Press release
Consumer Credit Market Size Strong Revenue and Competitive Outlook 2024 - 2033
Consumer Credit
The Business Research Company presents an extensive market research report on the Consumer Credit Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The consumer credit market size has grown strongly in recent years. It will grow from $11.1 billion in 2023 to $11.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to economic growth and prosperity, access to financial services, changing lifestyles and consumption patterns, housing market dynamics, promotion and marketing strategies.
The consumer credit market size is expected to see strong growth in the next few years. It will grow to $14.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to demographic changes and millennial behavior, education and healthcare expenses, innovation in credit products, global economic trends, regulatory environment. Major trends in the forecast period include open banking initiatives, fintech disruption, credit education and financial wellness, pandemic-influenced trends, sustainable finance.
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Key Market Players:
Major companies operating in the consumer credit market report are Berkshire Hathaway Inc., Industrial and Commercial Bank of China Limited, JPMorgan Chase & Co., China Construction Bank Corporation, The Bank of America Corporation, WELLS FARGO & CO., HSBC Holdings plc, Citigroup Inc., Prudential Financial Inc., American Express Company, Morgan Stanley, Mitsubishi UFJ Financial Group Inc., BNP Paribas SA, Capital One Financial Corporation, Barclays plc, Deutsche Bank AG, PayPal Holdings Inc., Mastercard Incorporated, Synchrony Financial, Discover Financial Services, Experian plc, Equifax Inc., Navient Corporation, Hilltop Holdings Inc., Affirm Holdings Inc., Afterpay Touch Group Ltd., Zip Co. Limited, Sezzle Inc., Edward D Jones & Co L.P., Klarna Bank AB
Market Drivers:
The increasing adoption of cashless transactions is expected to propel the growth of the consumer credit market going forward. Cashless transactions are digital methods of transferring financial transactions between two parties that do not require the use of real currency that uses a payment gateway to transmit payments electronically. Fintech lenders are more likely to issue loans to cashless payment adopters than to non-adopters because the borrowers' cashless payment histories provide lenders with reliable information, allowing for more effective screening of loan applications. Additionally, these borrowers may benefit from lower interest rates and lower default risks, and with these benefits, borrowers may choose cashless payments. For instance, in July 2022, according to a report published by the European Central Bank, a Germany-based bank responsible for monetary policy in the European Union (EU), the overall number of non-cash payments in Europe increased by 12.5% to $123.63 billion in 2021 compared to the previous year, while the total value increased by 18.6% to $213.26 trillion. Therefore, the increasing adoption of cashless transactions is driving the consumer credit market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/consumer-credit-global-market-report
The consumer credit market covered in this report is segmented -
1) By Service Type: Credit Services, Software And IT Support Services
2) By Credit Type: Revolving Credits, Non-Revolving Credits
3) By Issuer: Banks And Finance Companies, Credit Unions, Other Issuers
4) By Payment Method: Direct Deposit, Debit Card, Other Payment Methods
5) By Application: Individual, Enterprise, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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