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Thailand Auto Finance Market is expected to generate more than THB 1.7 Trillion credit disbursed in 2026F driven by Growth in Online Retail and Logistics: Ken Research
Thailand Auto Finance Market is expected to generate more than THB 1.7 Trillion credit disbursed in 2026F driven by Growth in Online Retail and Logistics: Ken Research
PR Newswire
GURUGRAM, India, Jan. 16, 2023
GURUGRAM, India, Jan. 16, 2023 /PRNew…
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Thailand Auto Finance Market is expected to generate more than THB 1.7 Trillion credit disbursed in 2026F driven by Growth in Online Retail and Logistics: Ken Research
PR Newswire
GURUGRAM, India, Jan. 16, 2023
GURUGRAM, India, Jan. 16, 2023 /PRNewswire/ -- Thailand's Auto Finance Market is in the maturity stage, driven by road infrastructure development, economic growth in the country, and a dramatic increase in trading partners and export earnings. Major entities in the market are Banks and Captives that are 90-100 years old offering variety of financing services.
- Thailand's market uses the traditional way of banking including manpower and face-to-face transactions instead of online processes.
- Nowadays, many non-banks have jumped into the Auto-finance business and they are doing it in a simpler way than banks.
- The automotive industry in Thailand is the largest in Southeast Asia and the 10th largest in the world.
Growth in Online Retail and Liberal Trade Arrangements: There will be a rise in demand for commercial vehicles due to ongoing government investment, expansion in online retail, and logistics. The car manufacturers of the country plan to increase demand by releasing new models (including both the internal combustion engine and electric vehicles). With this, the greater trade openings under the current ASEAN Free Trade Area agreement would permit Thailand to export more automobiles to the rest of the region.
Used car financing more accessible and inexpensive: Thailand's government announced subsidies for electric vehicles is anticipated to increase the country's demand and sales for vehicles. Due to various financing companies' policies that make used car financing more accessible and inexpensive, used car financing may experience an increase in the segmentation of the type of vehicle funded in the upcoming years. In addition to this, to enhance the volume of new car loans, Thailand's leading banks also have the chance to strategically work with the original equipment manufacturer.
Shift from ICE to EV and Rapid Digitalization: Due to the increased energy efficiency, affordability, and environmental friendliness of electric vehicles, the market has experienced a transition away from internal combustion engines. As a result, EVs are now preferred over ICE vehicles in Thailand. To enhance the consumer experience, auto financing organizations are leaning more and more toward advanced technical developments. Online automobile sales have developed into a "one-stop-shop" service that gives customers direction and customization. In order to enhance and automate the delivery and use of financial services, such as payment gateways and trading platforms, new technology-based firms are joining the Thai car finance sector.
Analysts at Ken Research in their latest publication "Thailand Auto Finance Market Outlook to 2026F- Driven by Road Infrastructure Development and Economic Growth in the Country" observed that the Auto Finance market is an emergent market in Vietnam at a rebounding stage from the economic crisis after the pandemic. The immense infrastructural development projects in the country, partnerships, and mergers with other banks along with the adoption of digitalization are expected to contribute to the market growth over the forecast period. The market is expected to grow at a 7.4% CAGR during 2021-2026F owing to the increasing purchasing power of consumers, adoption of EVs, and new government policies.
