Consumer Credit Market 2021-2029 Precise Outlook – Experian
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Consumer credit market
The consumer credit market was valued at $ 6.8 trillion in 2019 and is expected to grow at a CAGR of 4.9%.
Consumer credit is a loan that a borrower takes out to purchase goods and services. Any type of personal loan taken out for the purchase of everyday goods and services can be considered a consumer loan. Consumer credit is provided by banks, financial institutions, and non-banking financial companies (NBFCs) that allow consumers to purchase goods instantly and pay off the cost over time with interest. It enables borrowers to receive an advance income based on their creditworthiness and transaction history. The increasing adoption of cashless transactions, the growing demand for credit due to an increase in disposable income, and the increasing adoption of automation in all industries are driving market growth. However, cybercrime and downtime, political uncertainties, and unpredictable lender behavior are hindering market growth.
In recent years there has been a significant increase in the acceptance of cashless transactions in all industries. The growth is due to increasing government initiatives to encourage cashless transactions to improve productivity and efficiency. In October 2018, for example, the Indian government launched the Digital India initiative, which promotes cashless payments. In addition, the increasing penetration rate of smartphones and ATMs is fueling market growth.
Cloud or digital lending is the fastest growing segment and is becoming increasingly popular with financial companies and institutions because they can afford the cost of installing sophisticated software. The cloud / digital credit adoption rate is expected to increase productivity and save trillion of dollars by 2030. Online portals work even faster and can make decisions within minutes and deposit money into an account within a few hours or days. There is no registration fee or prepayment penalty. The integration of AI in banks and financial institutions with a programmable algorithm helps monitor consumer data and analyze creditworthiness with high accuracy before a loan is offered. The growing number of fintech companies is expected to fuel the growth of the consumer credit market as they can bring new assets to the cloud or digital credit offerings. In October 2018, US bank BBVA Compass Bancshares partnered with OnDeck, an online small business lending company.
Rapid developments in the automotive industry and rising disposable incomes are the main drivers behind the global demand for car loans. Vehicle loans are another form of liquidity lending that is permitted in certain states. A short-term vehicle title typically ranges from 30 days to a consecutive 12 month period. There is a growing trend of payday lenders offering vehicle titles and installment loans.
Almost 14.8% of US households used payday and vehicle loans in 2017, according to the US government survey. Approximately 41 municipalities in Texas have rules governing payday lending and vehicle titles. Authorities in Dallas, El Paso, Houston, and San Antonio have limited the number of rollover and repeating loans and other requirements. Motor loan intermediaries are regulated and subject to licensing and reporting, and are required to provide consumers with information on repayment and readmission rates.
The emerging middle class in China and India is driving demand for consumer credit, wealth management services, and insurance. Technological advances and the proliferation of smartphones have forced lenders and banks to focus on increasing access to and offering financial services. For example, PNB MetLife India Insurance Company Limited’s virtual reality platform provides a reliable âPhygitalâ (physical + digital) experience by allowing customers to speak over the table in an insurance professional’s office.
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The main celebrity players covered in this report:
Experian Information Solutions, Inc.
TransUnion LLC
Equifax, Inc.
Barclay
BNP Paribas
Chinese construction bank
City group
Deutsche Bank
HSBC
Industrial and Commercial Bank of China (ICBC)
JPMorgan Chase
Mitsubishi UFJ Finance
Wells Fargo
By type
cloud
On site
After application
Private loan
Vehicle loan
Student Loans
NOTE: Our analysts, who are monitoring the situation around the world, state that the post-COVID-19 crisis market will create rewarding prospects for producers. The report is intended to provide an additional illustration of the latest scenario, economic slowdown and impact of COVID-19 across the industry.
Geographically, this report is segmented into several key regions, with revenue, revenue, market share and growth rate for Controllable Medical Devices in these regions, 2021-2029:
North America (USA, Canada and Mexico)
Europe (Germany, Great Britain, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia, and Vietnam)
South America (Brazil, Argentina, Colombia etc.)
Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria, and South Africa)
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Effects of COVID-19:
COVID-19 has had an unprecedented impact in all industries around the world. The consumer credit market has experienced a significant upswing in the wake of the pandemic due to the increasing demand for cashless transactions. In addition, the increase in online shopping after the COVID-19 pandemic to maintain social distancing norms is increasing the demand for consumer credit day by day.
The key consumer credit market trends:
– The report identifies, determines and forecasts the global Consumer Loans market segments based on the type, sub-type, technology used, applications, end-users and regions.
– Industry to Industry holds the largest share of the consumer credit market
– It examines the micro-markets based on their growth trends, development patterns, future prospects and their contribution to the overall market.
– Regional / geographic demand is expected to drive growth
– Increasing acceptance of market segments in this growth
– North America and Europe are expected to experience higher growth rates over the forecast period
– It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development activities (R&D), product developments and enhancements in the global consumer credit market.
Key questions answered in the report:
What will be the growth rate of the consumer credit market?
What are the key factors driving the global Consumer Credit Market?
Who are the major Manufacturers in the Consumer Credit Market?
What are the market opportunity, market risk, and market overview of the Consumer Credit Market?
What is sales, revenue and price analysis from top manufacturers in the consumer credit market?
Who are the distributors, dealers and dealers in the consumer credit market?
What market opportunities and threats are providers in the global controllable medical device industry exposed to?
What is Revenue, Revenue, and Price Analysis by Type and Application of Consumer Loan Market?
What is Revenue, Revenue, and Price Analysis by Region of the Consumer Credit Industry?
What are the driving factors contributing to market growth in the short, medium and long term?
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