Global Consumer Finance Market
FORECAST AND OPPORTUNITIES
MARKET INTELLIGENCE . CONSULTING www.techsciresearch.com
2018 – 2028
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Introduction
Market Overview
Key Highlights of the Report
Market Coverage
Market Segments Covered 1.5. Research Tenure Considered
Research Methodology 2.1. Objective of the Study 2.2. Baseline Methodology 2.3. Key Industry Partners 2.4. Major Association and Secondary Sources 2.5. Data Triangulation & Validation 2.6. Assumptions and Limitations
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1.2.
1.3.
1.4.
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Executive
3.1. Market Overview 3.2. Market Forecast 3.3. Key Regions 3.4. Key Segments 4. Voice of Customers Analysis (B2C Model Analysis) 2
Summary
Contents
4.1. Factors Influencing Purchase Decision
4.2. Challenges Faced Post Purchase
5. Global Consumer Finance Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type Market Share Analysis (Secured Consumer Finance and Unsecured Consumer Finance)
5.2.2. By Secured Consumer Finance Product Type Market Share Analysis (Housing Loan, Auto Loan and Mortgage Loan and Others)
5.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis (Personal Loan, Credit Card, Home Improvement Loan, Education Loan and Others)
5.2.4. By Regional Market Share Analysis
5.2.5. By Company Market Share Analysis (2022)
5.3. Global Consumer Finance Market Mapping & Opportunity Assessment
5.3.1. By Type Market Mapping & Opportunity Assessment
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5.3.2. By Secured Consumer Finance Product Type Market Mapping & Opportunity Assessment
5.3.3. By Unsecured Consumer Finance Product Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6. North America Consumer Finance Market Outlook
6.1. Market Size & Forecast 6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type Market Share Analysis
6.2.2. By Secured Consumer Finance Product Type Market Share Analysis
6.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. United States Consumer Finance Market Outlook
6.2.4.1.1. Market Size & Forecast
6.2.4.1.1.1. By Value
6.2.4.1.2. Market Share & Forecast 6.2.4.1.2.1. By Type Market Share Analysis
6.2.4.1.2.2. By Secured Consumer Finance Product Type Market Share Analysis
6.2.4.1.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
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6.2.4.2.
Canada Consumer Finance Market Outlook
6.2.4.2.1. Market Size & Forecast
6.2.4.2.1.1. By Value
6.2.4.2.2. Market Share & Forecast
6.2.4.2.2.1. By Type Market Share Analysis
6.2.4.2.2.2. By Secured Consumer Finance Product Type Market Share Analysis
6.2.4.2.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
6.2.4.3. Mexico Consumer Finance Market Outlook
6.2.4.3.1. Market Size & Forecast
6.2.4.3.1.1. By Value
6.2.4.3.2. Market Share & Forecast
6.2.4.3.2.1. By Type Market Share Analysis
6.2.4.3.2.2. By Secured Consumer Finance Product Type Market Share Analysis
6.2.4.3.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
7. Europe Consumer Finance Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
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7.2. Market Share & Forecast
7.2.1. By Type Market Share Analysis
7.2.2. By Secured Consumer Finance Product Type Market Share Analysis
7.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
7.2.4. By Country Market Share Analysis
7.2.4.1. Germany Consumer Finance Market Outlook
7.2.4.1.1. Market Size & Forecast
7.2.4.1.1.1. By Value
7.2.4.1.2. Market Share & Forecast
7.2.4.1.2.1. By Type Market Share Analysis
7.2.4.1.2.2. By Secured Consumer Finance Product Type Market Share Analysis
7.2.4.1.2.3.
By Unsecured Consumer Finance Product Type Market Share Analysis
7.2.4.2. France Consumer Finance Market Outlook
7.2.4.2.1. Market Size & Forecast
7.2.4.2.1.1. By Value
7.2.4.2.2. Market Share & Forecast
7.2.4.2.2.1. By Type Market Share Analysis
7.2.4.2.2.2.
