Save up to 30% on The Business Research Company’s comprehensive market research reports for a limited time only!

How is the Growth Rate of the Consumer Credit Market Estimated for 2024-2033?

In recent times, the size of the consumer credit market has shown a robust increase. The market is expected to expand from $11.1 billion in 2023 to $11.79 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 6.2%. Driving factors behind this growth during the historical period include economic prosperity, better access to financial services, shifts in lifestyles and consumer habits, fluctuations in the housing market, and effective promotion and marketing strategies.

In the upcoming years, the consumer credit market is anticipated to witness robust expansion. The projected growth rate is a Compound Annual Growth Rate (CAGR) of 6.1%, carrying the market to a worth of $14.96 billion by 2028. The expansion during this predicted period is largely due to factors like demographic shifts and millennial behavior, expenses in education and healthcare, credit product innovation, worldwide economic patterns, and the regulatory landscape. Key trends for this forecast period encompass open banking strategies, fintech disruption, credit literacy and financial wellness, trends influenced by the pandemic, and sustainable finance.

Claim Your Free Sample of the Global Consumer Credit Market Report Today!

https://www.thebusinessresearchcompany.com/sample.aspx?id=9207&type=smp

What Key Drivers Are Propelling the consumer credit Market’s Growth?

The consumer credit market is anticipated to witness significant growth due to the rising preference for cashless transactions. These transactions, which are executed digitally and dodge the requirement of physical currency, leverage payment gateways to facilitate electronic transactions. Borrowers who frequently opt for cashless transactions are perceived as more reliable by fintech lenders – information about borrowers’ cashless payment services offers a dependable source for screening loan applications. As a result, these borrowers could enjoy lower interest rates and less chance of default, encouraging more usage of cashless payments. As an example, the European Central Bank, a German bank accountable for the monetary policies of the EU, documented in a July 2022 report that the collective count of non-cash payments throughout Europe escalated by 12.5% to $123.63 billion in 2021 from the past year, along with a simultaneous 18.6% rise of the aggregate value to $213.26 trillion. Therefore, it can be inferred that the budding adoption of cashless transactions is steering the consumer credit market’s growth.

The rise in the usage of cashless transactions is anticipated to boost consumer credit market growth. Essentially, cashless transactions leverage digital means to facilitate the transfer of finances between two entities without the need for tangible currency, using a payment gateway for the electronic transaction. Lenders in the fintech sector are more inclined to grant loans to those who adopt cashless payments due to the credible information gleaned from their cashless payment histories, which aid in the effective screening of loan applications. Such borrowers often enjoy lower interest rates and decreased risk of default, incentivizing the use of cashless methods. As indicated in a July 2022 report by the European Central Bank, a Germany-based institution responsible for the European Union’s monetary policy, the cumulative quantity of non-cash payments in Europe saw a 12.5% hike to $123.63 billion in 2021, compared to the preceding year, with the total worth increasing by 18.6% to $213.26 trillion. Consequently, the surge in adoption of cashless transactions is catalyzing the upward movement of the consumer credit market.

What Are the Distinct Segments of the Consumer Credit Market?

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

Which New Trends Are Making Waves in the Consumer Credit Market?

One of the primary trends boosting the growth of the consumer credit market is the advent of product innovations. Renowned corporations in the consumer credit market are committed to devising innovative strategies such as Artificial Intelligence (AI) and data analytics to solidify their market status. For example, LoanDepot Inc., in November 2022, ushered in a state-of-the-art digital home equity line of credit (HELOC). This product boasts a user-friendly interface and rapid efficiency, taking merely seven days from initiation to finalization. Clients have the option to obtain a hassle-free online rate quote in under five minutes and pre-qualify without impacting their credit scores. Fueled by digital resources and data, this avant-garde platform offers homeowners a feasible solution for managing the rising tide of inflation and consumer debt. It provides a degree of electronic convenience not available in traditional HELOC products.

Order Now for Fast Delivery of Your Consumer Credit Market Report!

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

Which Regions Are Significant to the Growth of the Consumer Credit Market?

North America was the largest region in the consumer credit market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global consumer credit market report during the forecast period. The regions covered in the consumer credit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Consumer Credit Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the consumer credit market, its market share, and analyzes key competitors along with 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

Discover Related Reports by The Business Research Company:

Consumer Drones Global Market Report 2024

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

Consumer Electronics Repair and Maintenance Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/consumer-electronics-repair-and-maintenance-global-market-report

Information Technology Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/information-technology-global-market-report

Learn More About The Business Research Company

The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: