The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

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.

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. The market size for consumer credit is anticipated to reflect the growing trend of cashless transactions, with significant growth projected in 2023, 2024, and beyond.

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Which Market Players Are Driving Growth In The Consumer Credit Market?

Major companies operating in the consumer credit market report are 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

How Is The Global Consumer Credit Market Segmented?

The consumer credit market covered in this report is segmented –

1) By Service Type: Credit Services, Software And IT Support Services
2) By Credit Type: Revolving Credits, Non-Revolving Credits
3) By Issuer: Banks And Finance Companies, Credit Unions, Other Issuers
4) By Payment Method: Direct Deposit, Debit Card, Other Payment Methods
5) By Application: Individual, Enterprise, Other Applications

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https://www.thebusinessresearchcompany.com/report/consumer-credit-global-market-report

The Consumer Credit Global Market Report 2024 provides an overview of the consumer creditmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The consumer credit market forecast analyzes consumer credit market size, consumer credit market share, leading competitor and their market positions.

The Table Of Content For The Consumer Credit Market Include

1. Consumer Credit Market Executive Summary
2. Consumer Credit Market Segments
3. Consumer Credit Market Size And Template Market Growth Rate
4.  Key Consumer Credit Market Trends
5. Major Consumer Credit Market Drivers
……
25. Key Mergers And Acquisitions In The Consumer Credit Market
26. Top Consumer Credit Companies
27. Consumer Credit Market Opportunities And Strategies
28. Consumer Credit Market, Conclusions And Recommendations
29. Appendix

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