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Top Market Shifts Transforming the Household Lending Market Landscape: Key Insights
Household Lending
What Is the Expected CAGR for the Household Lending Market Through 2025?
The size of the household loan market has experienced robust expansion in the past few years. A growth projection indicates an increase from $5068.36 billion in 2024 to $5542.15 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 9.3%. The historical growth can be credited to variables such as interest rate changes, fluctuating economic scenarios along with employment trends, the influence of government policies along with various housing schemes, consumer belief systems coupled with their spending behavior, and the state of the credit market amplified by overall risk propensity.
What's the Projected Size of the Global Household Lending Market by 2029?
The market size of household lending is predicted to witness robust expansion in the forthcoming years. The market is poised to reach $8111.71 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.0%. The acceleration during the predicted period can be ascribed to demographic and population changes, transformations in societal financial habits, worldwide economic factors, and trade shifts, as well as advancements in loan products and frameworks. Leading emerging trends for the predicted landscape include the adoption of alternative credit rating systems, the move towards the securitization of household loans, the application of open banking, emphasis on ethical and responsible lending, and the incorporation of blockchain technology.
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Top Growth Drivers in the Household Lending Industry: What's Accelerating the Market?
The soaring costs of housing are predicted to fuel growth in the household lending industry in the future. The term 'housing costs' comprises not only rent and the costs of a mortgage (including principal repayment and interest), but also a broader calculation of obligatory service costs, regular maintenance, repairs charges, taxes and utility bills. This surge in housing expenses restricts a person's ability to outright purchase a house, prompting them to seek a loan. Thus, the escalating costs of housing are invigorating the household lending market. As an example, data from the Federal Housing Finance Agency - an independent federal organization in the United States operating as the regulatory successor to the Federal Housing Finance Board - shows that between the third quarters of 2021 and 2022, there was a 12.4% increase in housing prices. This marked a tiny 0.1% rise from the second quarter of 2022. It's clear then, that the sharp rise in housing costs is a primary driver of the household lending market.
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Which Fast-Growing Trends Are Poised to Disrupt the Household Lending Market?
Key players in the household lending market are directing their efforts towards creating cutting-edge solutions, like all-inclusive digital home loans, to simplify the borrowing process. The term all-inclusive digital home loan implies a completely online mechanism for submitting, approving, and overseeing a home loan without requiring traditional paperwork or face-to-face interactions. For example, in November 2023, the Australia and New Zealand Banking Group Limited, a financial services entity based out of Australia, introduced an innovative all-inclusive digital home loan via its ANZ Plus mobile app, specifically aimed at qualified owner-residents in the urban areas of New South Wales and Victoria looking to refinance. This pioneering service offers quick approval times, often in just a few minutes, and gives preliminary property assessments. Offering a competitive variable interest rate of 6.14%, the loan procedure is efficient and easy to navigate, making it simple for customers to monitor their applications.
What Are the Main Segments in the Household Lending Market?
The household lendingmarket covered in this report is segmented -
1) By Types: Fixed Rate Loans, Home Equity Line Of Credit
2) By Service Providers: Banks, Online, Credit Union, Other Service Providers
3) By Source: Mortgage And Credit Union, Commercial Banks, Other Sources
4) By Interest Rate: Fixed-Rate Mortgage Loan, Adjustable-Rate Mortgage Loan
Subsegments:
1) By Fixed Rate Loans: Conventional Fixed Rate Mortgages, FHA Fixed Rate Loans, VA Fixed Rate Loans, USDA Fixed Rate Loans
2) By Home Equity Line Of Credit (HELOC): Variable Rate HELOC, Fixed Rate HELOC, Interest-Only HELOC
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Which Top Companies are Driving Growth in the Household Lending Market?
Major companies operating in the household lending market include Bank of America Corporation, JPMorgan Chase & Co., Pentagon Federal Credit Union, Discover Financial Services Inc., LoanDepot.com LLC, Spring EQ LLC, Australia and New Zealand Banking Group Limited, Barclays plc, Citizens Commerce Bancshares Inc., Commonwealth Bank of Australia, Flagstar Bancorp Inc., HSBC Holdings plc, Navy Federal Credit Union, Roostify Inc., Royal Bank of Canada, Alltru Credit Union, American Express Company, Earnest Inc., Figure Technologies Inc., Even Financial Inc., First Tech Federal Credit Union, Happy Money Inc., Kikoff Inc., Klarna Bank AB, LendingClub Corporation, LendingUSA LLC, Mission Lane LLC, The Goldman Sachs Group Inc., Mariner Finance LLC, MoneyKey Inc., MoneyLion Inc., M&T Bank Corporation, Enova International Inc., OneMain Financial Holdings Inc., Oportun Inc., OppFi Inc., Peerform Inc., PNC Financial Services Group Inc., Prosper Marketplace Inc.
Which Regions Will Dominate the Household Lending Market Through 2029?
North America was the largest region in the household lending market in 2024. The regions covered in the household lending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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