The report covers Auto Loan NPAs in Saudi Arabia, Auto Loan Portfolio Saudi Arabia, Automotive Finance Companies in Saudi Arabia, Business Vehicle Loans Market KSA, Captive Car Finance Companies in KSA, Car Finance Start-ups in SAudi Arabia, Car Financing Companies in Saudi Arabia, Car Loan Disbursed Saudi Arabia, Car Loan Outstanding Saudi Arabia, Car Loan Vendors in Saudi Arabia, Car Loans in Saudi Arabia, Car Loans Services Providers in KSA, Car mobile OEMs Finance Companies KSA, Carmotive Finance Market KSA, Green Car Loans Providers in KSA, Investment Auto Finance Saudi Arabia, Investors in KSA Car Finance Market, Jeddah Car Finance Market, KSA Car Finance Industry, KSA Car Finance Market.
Gurugram, India, Jan. 16, 2023 (GLOBE NEWSWIRE) — KSA Car Finance Market is in the growing stage, being driven by banks and NBC’s along with introduction of Fin-Tech companies and online personal loan aggregator platforms. Major entities in the market are Banks and Captives that are 70-80 years old offering variety of financing services.
Growth rate of total cars financed is going to increase over the period as financing becomes easier, market penetration rates increase.
The Vision 2030 project in KSA has massive plans for the economy in terms of infrastructure and investment which will improve employment figures and increase incomes.
Entry of women drivers in the market has led to an increase in the total cars sold and hence the credit disbursed in car finance sector. This trend is expected to continue to 2026.
Increase in Private Entities: The Government stake in the Saudi Arabia Car finance market is decreasing, hence the percentage share of government to private might shift to private. Government stake in SNB has gone down from 44.2% in 2016 to 37.2% in 2022. Finance companies are partnering with Banks so they can offer loan more than 33% of customer’s salary. For example- Riyad Bank works with Al Amthal Financing. It is not a sister company, but they have collaborated together. Both share the profits from customers.
New Players in the Market and Partnership with Finance Companies: New players entering the KSA Car finance market are Fin-tech companies. Around 38 companies have received approval from the Central Bank and have started garnering database by entering into the market with digital wallets and offering products like BNPL. Also, Finance companies are partnering with Banks so they can offer loan more than 33% of customer’s salary. For example- Riyad Bank works with Al Amthal Financing. It is not a sister company, but they have collaborated together. Both share the profits from customers.
Get in front of Prospects through AI: When customers shop for a car, they need information about two things the car itself and how to finance it. A tighter online integration of information gathering for car buying and car financing can help move a consumer to the next stage of the purchasing process. The solution is an interactive online interface embedded with AI. The online experience must extend seamlessly into the dealership – for instance, by giving the customer access to terms and pricing details on their mobile app rather than having to rely on the dealer.
Analysts at Ken Research in their latest publication “KSA Car Finance Market Outlook to 2026F- Driven by Women Entering the Market, Increasing Employment Opportunities in the Kingdom” by Ken Research observed that KSA Car Finance Market is in the growing phase. Enhancing Service Offerings, collaborations with partners, expand pipeline with predictive analysis and getting in front of prospects through AI are some of the factors that will contributed to the KSA Car Finance market growth over the period of 2021-2026F. It is expected that KSA Car Finance Market will grow at a CAGR of 11.7% for the above forecasted period.
Key Segments Covered in the report:-
KSA Car Finance Market
By Type of Vehicle Financing
New car financing
Used car financing
By Type of Car Financed
Hatchbacks
Sedans
Sports Utility Vehicle
Multi-Purpose Vehicle
By Price
High (500,000+)
Medium (200k-500k)
Low (below 200K)
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By Type of Institution
Banks
NBFC’s
Captives
By Tenure of Loans
<2 years
3-4 years
4-5 years
By Major Cities
Riyadh
Jeddah
Dammam
Others
By Booking Mode
Online
Offline
Key Target Audience
Banks and its Subsidiaries
NBFCs
Captive Finance Companies
Government and Institutions
Automobile Companies
Car Dealers
Government and Institutions
Existing Car Finance Companies
OEM Dealerships
New Market Entrants
Investors
Auto mobile Associations
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Time Period Captured in the Report:-
Historical Period: 2017-2021
Base Period: 2021
Forecast Period: 2022-2026F
Companies Covered:-
Banks
Al Rajhi Bank
Riyad Bank
Al Jazeera Bank
Alinma Bank
Arab National Bank
NBFC’s
Al Yusr Leasing and Financing
Al Amthal Financing Company
National Finance House
Tajeer Finance
National Finance Company
Murabaha Marina Finance Company
OEM’s
Abdul Latif Jameel United Finance Co. (Toyota Distributor)
ALJABR FINANCE (KIA Distributor)
Walan finance company (hyundai)
Geely Finance (Geely Distributor)
Key Topics Covered in the Report:-
KSA Automotive Market Overview
Ecosystem, Business Cycle and Evolution of KSA Car Finance Market
KSA Car Finance Value Chain Analysis
Islamic Banking and Car Finance in KSA
KSA Car Finance Market by Credit Disbursed, 2017-2021
KSA Car Finance Market by Outstanding loans, 2017-2021
KSA Car Finance Market Segmentation, 2021
SWOT Analysis of KSA Car Finance Industry
Infrastructure Development Overview of KSA
Trends and Developments in KSA Car Finance Industry
Operational Strategies for KSA Car Finance Services Market
Issues and Challenges in KSA Car Finance Industry
Government Policies and Initiatives for Automotive Industry
