India Consumer Durable Finance Market to Grow at 21.63% CAGR Until FY2027
Growing
awareness of consumer durable financial services and improving lifestyle and
technological preferences of people is projected to drive the India consumer
durable finance market through FY2027.
According to the report released by
TechSci Research, ‘India
Consumer Durable Finance Market By Type (Smart
Phone, Washing Machine, Refrigerator, Air Conditioner, Laptop, and Others), By City (Tier 1, Tier
2, and Tier 3), By Region, Competition Forecast & Opportunities, FY2027’, the consumer durable finance market
in India was valued at USD1110.63 million in FY2021 and is expected to advance
with a CAGR of 21.63% in the forecast period to reach USD2704.18
million in FY2027.The increasing penetration of non-banking
financial companies (NBFCs) is further providing more lucrative options to the
consumers to avail consumer durable finances. Demonetization enabled an increasing
number of NBFCs to enter the consumer credit industry, giving more convenient
financing options. Thus, the increasing penetration of non-banking financial
companies from metros, tier 1 and tier 2 cities and other cities was also a
major factor that led to the growth of this market in India. The pursuit of
better profits has led banks and NBFCs to extend their unsecured retail segment
in recent years, delivering a boost to consumer durables and lifestyle
financing.
Moreover, the increase in usage of
e-banking in India has improved the service quality and strengthened the
finance sector as the electronic payment has benefitted in increasing customer
satisfaction level, enhanced productivity, reduced cost of financial
operations, etc. Consumers are able to keep track records of their transactions
through e-banking services. The advantages generated by e-banking services have
determined an accelerate developing of this industry over the entire world.
Furthermore, the factors such as instant money transfer, anytime anywhere usage
benefit reduced fraud and complete security, etc., are boosting this sector in
India. The government of India has also taken initiatives to promote electronic
banking among people, such as, the Digital India campaign, which was launched
in order to ensure digital literacy, digital resources such as internet
connectivity, etc.
Browse over 22 market data Figures
spread through 76
Pages and an in-depth TOC on " India Consumer Durable Finance Market".
On
the basis of type the India consumer durable finance market is categorized into
smart phone, washing machine, refrigerator, air conditioner, laptop, and others.
Among them, smart phone is the leading segment in the India consumer durable finance
market and is expected to continue its dominance over the forecast period on
account of increasing per-capita income in the country. With the growing
economy, consumers are able to spend more on their day-to-day requirements.
Smartphones have now become a necessity. The internet penetration is one of the
main reasons for the boost in the growth of this market. Post demonetization in
November 2016, the use of digital payment solutions such as e-wallets and
biometric-based payment systems has increased dramatically which also acted as
a factor in the growth of this market. Furthermore, the shift in consumer
behavior, who are now preferring contact-less experiences and maintaining
social distancing, also led to the increase in sale of smart phone.
Some
of the major players operating in the India consumer durable finance market are
Bajaj Finserv Limited, HDFC Bank Ltd., Fullerton India, Home Credit India.,
Tata Capital Limited, ICICI Bank Limited, State Bank of India, IDFC First Bank,
Kotak Mahindra Bank Limited., and Early Salary. Consumer
durable finance companies are shifting towards digital banking to remain
competitive in the market.
Download Free Sample Report
Customers can also request for 10% free customization on this report.
“Increasing urbanization, the growth in
number of double income households, and a busy work life are further
contributing towards change in lifestyle pattern. There is a clear emergence of
need and demand for additional TV, laptop, mobile phones, Wi-Fi, mobile
accessories and vacuum cleaner. There is a set of consumer appliances and home
appliances where demand picking up. Digital penetration is rapidly increasing
as digital access becomes more inexpensive. This increased consumer awareness
of the product and increased spending on electronics and home appliances.
Consumers are also more aware of various finance options available for consumer
durables now, owing to rising internet penetration that causes mass awareness.
Moreover, rising urban population has given immense opportunities for
manufacturers to cater to the demand for consumer durables in India. Thus,
changing consumer trend in India will drive the consumer durable finance market
of India during the forecast period.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Consumer Durable
Finance Market By Type (Smart Phone, Washing Machine, Refrigerator, Air
Conditioner, Laptop, and Others), By City (Tier 1, Tier 2, and Tier 3), By
Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India consumer
durable finance market and provides statistics and information on market
structure, size, share and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities present in India consumer
durable finance market.
About TechSci Research
TechSci Research is a
leading global market research firm publishing premium market research reports.
Serving 700 global clients with more than 600 premium market research studies,
TechSci Research is serving clients across 11 different industrial verticals.
TechSci Research specializes in research-based consulting assignments in high
growth and emerging markets, leading technologies and niche applications. Our
workforce of more than 100 fulltime Analysts and Consultants employing
innovative research solutions and tracking global and country specific high
growth markets helps TechSci clients to lead rather than follow market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com