By Secured Consumer Finance Product Type Market Share Analysis
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7.2.4.2.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
7.2.4.3. United Kingdom Consumer Finance Market Outlook
7.2.4.3.1. Market Size & Forecast
7.2.4.3.1.1. By Value
7.2.4.3.2. Market Share & Forecast
7.2.4.3.2.1. By Type Market Share Analysis
7.2.4.3.2.2. By Secured Consumer Finance Product Type Market Share Analysis
7.2.4.3.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
7.2.4.4. Italy Consumer Finance Market Outlook
7.2.4.4.1. Market Size & Forecast
7.2.4.4.1.1. By Value
7.2.4.4.2. Market Share & Forecast
7.2.4.4.2.1. By Type Market Share Analysis
7.2.4.4.2.2. By Secured Consumer Finance Product Type Market Share Analysis
7.2.4.4.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
7.2.4.5. Spain Consumer Finance Market Outlook
7.2.4.5.1. Market Size & Forecast
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7.2.4.5.1.1. By Value
7.2.4.5.2. Market Share & Forecast
7.2.4.5.2.1. By Type Market Share Analysis
7.2.4.5.2.2. By Secured Consumer Finance Product Type Market Share Analysis
7.2.4.5.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
8. Asia-Pacific Consumer Finance Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type Market Share Analysis
8.2.2. By Secured Consumer Finance Product Type Market Share Analysis
8.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
8.2.4. By Country Market Share Analysis
8.2.4.1. China Consumer Finance Market Outlook
8.2.4.1.1. Market Size & Forecast
8.2.4.1.1.1. By Value
8.2.4.1.2. Market Share & Forecast
8.2.4.1.2.1. By Type Market Share Analysis
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8.2.4.1.2.2. By Secured Consumer Finance Product Type Market Share Analysis 8.2.4.1.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
8.2.4.2. India Consumer Finance Market Outlook
8.2.4.2.1. Market Size & Forecast 8.2.4.2.1.1. By Value 8.2.4.2.2. Market Share & Forecast
8.2.4.2.2.1. By Type Market Share Analysis
8.2.4.2.2.2. By Secured Consumer Finance Product Type Market Share Analysis 8.2.4.2.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
8.2.4.3. Japan Consumer Finance Market Outlook
8.2.4.3.1. Market Size & Forecast
8.2.4.3.1.1. By Value 8.2.4.3.2. Market Share & Forecast 8.2.4.3.2.1. By Type Market Share Analysis
8.2.4.3.2.2. By Secured Consumer Finance Product Type Market Share Analysis
8.2.4.3.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
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Consumer Finance Market
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8.2.4.4.
Korea
Outlook
Contents
8.2.4.4.1. Market Size & Forecast
8.2.4.4.1.1. By Value
8.2.4.4.2. Market Share & Forecast
8.2.4.4.2.1. By Type Market Share Analysis
8.2.4.4.2.2. By Secured Consumer Finance Product Type Market Share Analysis 8.2.4.4.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
8.2.4.5. Australia Consumer Finance Market Outlook
8.2.4.5.1. Market Size & Forecast
8.2.4.5.1.1. By Value
8.2.4.5.2. Market Share & Forecast
8.2.4.5.2.1. By Type Market Share Analysis
8.2.4.5.2.2. By Secured Consumer Finance Product Type Market Share Analysis
8.2.4.5.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
9. South America Consumer Finance Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
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9.2.1. By Type Market Share Analysis
9.2.2. By Secured Consumer Finance Product Type Market Share Analysis 9.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis 9.2.4. By Country Market Share Analysis 9.2.4.1. Brazil Consumer Finance Market Outlook
9.2.4.1.1. Market Size & Forecast
9.2.4.1.1.1. By Value 9.2.4.1.2. Market Share & Forecast
9.2.4.1.2.1. By Type Market Share Analysis
9.2.4.1.2.2. By Secured Consumer Finance Product Type Market Share Analysis 9.2.4.1.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
9.2.4.2. Argentina Consumer Finance Market Outlook
9.2.4.2.1. Market Size & Forecast 9.2.4.2.1.1. By Value 9.2.4.2.2. Market Share & Forecast
9.2.4.2.2.1. By Type Market Share Analysis
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9.2.4.2.2.2. By Secured Consumer Finance Product Type Market Share Analysis
9.2.4.2.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
9.2.4.3. Colombia Consumer Finance Market Outlook
9.2.4.3.1. Market Size & Forecast
9.2.4.3.1.1. By Value 9.2.4.3.2. Market Share & Forecast
9.2.4.3.2.1. By Type Market Share Analysis
9.2.4.3.2.2. By Secured Consumer Finance Product Type Market Share Analysis
9.2.4.3.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
10. Middle East & Africa Consumer Finance Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Type Market Share Analysis
