1. Philippines is 2nd fastest growing vehicle market in ASEAN
- Utility Vehicles likely to dominate the market in terms of New Vehicle Registrations every year with foreign brands and Japanese automobile manufacturers prospering the Philippines market. SUVs holds less share due to high capital investment and cost attached to it.
- Customer lifecycle management optimization is likely to support the entire product and service lifecycle thereby increasing customer retention and boost loyalty towards few brands in the market
- Adopting new technologies like API-based architecture will boost the fintech solution across Philippines
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2. Financing Rate for New and Old Vehicles expected to increase in future in Philippines
The Financing rate is expected to rise each year due to increasing demand of the finance in recent years. Earlier, the financing for old and new vehicles was not very popular with very limited audience catered by the financing market. The Percentage contribution of New Vehicles financed is higher than Old Vehicles as the rate of interest charged for Old Vehicles is quite high.
3. Philippines Auto Finance Industry is in a growing stage in which Digital Advancements are expected to provide new opportunities in the future
- Growing Digital Advancements: The Industry is increasingly moving towards newer technology such as AI and ML to improve its efficiency.
- Increasing Private Hire Car Service: Large number of people in Philippines are now preferring to hire private Cars leading to potential increase in their financing in future.
- Green Car Loans: Electric Vehicles is an emerging segment in Philippines leading way for green loans in the country.
For more insights on the market intelligence, refer to the link below:-
Philippines Auto Finance Market
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