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Consumer Credit Market Demand, Analysis, Size And Growth Forecast By 2033
Consumer Credit Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations are a key trend in gaining popularity in the consumer credit market. Major companies operating in the consumer credit market are focused on developing innovative solutions such as Artificial Intelligence (AI) and data analytics to strengthen their position in the market. For instance, in November 2022, LoanDepot Inc. introduced an innovative digital home equity line of credit (HELOC). The product features a simple interface and is fast, with a timeframe of as little as seven days from application to closure. Customers may acquire a no-hassle online rate quotation in less than five minutes and pre-qualify without affecting their credit ratings. It is a unique technology platform empowered by digital tools and data. This innovative new system provides homeowners with an effective financing option for tackling inflation and increasing consumer debt with a level of electronic convenience that is not currently accessible through conventional HELOC products.
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Major Key Players of the Market:
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
Consumer Credit Market 2024 Key Insights:
• 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%.
• Role Of Cashless Transactions In Driving Expansion Of The Consumer Credit Market
• Rise Of AI And Data Analytics In Pioneering Products
• North America was the largest region in the consumer credit market in 2023
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