10.2.2. By Secured Consumer Finance Product Type Market Share Analysis
10.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
10.2.4. By Country Market Share Analysis
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10.2.4.1. Saudi Arabia Consumer Finance Market Outlook
10.2.4.1.1. Market Size & Forecast 10.2.4.1.1.1. By Value
10.2.4.1.2. Market Share & Forecast 10.2.4.1.2.1. By Type Market Share Analysis 10.2.4.1.2.2. By Secured Consumer Finance Product Type Market Share Analysis 10.2.4.1.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
10.2.4.2. UAE Consumer Finance Market Outlook
10.2.4.2.1. Market Size & Forecast 10.2.4.2.1.1. By Value
10.2.4.2.2. Market Share & Forecast 10.2.4.2.2.1. By Type Market Share Analysis 10.2.4.2.2.2. By Secured Consumer Finance Product Type Market Share Analysis 10.2.4.2.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
10.2.4.3. South Africa Consumer Finance Market Outlook
10.2.4.3.1. Market Size & Forecast 10.2.4.3.1.1. By Value 10.2.4.3.2. Market Share & Forecast
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10.2.4.3.2.1. By Type Market Share Analysis
10.2.4.3.2.2. By Secured Consumer Finance Product Type Market Share Analysis 10.2.4.3.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
10.2.4.4. Kuwait Consumer Finance Market Outlook
10.2.4.4.1. Market Size & Forecast 10.2.4.4.1.1. By Value 10.2.4.4.2. Market Share & Forecast
10.2.4.4.2.1. By Type Market Share Analysis 10.2.4.4.2.2. By Secured Consumer Finance Product Type Market Share Analysis
10.2.4.4.2.3. By Unsecured Consumer Finance Product Type Market Share Analysis
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11. Market Dynamics 11.1. Drivers 11.2. Challenges 12. Market Trends and Developments 13. Impact of COVID-19 on Global Consumer Finance Market 14. Competitive Landscape 14.1. Competition Outlook 14.2. Company Profiles Table of Contents 14
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14.2.1. Citigroup Inc.
14.2.1.1. Company Details 14.2.1.2. Products & Services 14.2.1.3. Financial (As Reported) 14.2.1.4. Key Market Focus & Geographical Presence 14.2.1.5. Recent Development 14.2.1.6. Key Management Personnel
14.2.2. JPMorgan Chase & Co.
14.2.2.1. Company Details 14.2.2.2. Products & Services 14.2.2.3. Financial (As Reported)
14.2.2.4. Key Market Focus & Geographical Presence 14.2.2.5. Recent Development 14.2.2.6. Key Management Personnel
14.2.3. Wells Fargo & Company
14.2.3.1. Company Details 14.2.3.2. Products & Services 14.2.3.3. Financial (As Reported) 14.2.3.4. Key Market Focus & Geographical Presence
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14.2.3.5. Recent Development
14.2.3.6. Key Management Personnel
14.2.4. Bank of America Corporation
14.2.4.1. Company Details 14.2.4.2. Products & Services 14.2.4.3. Financial (As Reported)
14.2.4.4. Key Market Focus & Geographical Presence 14.2.4.5. Recent Development
14.2.4.6. Key Management Personnel
14.2.5. American Express Company
14.2.5.1. Company Details
14.2.5.2. Products & Services
14.2.5.3. Financial (As Reported)
14.2.5.4. Key Market Focus & Geographical Presence 14.2.5.5. Recent Development
14.2.5.6. Key Management Personnel
14.2.6. HSBC Holdings plc
14.2.6.1. Company Details 14.2.6.2. Products & Services
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14.2.6.3. Financial (As Reported)
14.2.6.4. Key Market Focus & Geographical Presence 14.2.6.5. Recent Development 14.2.6.6. Key Management Personnel
14.2.7. Industrial and Commercial Bank of China 14.2.7.1. Company Details 14.2.7.2. Products & Services
14.2.7.3. Financial (As Reported)
14.2.7.4. Key Market Focus & Geographical Presence 14.2.7.5. Recent Development
14.2.7.6. Key Management Personnel
14.2.8. U.S. Bancorp
14.2.8.1. Company Details
14.2.8.2. Products & Services
14.2.8.3. Financial (As Reported)
14.2.8.4. Key Market Focus & Geographical Presence
14.2.8.5. Recent Development
14.2.8.6. Key Management Personnel
14.2.9. BNP Paribas
14.2.9.1. Company Details
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14.2.9.4. Key Market Focus & Geographical Presence
14.2.9.5. Recent Development 14.2.9.6. Key Management Personnel
14.2.10. TD Bank, N.A. 14.2.10.1. Company Details 14.2.10.2. Products & Services 14.2.10.3. Financial (As Reported)
14.2.10.4. Key Market Focus & Geographical Presence
14.2.10.5. Recent Development 14.2.10.6. Key Management Personnel
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Strategic Recommendations
Introduction
