance companies and insurers understand and compare 12 key markets in Asia.
The provision of financial services is a key part of the automotive sector’s value chain, both in terms of the revenues these services generate and their role in supporting car sales, and this series provides Finaccord’s first published analysis of this sector after the COVID-19 pandemic.
- Which products are covered in these reports?
Finaccord’s reports cover four major products within consumer automotive financial services, namely finance and leasing, creditor insurance (where this exists), motor insurance and extended warranties, and compare the size of the total market for these financial services by country.
- Which countries are featured?
Finaccord has researched consumer automotive financial services in China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.
- How many car dealerships have been surveyed?
We surveyed over 700 respondents and identified key partners working with manufacturer brands and dealers. This has enabled us to assess the size of the opportunity by product and to identify key gaps in the market.
- What is the key information provided by this report?
: the reports detail the value of the market for each of the four products. These markets are broken down between new and used cars and between new contracts sold during 2022 and in-force business sold in previous years but still being renewed in 2022.
: the partnerships in place between manufacturer brands, dealerships and third parties for each of the products are given, so that both existing competitors and opportunities for new partnership are identified.
datasets that accompany each report detail the relationships for consumer automotive financial services traced by Finaccord for both dealers and manufacturers. The datasets and the reports provide a definitive guide to opportunities within the consumer automotive financial services market in Asia.
The chart below shows that in country X, most customers buying a new car take out finance or leasing, motor insurance and an extended warranty from their car dealer, where these products are offered to them.
For further information about this research, please access the table of contents and series prospectus using the relevant links on this page.