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GURUGAON, INDIA, January 20, 2023 (Globe News Service) —
- Growing digital advancements and a growing number of financial aggregators are driving UAE Auto Finance Industry – expected to grow at a CAGR of approximately 17%.
- The UAE auto finance market is fragmented in nature with about 8+ major lenders (banks, NBFCs, captives) occupying a major market share.
- The UAE auto finance industry is poised for good growth in the future due to increasing population, rising income levels, new and innovative business models, etc.
Potential for fintech growth: The UAE has established fintech adoption and development as a core national priority, shaping the path of digital financial services as a profound innovation that will modernize the region’s financial landscape. Fintech in the UAE will prove to be a remarkable sector that reflects the country’s regional progress.
Growing digital advancements: Dealerships looking to reach online-first car buyers by investing in an all-encompassing digital marketing solution that leverages mobile, location and social media. Auto finance companies are increasingly turning to higher technological advancements to improve operating margins and customer experience, such as smartTRADE, a Shariah-compliant trade platform designed to facilitate fast and efficient trade finance transactions, reducing turnaround time , Save operating costs and make international trade financing simple, efficient and safe. In addition, most of the commercial banks’ active customer base has joined “businessONLINE” – a new, state-of-the-art integrated online banking platform and mobile application specially designed for SME and corporate customers.
Increase private car service: Many people in the UAE now prefer private cars as rising fuel prices, traffic fines, and insufficient supply of auto parts have reduced the number of potential buyers, leading to a potential increase in private car financing for future services.There has also been an increase in green car loans, with electric vehicles, an emerging segment in the UAE, leading the country in terms of green loans.
analyst at Ken study In their latest publication “UAE Auto Finance Market Outlook to 2026F – Driven by Increasing Digital Penetration, Changing Vehicle Ownership Characteristics and Government Tax Rebates as Regulators Systemically Oversee Vehicle Ownership and Financing Policies“ Ken Research observes that the UAE auto finance market is in a growth phase. The potential for fintech growth, growing digital advancements, rising demand for cars, flexible financing models, and government initiatives are some of the factors that will boost the growth of the UAE auto finance market during 2021-2026. The UAE auto finance market is expected to grow at a CAGR of around 17% during the forecast period mentioned above.
Key Sections Covered:-
UAE Auto Finance Market
By lender category (by credit extended), 2021 and 2026
- captive financing company
- Global Banking and Merchant Banking
- NBFCs
go through Vehicle Type (Payment by Credit), 2021 and 2026
- two wheeler
- Tricycle
- Four-wheeled vehicle
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go through Ownership Type (Payment by Credit), 2021 and 2026
go through 2021 and 2026 Vehicle Classes by Credits Issued
- passenger car
- commercial vehicle
By loan term (issued by credit), 2021 and 2026
- 12 – 14 months
- 25 – 48 months
- 49 – 60 months
Main target audience:-
- Bank and its subsidiaries
- NBFCs
- captive finance company
- government and institutions
- car company
- car dealer
- government and institutions
- Existing Auto Finance Company
- OEM dealer
- new market entrant
- investor
- Automobile Association
Visit this link:- Request a Custom Report
Time period captured in the report:-
- historical period: 2016-2020
- Base year: 2021
- Forecast period: 2022 – 2026
Companies Covered:-
- dubai islamic bank
- dubai commercial bank
- Emirates NBD
- HSBC
- norges bank
- Abu Dhabi Islamic Bank
- Halal Bank
- Bank of Ajman
- ADCB Islamic Bank
- arab bank
- royal bank
- Sharjah Islamic Bank
- UAE Islamic Bank
- First Abu Dhabi Bank
- Mashrek Bank
- financial world
- REM Finance
- Siraj Financial
- Financial Building
- first in dubai
Key Topics Covered in the Report:-
- Executive Summary of UAE Auto Finance Market Outlook to 2026
- UAE Country Profile
- UAE Auto Finance Market Overview and Origins
- Ecosystem of major entities in the UAE auto finance market
- UAE Automotive Market – Base Passenger Car Sales of Major OEM Brands
- captive target
- Types of Car Loans in the UAE Auto Finance Industry
- Value Chain of the UAE Auto Finance Industry
- UAE auto finance market size
- UAE Auto Finance Market Segmentation
- Industry Analysis of UAE Auto Finance Market
- Decision Parameters for Selecting an Auto Finance Provider