© TechSci Research 20 Market Overview Product of Interest (POI): Consumer Finance Review Period 2018 – 2021 Base Year 2022 Estimated Year 2023 Forecast Period 2024 – 2028 Research Tenure Considered Consumer finance consists of unsecured as well as secured finance. The unsecured finance includes consumer loans offered by banks to buy household goods and appliances and even personal devices such as television sets, air-conditioners, home theater systems, refrigerators, laptops, etc., as well as education, student loan, and credit card. At the same time, secured finance includes mortgage loans, auto loans, etc. Market Coverage Type • Secured Consumer Finance • Unsecured Consumer Finance Unsecured Consumer Finance Product Type • North America • Asia-Pacific • Europe • South America • Middle East & Africa Secured Consumer Finance Product Type • Housing Loan • Auto Loan • Mortgage Loan • Others Key Highlights of the Report • Personal Loan • Credit Card • Home Improvement Loan • Education Loan • Others Region
Market Overview
Product of Interest (POI): Consumer Finance
SECURED FINANCE
A secured loan is one in which the borrower pledges a valuable asset as security for the debt, turning the pledged asset into a secured debt owing to the creditor who provided the loan.
HOUSING LOAN
A home loan is a secured loan that is acquired for the purpose of buying a property by pledging the asset as security.
AUTO LOAN
Borrowers avail auto loans to buy new or old vehicles. Automobiles themselves are used as collateral for secured loans like auto loans. Lenders provide it for two-wheelers, new autos, old cars, etc.
MORTGAGE LOAN
A mortgage loan is a type of secured loan that enables a borrower to access money by offering the lender collateral in the form of an immovable asset, like a commercial property. The lender keeps the asset until the loan is paid back.
UNSECURED FINANCE
It includes unsecured loans, which are given solely based on the borrower's creditworthiness, without any collateral being pledged as security in the event of default or late payments.
PERSONAL LOAN
A personal loan is an unsecured loan that can be used to fulfill a person's immediate financial requirements, such as paying for a wedding, a vacation, unexpected medical expenses, and more.
HOME IMPROVEMENT LOAN
It is a loan used to finance renovations and repairs to an individual's home. The loan can be used for both interior and exterior home remodeling, including whitewashing, tiling, and flooring, among other things.
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Market Overview
Product of Interest (POI): Consumer Finance
EDUCATION LOAN
A financial loan availed to cover costs associated with higher education or postsecondary education is known as an education loan.
CREDIT CARD
It is a type of services that does not require any collateral against it. Also, the eligibility for loans on credit cards is determined by credit card usage, repayment history, and other factors.
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Research Methodology
Formulating Questionnaire
In-depth secondary research was conducted to determine top companies in global consumer finance market, overall market size and segmental market size.
In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.
Data Collection Developing list of Respondents
Market Profiling Data Validation Data Analysis
List of top companies and industry specialists was developed.
TechSci conducted interviews with industry experts and leadings companies for data collection and verification.
Data obtained as a result of primary and secondary research was validated through rigorous triangulation.
The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about global consumer finance market.
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Identifying Key Opinion Leaders
Questionnaire Design
In-depth Interviews
Data Collection Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Primary Research Desk Research Company Analysis Recent Developments Market Changing Aspects/Dynamics Government Policies Final Conclusion Market Participants Key Strengths LinkedIn TechSci Internal Database LinkedIn TechSci Internal Database Factiva Hoovers Factiva Hoovers Paid Sources Paid Sources Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Secondary Research Secondary Research Primary Research Primary Research Research Methodology Board members Financial Advisors Business Heads Investors Product Heads Paid Databases Research Heads Board members Financial Advisors Business Heads Investors Product Heads Paid Databases Research Heads Key Industry Partners Key Industry Partners Source: Secondary Research, Expert Interviews, and TechSci Research Analysis Note: These are dummy figures; please purchase our report for actual data
Research Methodology
Objective of the Study
• To analyze historical growth in market size of the global consumer finance market from 2018 to 2022.
