According to IMARC Group’s latest report, titled “Consumer Credit Market: Industry Trends, Share, Size Growth, Opportunity and Forecast 2022-2027,” the global consumer credit market reached a value of US$ 10.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.96 Billion by 2027, exhibiting at a CAGR of 5% during 2022-2027.
Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Consumer credit is a short-and intermediate-term loan used to finance the purchase of services and commodities for personal use. It is extended by banks and other financial institutions to enable a consumer to purchase goods immediately and pay off the cost over time with interest. It is commonly available in the form of non-revolving and revolving loans, which include debt offerings, such as notes and securitized obligations, collateralized debt obligations (CDOs), mortgage-backed securities, and credit default swaps (CDS). It offers numerous benefits, such as financial flexibility and assistance to the borrower in case of emergency. As consumer credit supports the overall economy of a country, it is gaining immense traction across the globe.
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Market Trends
Rising construction, reconstruction and remodeling activities of residential buildings are increasing the need for home loans. This, coupled with a significant rise in the banking, financial services and insurance (BFSI) industry across the globe, represents one of the key factors driving the market. The rising rate of interest by federal reserves is a key indicator of a successful economy worldwide. This provides the consumer confidence in the economic upswing, which, in turn, results in significant purchase decisions, such as buying homes, cars, and other substantial assets, and is also contributing to a rise in demand for consumer credits. In line with this, expanding micro-enterprises, especially in developing countries, are propelling the market growth. Apart from this, various banks and financial institutions are also investing in micro, small and medium enterprises (MSMEs) to minimize the credit gap with local vendors, which is offering lucrative growth opportunities to leading investors. Additionally, growing internet penetration and the increasing adoption of advanced technologies, such as big data, artificial intelligence (AI), and cloud-based services by banks and non-banking institutions, are promoting cloud or digital lending. The digital lending process aids in a lower rate of interest, easy access, and short time requirement to access the credit. It also helps lenders to facilitate the application and approval process and serve more consumers. The use of online portals in lending helps in enhanced productivity and faster operations. Besides this, increasing disposable income and rapid development in the automotive industries are contributing to the rising demands for vehicle loans, which, in turn, is creating a positive market outlook. This, along with the increasing use of social media for better market connectivity to promote various schemes and offers, is positively influencing the market.
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The report has segmented the market on the basis of credit type, consumer type, service type, issuer, payment method and geography.
Breakup by Credit Type:
- Revolving Credits
- Non-revolving Credits
Breakup by Consumer Type:
- Individual
- MSMEs
- Large Enterprises
Breakup by Service Type:
- Credit Services
- Software and IT Support Services
Breakup by Issuer:
- Banks and Finance Companies
- Credit Unions
- Others
Breakup by Payment Method:
- Direct Deposit
- Debit Card
- Others
Breakup by Geography:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Bank of America, Barclays, BNP Paribas, China Construction Bank, Citigroup, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (ICBC), JPMorgan Chase, Mitsubishi UFJ Financial, Wells Fargo, etc.
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