The increase in demand for loans from individual and small businesses and the numerous benefits provided by consumer lenders are boosting the growth of the global consumer market. In addition, the increase in the use of digital transformation technology positively impacts the growth of the consumer credit market.
PORTLAND, Ore., Nov. 29, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Consumer Credit Market by Credit Type (Revolving Credits, and Non-Revolving Credits), Payment Method (Direct Deposit, Debit Card, and Others), and Issuer (Banks, NBFCs, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the consumer credit market was valued at $ 11.8 billion in 2022 and is estimated to reach $ 24.3 billion by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032.
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127 – Tables
48 – Charts
260 – Pages
Prime determinants of growth
The increase in demand for loans from individual and small businesses and the numerous benefits provided by consumer lenders are boosting the growth of the global consumer market. In addition, increase in the use of digital transformation technology positively impacts the growth of the consumer credit market. However, changes in interest rates and regulatory constraints and lack of security and privacy issues are hampering consumer credit market growth. On the contrary, the expansion of the Internet and the growth in the adoption of smartphones are expected to offer remunerative opportunities for the expansion of the consumer credit market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 11.8 billion |
|
Market Size in 2032 |
$ 24.3 billion |
|
CAGR |
7.8 % |
|
No. of Pages in Report |
260 |
|
Segments Covered |
Credit Type, Payment Method, Issuers, and Region. |
|
Drivers |
The increase in demand for loans from individuals and small businesses Numerous benefits provided by consumer lenders An increase in the use of digital transformation technology |
|
Opportunities |
The expansion of the Internet and the growth in adoption of smartphones |
|
Restraints |
Changes in interest rates and regulatory constraints Lack of security and privacy issues |
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The revolving credit segment to maintain its leadership status throughout the forecast period.
Based on the credit type, the revolving credit segment held the highest market share in 2022, accounting for nearly two-thirds of the global consumer credit market revenue, owing to rise in digital transformation in financial services and the demand for convenient financing options. However, the same segment is projected to manifest the highest CAGR of 8.2% from 2023 to 2032, owing to increase in the adoption of technology in the financial industry, including online lending platforms and digital loan processing.
The debit card segment to maintain its leadership status throughout the forecast period
Based on payment method, the debit card segment held the highest market share in 2022, accounting for more than half of the global consumer credit market revenue, owing to surging usage of virtual currencies and growing penetration of the internet. However, the same segment is projected to manifest the highest CAGR of 8.9% from 2023 to 2032, due to the increasing digitization of businesses and strong expansion of communication infrastructure have raised the risk of cyberattacks and exposed companies to several new risks and threats.
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Asia-Pacific to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for one-third of the global consumer credit market revenue, owing to rise in the adoption of consumer credit in small & medium enterprises to ensure effective flow of financial activities. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.8% from 2023 to 2032 and is projected to dominate the market during the forecast period, due to growth in the adoption of web-based and mobile-based business applications in the sector of banking.
Leading Market Players: –
Bank of America,
Barclays,
BNP Paribas,
China Construction Bank,
Citigroup,
Deutsche Bank,
HSBC,
Industrial and Commercial Bank of China (ICBC),
JPMorgan Chase,
Mitsubishi UFJ Financial,
Wells Fargo
The report provides a detailed analysis of these key players in the global consumer credit market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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