• To estimate and forecast the market size of the global consumer finance market from 2023 to 2028 and the growth rate until 2028.
• To classify and forecast the global consumer finance market based on type, secured consumer finance product type, unsecured consumer finance product type, regional segmentation, and company.
• To analyze and forecast the market size, in terms of type, which are secured consumer finance and unsecured consumer finance.
• To analyze and forecast the market size, in terms of region, which are North America, Asia Pacific, Europe, Middle East & Africa, and South America.
• To identify drivers, challenges, and trends for the global consumer finance market.
• To examine competitive developments such as expansions, new products launches, mergers & acquisitions, etc., in the global consumer finance market.
• To identify and analyze the profile of leading service providers in the global consumer finance market.
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the global consumer finance market. The team has analyzed the outlook of various segments of this market while considering the major influencing factors such as increasing disposable income, rising number of public and private banks or financial services, increasing expenditure on goods and services, easy financing of home loan, car loan, education loan, etc. The study includes market forecasting, which would enable our clients to make better decisions while planning their strategy to achieve sustainability in the global consumer finance market.
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Research Methodology
Methodology Followed for Calculation of Market Size:
• Market Size by Value: Market size, in terms of value, for the year 2022 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders such as consumer finance companies, channel partners, market influencers & end users, industry experts and other industry participants.
• The team interviewed more than 15 consumer finance companies, 200 end users, and 15–20 industry experts and other value chain stakeholders in global consumer finance market to obtain the overall market size from 2018 to 2022, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out to arrive at the market size data during 2018-2022.
• Respondents were asked about the current and future market growth rates, market shares by type, by secured consumer finance product type, by unsecured consumer finance product type, by region, and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated based on response received from other stakeholders.
Forecasting Methodology:
• Market shares by type, by secured consumer finance product type, by unsecured consumer finance product type, by region, and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various types of consumer finance segments. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.
• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.
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Research Methodology
Data Triangulation & Validation:
• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global consumer finance market, TechSci Research used various forecast techniques such as: Moving Average Time Series Analysis
Regression Analysis
Econometric and Judgmental Analysis
Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.
Assumptions and Limitations:
The base currency considered is USD. Based on the average exchange rate for the corresponding review period years, other currencies have been converted to USD. The projection period's exchange rate conversion was calculated using the conversion rates from the base year. The base year considered for this study is 2022, the final market sizes for the year 2022, are provided on estimation basis. The historic period considered for this study is from 2018 to 2021. The forecast CAGR considered is for the period of 2023E-2028F.
Source: Secondary Research, Expert Interviews, and TechSci Research Analysis
Note: These are dummy figures; please purchase our report for actual data
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TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long-term period to estimate and analyze the market demand scenario. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD billion.
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Partial List of Companies Interviewed Associations & Secondary Sources JPMorgan Chase & Co. Citigroup Inc. Wells Fargo & Company Bank of America Corporation American Express Company HSBC Holdings plc Industrial and Commercial Bank of China U.S. Bancorp TD Bank, N.A. BNP Paribas The American Bankers Association Independent Community Bankers of America The Federal Reserve Reserve Bank of India Indian Banks' Association European Banking Federation China Banking Association World Bank TechSci Research Proprietary Database & Knowledge Repository Company Annual Reports Industry Magazines Research Methodology
Secondary Research, Expert Interviews, and TechSci Research Analysis
dummy figures; please purchase our report for actual data
Source:
Note: These are
Growing online platforms for consumer lending, rising credit-based consumption, and increasing affordability of interest rates are the leading factors driving the global consumer finance market during the forecast period.
According to TechSci Research report, “Consumer Finance Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 20182028F”, The global consumer finance market is propelled to grow at a CAGR of around 7% in the forecast period owing to the factors such as availability of affordable rate of interest loans, growing economies, etc.