- Trends and developments in the UAE auto finance market
- Challenges facing end users in the UAE auto finance market
- SWOT Analysis of UAE Auto Finance Market
- Government Regulations for the UAE Auto Finance Market
- customer journey
- Impact of COVID 19 on the UAE auto finance industry
- UAE Auto Finance Aggregation Market
- Cross-comparison of major players in the UAE auto finance market
- Future Outlook and Market Size of UAE Auto Finance Market 2021-2026F
- analyst recommendation
For more insights on market intelligence, refer to the link below:-
UAE Auto Finance Market
Related reports Ken Research:-
Singapore Auto Finance Market Outlook to 2025 (Second Edition) – Changing Auto Ownership Characteristics Driven by Exorbitant Auto Prices, Growing Digital Penetration, and Government’s Systemically Regulated Auto Ownership Policies
The auto finance industry in Singapore is expected to grow at a CAGR of approximately 11% between 2020 and 2025, with a CAGR of approximately 0.4% for auto credit origination and outstanding auto loans. Credit origination in Singapore is expected to grow at a higher-than-average CAGR due to higher volumes of vehicles financed in the future. The Singapore government is working to expand green car sales in the country, which is expected to increase demand for “green car loans” in the coming years. New business models such as shared ownership financing are also likely to emerge in the country in the coming years. Finally, with the expansion of artificial intelligence, machine learning, big data, etc., the industry is expected to move towards digital growth, further simplifying the loan application process.
The urbanization rate is expected to rise to over 60 percent by 2030, implying increased demand for social services such as employment, housing, infrastructure and public transport. In addition, the recent increase in the cost of public transportation has led to an increase in the demand for private cars. The Egyptian auto finance market is currently in a growth phase and is currently growing at a double-digit CAGR due to lower interest rates, growing disposable income, and easy financing options.
Passenger car ownership in Malaysia exceeds the population of Malaysia. Poor public transport infrastructure is one reason. The used car industry is also booming and is reportedly on track for double-digit sales growth. Automobile imports still exceed exports, resulting in a huge trade deficit. The government has taken various initiatives to support domestic car manufacturing by setting up companies such as Proton and Perodua. The government also offers various incentives for buying a National Car. The market is at a mature stage, with a stable population, high car ownership and a small domestic commercial vehicle market, with rather limited growth opportunities in Malaysia.
The Philippine auto finance market is expected to grow at a good CAGR between 2021 and 2026. One of the main determinants of the rapid growth in the next few years is rising car sales due to population growth and rising income levels. Future car sales in the Philippines Loans repaid, the increase in outstanding auto loans is expected to maintain a high growth rate between 2021F-2026F, and mid-to-high-end models are expected to be a great success, as the majority of car buyer groups include high-income groups leading to larger loan amounts per customer , as the government is building infrastructure such as charging points in parks, car sales are expected to soar, especially green cars. Greater digitization and use of artificial intelligence and machine learning to improve customer convenience. New business models such as subscription loans and equity financing are in play, which will lead to high growth rates in the Philippine auto finance market.
The Indonesian auto finance market is expected to grow at a high CAGR between 2021 and 2026. One of the main determinants of the rapid growth in the next few years is rising car sales due to rising population and rising income levels, outstanding loans in car Indonesia, The increase in outstanding auto loans is expected to maintain a high growth rate between 2021F-2026F, and four-wheeler models are expected to show strong growth, as most car buyer groups include high-income groups, resulting in an increase in the loan amount per customer, as the government Infrastructure, such as charging points in public parks, is being built, and car sales, especially green cars, will see rapid growth. Greater digitization and use of artificial intelligence and machine learning to improve customer convenience. New business models such as subscription loans and equity financing are in play, which will lead the Indonesian auto finance market to achieve high growth rates.
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