Key Segments Covered:-
Thailand Auto Finance
By Type of Vehicle financed
- New cars
- Used cars
- Motorcycles
By Distribution channels
- Banks & Subsidiaries
- NBFC's
- Captives
By Type of Financing
- Passenger Vehicles
- Commercial Vehicles
By purpose type
- Loans
- Lease
To learn more about this report Download a Free Sample Report
By Tenure of the loans
- 1 year
- 2 years
- 3 years
- 4 years
- 5 years and above
Key Target Audience:-
- Banks and their 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
- Automobile Associations
Time Period Captured in the Report:-
- Historical Year: 2016-2021
- Base Year: 2021
- Forecast Period: 2021– 2026F
Companies Covered:-
Banks and Subsidiaries
- TMBThanachart Bank
- Ayudhya Bank
- Siam Commercial Bank
- TISCO Bank
- Kiatnakin Bank
- Kasikorn Bank
- Others (Including ICBC Bank, Citi Bank, Bangkok Bank, and Krungthuri Bank)
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Captives
- Toyota Leasing Thailand
- Honda leasing
- Mercedes-Benz leasing
- BMW Financial Services
- Others
NBFC's
- Muangthai Capital
- Asia Sermkij Leasing
- Nakhon Luang Capital Limited
- Thitikorn
- Summit Capital
- Group Lease
- Aeon Thana Sinsap
- G Capital Public Limited
- Others (Thai Ace Capital, SGF Capital, JMT Network, Phatra Leasing Company, Mitsib Leasing)
Key Topics Covered in the Report:-
- Thailand Automotive Market Overview
- Thailand Automotive Finance Market Overview
- Ecosystem of Thailand Auto Finance Market
- Business Cycle and Timeline of Thailand Auto Finance Market
- Thailand Auto Finance Value Chain Analysis
- Market Sizing Analysis of Thailand Auto Finance Market, 2016-2021
- Thailand Auto Finance Market Segmentation (By Type of Vehicle Financed, By Distribution Channel, By Tenure Loan, By Purpose Type, By Type of Motor Vehicle), 2021
- SWOT Analysis of Thailand Auto Finance Industry
- Trends and Developments in Thailand Auto Finance Industry
- Decision Making Parameters for Selecting Car Loan Vendor
- Issues and Challenges in Thailand Auto Finance Industry
- Growth Drivers of Thailand Auto Finance Market
- Government Regulators and Initiatives in Thailand Auto finance Industry
- Competition Framework for Thailand Auto Finance
- COVID-19 Impact on Thailand Auto Finance Market
- Future Outlook and Projections of Auto Finance Market in Thailand, 2021-2026F
- Market Opportunities and Analyst Recommendations
For more insights on the market intelligence, refer to below link:-
Related Reports by Ken Research:-
UAE Auto Finance Market Outlook to 2026F
The UAE Auto Finance Market witnessed significant growth during the period 2016-2021, owing rising automobile demand, flexible financing models, and rise in online auto finance aggregators. Growth rate of total cars financed is going to increase over the period as financing becomes easier and market penetration rates increase.
Urbanization is expected to rise to more than 60% by 2030, which means increased demand for jobs, housing, infrastructure, and social services such as public transportation. Moreover, the recent increase in the cost of public transportation has led to increase in demand for personal vehicles. Egypt Auto Finance Market is currently at the growth stage and the market is currently increasing at a double digit CAGR owing because of lower interest rate, growing disposable income and easy financing options.
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.
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.
Vietnam's Cold Chain market was evaluated to grow at a double-digit CAGR during 2016-2021. The market is currently in the growth stage owing to lower interest rates along with increasing government initiatives and investments in the sector. The Pandemic has resulted in the slow growth of Auto Finance where Vietnamese preferred to own a private vehicle to avoid public transportation. The growing penetration of the internet and smartphones and the rising purchasing power of the middle class resulted in changing preferences of consumers which are some of the key factors fueling the Auto Finance Market in Vietnam.
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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
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SOURCE Ken Research
Uncategorized
February Employment Situation
By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…
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By Paul Gomme and Peter Rupert
The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.
Temporary help services employment continues a steep decline after a sharp post-pandemic rise.
Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.
The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.
The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.
Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.
As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.
Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.
The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.
unemployment pandemic unemploymentUncategorized
Mortgage rates fall as labor market normalizes
Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.
The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250
Below is an explanation of how we got here with the labor market, which all started during COVID-19.
1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.
2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.
Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.
3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too
Total employment data
4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels.
From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.
Here are the jobs that were created and lost in the previous month:
In this jobs report, the unemployment rate for education levels looks like this:
- Less than a high school diploma: 6.1%
- High school graduate and no college: 4.2%
- Some college or associate degree: 3.1%
- Bachelor’s degree or higher: 2.2%
Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.
recession unemployment covid-19 fed federal reserve mortgage rates recession recovery unemploymentUncategorized
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Last month we though that the January…
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Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush.
What happened? Let's take a closer look.
On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.
Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.
Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K, a 124K revision, which was the biggest one-month negative revision in two years!
Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.
In the past month the Biden department of goalseeking stuff higher before revising it lower, has revised the following data sharply lower:
— zerohedge (@zerohedge) August 30, 2023
- Jobs
- JOLTS
- New Home sales
- Housing Starts and Permits
- Industrial Production
- PCE and core PCE
To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).
And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...
... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...
... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.
While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.
But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).
This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.
There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).
Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!
But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!
The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!
Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...
... but there has been zero job-creation for native born workers since June 2018!
This is a huge issue - especially at a time of an illegal alien flood at the southwest border...
... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.
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