Global Consumer Credit Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope Consumer credit is a type of personal debt used to buy goods and services, including credit cards. In consumer credit, banks, shops, and other businesses offer credit to customers so they can make quick purchases and recoup the cost over time with interest. Sizing and Forecast 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. Order your report now for swift delivery, visit the link: https://www.thebusinessresearchcompany.com/report/consumer-credit-global-market-report Segmentation & Regional Insights 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 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. Intrigued to explore the contents? Secure your hands-on a free sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=9207&type=smp Major Driver Impacting Market Growth 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. Key Industry Players 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 The consumer credit market report table of contents includes: 1. Executive Summary 2. Consumer Credit Market Characteristics 3. Consumer Credit Market Trends And Strategies 4. Consumer Credit Market - Macro Economic Scenario 5. Global Consumer Credit Market Size and Growth . . . . 32. Global Consumer Credit Market Competitive Benchmarking 33. Global Consumer Credit Market Competitive Dashboard 34. Key Mergers And Acquisitions In The Consumer Credit Market 35. Consumer Credit Market Future Outlook and Potential Analysis