Growth Drivers of KSA Car Finance Market
KSA Car Finance Market Competition Overview
Cross Comparison of Major Players in KSA Car Finance Market
Strengths and Weakness of Major Players in KSA Car finance market
Future Outlook and Market Projections, 2026F
Case Study on Al Rajhi Bank
Growth strategies for KSA Car Finance Market
For more insights on the market intelligence, refer to below link:-
KSA Car Finance Market
Related Reports by Ken Research:-
Malaysia Automotive Finance Market Outlook to 2026-Driven by exorbitant car prices, growing digital penetration, preference for owning passenger cars amidst systematically regulated car ownership policies by the Government
Number of passenger car ownership in Malaysia exceeded the population in Malaysia. Poor public transport infrastructure is one of the reasons. The used car industry is also enjoying a boom in business, and is reportedly on-track to register double-digit growth in sales. Import of vehicles still exceeds the exports resulting huge trade deficit. Government has taken various initiatives to support domestic manufacturing of vehicles by setting up companies like Proton and Perodua. Government also gives various incentives on purchasing of National Car. The market is at maturity stage with stable population, high ownership of car and small domestic commercial vehicle market, the opportunity of growth in Malaysia is quite limited.
Singapore Auto Finance Market Outlook to 2025 (Edition II) – Driven by exorbitant Car Prices, Growing Digital Penetration and evolving Vehicle Ownership Characteristics amidst Systemically Regulated Car Ownership Policies by the Government
The Singapore Auto Finance industry is expected to increase at a CAGR of ~11% basis Auto credit disbursed and ~0.4% basis Auto Loan Outstanding during 2020 to 2025. The credit disbursed is expected to rise in Singapore at higher than average CAGR owing to higher number of cars financed in the future. The government of Singapore is working towards expansion of Green Car Sales in the country, which is expected to increase the demand of ‘Green Car Loans’ in the future years. New Business Models such as Shared Ownership Financing may also emerge in the country in the coming years. Lastly, Industry is expected to move towards a digital growth with the expansion of Artificial Intelligence, Machine Learning, Big Data and more to further simplify loan application process.
Qatar Auto Finance Market Outlook to 2026F– Driven by Increasing Vehicle Prices and Low-Interest Rate In The Country
Qatar will host the FIFA World Cup 2022 which is expected to increase the tourist flow in the country. Approximately 1000+ thousand tourists are expected to arrive in Qatar by the end of 2022. Tourist flow will directly benefit the local business and automobile sector of the country. HCV shows the highest growth in the coming years with increasing construction projects in the country. The research shows that 2-Wheeler vehicle is expected to grow at the highest CAGR due to increasing online delivery for food. Also, the industry is moving towards digital advancement and technologies such as AI and ML to improve efficiency. Many new players, mostly fin-tech companies are entering the market with digital wallets and offering products like BNPL to the country.
Philippines Auto Finance Market Outlook to 2026- Driven by change in consumer spending, ease in provision of loans, improving technology and government support
Philippines Auto Finance Market is Expected to grow at a good CAGR in between 2021 and 2026F, one of the major determinants for the surging growth in coming years is the Increasing Population and growing income levels leading to rise in sales of cars , the rise in Auto Outstanding Loans in Philippines, the increase in Auto Loan Outstanding is expected a high growth rate between 2021F-2026F, High-Mid range car models are expected to witness strong success as the majority of car buyers segment includes the High Income people leading to larger Loan amount per customer, Expectation of high growth in car sales especially in Green cars as the government is building the infrastructure like the charging point at public parks . Higher digitization and usage of Artificial Intelligence and Machine Learning to improve customer convenience. New Business Models such as Subscription Lending, Shared ownership financing are coming into play which will lead the way for high growth rate in the Philippines Auto Finance Market.
Indonesia Auto Finance Industry Outlook to 2026- Driven by growing digital penetration, evolving vehicle ownership characteristics and rebates by the Government amidst systematically regulated vehicle ownership and financing policies by the regulatory authorities
Indonesia Auto Finance Market is Expected to grow with a high CAGR in between 2021 and 2026F, one of the major determinants for the surging growth in coming years is the Increasing Population and growing income levels leading to rise in sales of cars , the rise in Auto Outstanding Loans in Indonesia, the increase in Auto Loan Outstanding is expected a high growth rate between 2021F-2026F, Four-Wheeler car models are expected to witness strong growth as the majority of car buyers segment includes the High Income people leading to larger Loan amount per customer, Expectation of high growth in car sales especially in Green cars as the government is building the infrastructure like the charging point at public parks . Higher digitization and usage of Artificial Intelligence and Machine Learning to improve customer convenience. New Business Models such as Subscription Lending, Shared ownership financing are coming into play which will lead the way for high growth rate in the Indonesia Auto Finance Market.
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