Consumer Finance Market to Reach Over USD1306 Billion by 2026
Rising
disposable income and increasing consumption expenditure are the leading
factors to drive the global consumer finance market during the forecast period.
According
to TechSci Research report, “Global
Consumer Finance Market By Type (Secured
Consumer Finance, Unsecured Consumer Finance), By Secured Consumer Finance
Product Type (Housing Loan, Auto Loan, Mortgage Loan, Others (boat loan,
recreational vehicle loan, secured credit cards, etc.)), By Unsecured Consumer
Finance Product Type (Consumer Durable Finance, Personal Loan, Credit Card,
Home Improvement Loan, Education Loan, Others (agricultural loan, pension loan,
etc.)), By Region, Competition, Forecast & Opportunities, 2026”, the global consumer finance market is expected to grow at
a CAGR of 5.27% during the forecast period on account of the growing economies
and rising population. Additionally, a lower rate of interest has increased the
affordability concerns for the consumers. Furthermore, consumer finance
companies are increasingly using social media networks to improve business
connectivity and penetration, which is leading the global consumer finance
market towards growth. These channels are useful for growing the customer base,
launching media campaigns, and launching new services. Consumer finance
involves granting credit to consumers to enable them to possess goods for
everyday use. Customers who cannot afford to pay for products or services
upfront with cash or a credit card can use the consumer financing option which
is offered by many banks to make easy monthly payments for a fixed period of
time. The scope and position of consumer finance are expanding as a result of a
growing range of wants and need for funds. The objective of consumer finance is
to provide credit easily to the consumer. Consumer financing is provided by
both private and public sector finance firms for the procurement of consumer
products and the construction of those goods.
Browse 113 market Figures spread through 110
Pages and an in-depth TOC on "Global Consumer Finance Market"
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The global consumer finance market is segmented into type, secured consumer
finance product type, unsecured consumer finance product type, region, and company.
Based on type, the global consumer finance market can be split into secured
consumer finance and unsecured consumer finance. Among these, the secured
consumer finance segment has accounted for more than half of market share in
2020, as secured loans are normally easier to get due to the fact that there is
less risk to the lender, as the lender will have to bear no loss even if the
borrower fails to repay the loan amount. Another factor for preference of
secured loans among consumers is that they have a lower interest rate and
longer time period which makes it more convenient. Based on secured consumer
finance, the market can be fragmented into housing loans, auto loans, and
mortgage loans. Among these, the housing loan segment has dominated the global
consumer finance market owing to the affordable home loan interest rates.
Based on the unsecured consumer finance product type, the global
consumer finance market can be segmented into consumer durable finance,
personal loan, credit card, home improvement loan, education loan and others. Among
these, consumer durable finance has dominated the consumer finance market
globally as more people remained at home due to the pandemic, electrical
appliances saw strong growth, driven by increasing household demand for
appliances, fans, and lighting. Furthermore, the improvement in lifestyle of
people and higher aspirations of the urban middle class and top income brackets
are also the factors driving the consumer durables sector in the global
consumer finance market.
In terms of regional analysis, the global consumer
finance market is segmented into North America, Europe, Asia-Pacific, South
America, and Middle East & Africa.
Out of which, Asia-Pacific is the fastest growing region among the rest in the
global consumer finance market and the region is anticipated to maintain its
growth rate over the next five years as well. Asia-Pacific consumer finance
market has experienced a rapid increase. Moreover, this demand is driven by
emerging economies in this area, rapid urbanization, rising income levels,
affordable interest rates and an expanding middle-class population. Major Asian
countries such as India and China are registering high population levels and
the increased disposable income. High economic growth for microbusinesses,
especially in developing countries, is also a factor boosting the growth of the
global consumer finance market.
JPMorgan
Chase & Co., Citigroup, Inc., Wells Fargo & Company, BNP Paribas,
American Express Company, and others are some of the leading players operating
in global consumer finance market. The companies operating in the market are
using innovative strategies such as service launches, mergers and
collaborations to boost their market share in the consumer finance market.
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“North America is
expected to dominate the global consumer finance market during the forecast
period, owing to the availability of affordable rate of interest loans in the
region. Additionally, growing investment trends and shifting consumer
expectations of better financial services are further expected to spur the
market growth.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Consumer Finance Market By Type (Secured
Consumer Finance, Unsecured Consumer Finance), By Secured Consumer Finance
Product Type (Housing Loan, Auto Loan, Mortgage Loan, Others (boat loan,
recreational vehicle loan, secured credit cards, etc.)), By Unsecured Consumer
Finance Product Type (Consumer Durable Finance, Personal Loan, Credit Card,
Home Improvement Loan, Education Loan, Others (agricultural loan, pension loan,
etc.)), By Region, Competition, Forecast & Opportunities, 2026”, has
evaluated the future growth potential of global consumer finance market and
provides statistics & information on market size, structure and future
market growth. The report intends 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 in global consumer finance market.
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