Consumer Credit Market Analysis 2022-2027, Industry Size, Share, Trends and Forecast

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 type of short- and medium-term loan used to pay for the acquisition of goods and services for personal use. Banks and other financial institutions offer it to let customers buy products right away and pay the price with interest over time. It is frequently offered as non-revolving and revolving loans, which also come in the form of debt offerings such notes and securitized liabilities, collateralized debt obligations (CDOs), mortgage-backed securities, and credit default swaps (CDS). Numerous advantages are provided, including financial adaptability and support for the borrower in times of need. Consumer credit is becoming incredibly popular all around the world as it supports a nation's overall economy.

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Market Trends

Home loans are becoming more and more necessary as residential building construction, reconstruction, and remodelling activities increase. This is one of the main drivers influencing the market, along with a large increase in the banking, financial services, and insurance (BFSI) sector globally. A major sign of a flourishing global economy is the federal reserves' rising interest rate. Due to the increased consumer confidence in the economic recovery, more people are making large purchases like buying homes, vehicles, and other substantial assets. This is also fueling an increase in the demand for consumer credit. Expanding microbusinesses, particularly in developing nations, are driving the market growth in accordance with this. 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, big data, artificial intelligence (AI), and cloud-based services are being adopted by banks and non-banking organisations at an increasing rate, and these developments are supporting cloud or digital lending. The ease of access, reduced interest rate, and speedy credit approval are all benefits of digital financing. Additionally, it helps lenders serve more customers by streamlining the application and approval process. Online portals are used in lending to increase productivity and speed up processes. Additionally, rising demand for automobile loans is being fueled by rising disposable income and the automotive sectors' rapid development, which is resulting in a good prognosis for the market. 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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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