The worldwide consumer finance market is growing as a result of the consumer finance companies' increasing use of online platforms to boost business linkage and penetration. These channels are helpful for expanding the customers, initiating media campaigns, and introducing new products and services. Giving credit to consumers so they can buy products for daily use is a component of consumer finance. Customers can utilize the consumer financing option, which is provided by many banks, to make simple monthly payments for a certain amount of time if they are unable to pay for goods or services in full up front with cash or a credit card.
Moreover, a wider range of preferences and financial needs are driving an expansion in the scope and position of consumer finance. The goal of consumer finance is to make it simple for consumers to obtain credit. Private and public sector finance companies offer consumer financing for the purchase of consumer goods.
Another significant factor in the market's expansion is the consumer finance industry's competitive interest rates. Even with 0% interest rates, several finance companies are offering consumer financing. With these businesses, customers can take advantage of interest-free consumer finance choices. Simple financing options are offered with interest-free EMIs. Due to the low interest rates, customers in the middle-income bracket can afford this type of financing, which is driving up demand in the market.
The global consumer finance market can be segregated into type, secured consumer finance product type, unsecured consumer finance product type, regions, and company. The global consumer finance market is segmented into two broad segments: secured consumer finance and unsecured consumer finance. Among these, the secured consumer finance market is the dominating segment in comparison to the unsecured consumer finance market which has accounted for more than 65% of the global consumer finance market in 2022. The most popular way to borrow large sums of money is by secured loans. Due to the driving factors such as lower interest rates, higher borrowing limits, longer repayment terms, less financial risk to the lender, etc.
The global secured consumer finance market has been further segmented into housing loans, auto loans, mortgage loans, and others. Among which, the auto loan segment is the fastest growing segment with the CAGR of around 7.50% in the forecast period. The segment is growing due to factors such as increased collaborations of vehicle companies with auto finance companies, increasing demand for vehicle demand among consumers, etc.
On the basis of unsecured finance product type, the market is segmented into personal loan, credit card, home improvement loan, education loan and others. Out of which, because of shifting lifestyles and rising consumer durables spending, the worldwide consumer finance sector is observing a significant growth. Also, customers are now more aware of the many options available as a result of the increased usage of the internet.
In terms of region, the market is segregated into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among which, Asia-Pacific is anticipated to register a significant growth during the forecast period. The consumer financing market in Asia-Pacific has grown quickly. In addition, this demand is fueled by developing economies in the region, growing urbanization, rising income levels, competitive loan rates, and a burgeoning middle class. Key market players in the global consumer finance market include Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Company, Bank of America Corporation, American Express Company, HSBC Holdings plc, Industrial and Commercial Bank of China, U.S. Bancorp, BNP Paribas, TD Bank, N.A. "The market is expanding as a result of banks' expanding market share and consumers' growing knowledge of financial goods. Additionally, due the rise in working population worldwide, there is a rising demand from customers for short-term loans in order to cover their daily expenses or other urgent needs. These factors are further projected to contribute to the overall growth of global consumer finance market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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Industry Brief
© TechSci Research 30 Sample Data - Snapshot 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F Global Consumer Finance Market Size, By Value (USD Billion), 2018-2028F CAGR 2018-2022 By Value: XX% CAGR 2023E-2028F By Value: XX% North America Consumer Finance Market Share, By Type, By Value, 2018-2028F 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F United States Consumer Finance Market Share, By Secured Consumer Finance Product Type, By Value, 2018-2028F 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F United States Consumer Finance Market Share, By Unsecured Consumer Finance Product Type, By Value, 2018-2028F 2018 2019 2020 2021 2022 2023E 2024F 2025F 2026F 2027F 2028F
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• Consumer Finance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Type (Secured Consumer Finance and Unsecured Consumer Finance), By Secured Consumer Finance Product Type (Housing Loan, Auto Loan and Mortgage Loan and Others (Boat loan, Recreational vehicle loan, secured credit cards, etc.)), By Unsecured Consumer Finance Product Type (Personal Loan, Credit Card, Home Improvement Loan, Education Loan and Others
Durable Loan, Agricultural Loan, Pension Loan)), By Region •
Health Insurance Market By Type of Insurance Provider (Public v/s Private),
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Competition Forecast
Opportunities,
Mumbai 400052,
Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com
2018-2028F,
(Consumer
United Kingdom
By Type of
(Individual v/s
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