Thailand Auto Finance Credit Disbursed is Expected to Reach over THB 1,500 Billion by the End of 2023: Ken Research

Thailand Auto Finance Credit Disbursed is Expected to Reach over THB 1,500 Billion by the End of 2023: Ken Research

PR Newswire

GURUGRAM, India, Feb. 6, 2019

GURUGRAM, India, Feb. 6, 2019 /PRNewswire/ --

Growth in Thailand's auto finance market size in future will be facilitated by simplification in documentation & licensing processes, development in infrastructure with more automobile manufacturers, expanding geographical presence of major players, upgradation of technology and equipments, new marketing strategies and product stream diversification. The recovering nature of the market has opened avenues for change in operating models, thereby laying huge potential for future growth. Operational precision, consolidated & synchronized compliance-controls amongst various analogous regulatory organizations, generalization & standardization bought in licensing & documentation and digitalization are some of the key changes expected in the coming five years. There could be an opportunity for players to enter with new and unique business models. With more access to information through online aggregators, the target audience would have more ease in taking loans. The growth of car collateral services will increase the use of auto financing which would hence expand its market size.

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Thailand auto finance market is likely to witness a boon in terms of number of auto loans sanctioned especially on the technological front with the development of the Eastern Economic Corridor (EEC). The digital front would witness new schemes that are more customer friendly. Moreover, rise in commercial activities engaging automobiles such as use of vehicles in public transport, agricultural and industrial use, are expected be the potential prospects of growth in the next five years.

Ken Research in its latest study "Thailand Auto Finance Market Outlook to 2023 - by Loan Tenure, By Commercial Banks, Non- Banking Financial Institutions, Auto OEMs Captives; By New and Used Passenger and Commercial Vehicles" suggests that the demand for auto financing would continue to grow  registering a CAGR of close to 7% in terms of auto loan outstanding during 2018-2023.

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