Product Code: r6428
“Consumer Credit Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on consumer credit market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
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- Benchmark performance against key competitors.
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Where is the largest and fastest growing market for consumer credit? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The consumer credit market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 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
- Companies Mentioned: The Bank of America Corporation; Barclays PLC.; BNP Paribas SA; China Construction Bank Corporation; Citigroup Inc.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the consumer credit market are The Bank of America Corporation, Barclays PLC., BNP Paribas SA, China Construction Bank Corporation, Citigroup Inc., Deutsche Bank AG, HSBC Holdings PLC., Industrial and Commercial Bank of China Limited, JPMorgan Chase & Co, Mitsubishi UFJ Financial Group, WELLS FARGO & CO, Berkshire Hathaway Inc., Prudential Financial, PrimeLending, Morgan Stanley, Edward D Jones & Co L.P.
The global consumer credit market is expected to grow from $10.49 billion in 2022 to $11.17 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The consumer credit market is expected to reach $13.91 billion in 2027 at a CAGR of 5.6%.
The consumer credit market consists of revenues earned by entities by providing money lending services for closed-end credits and open-end credits. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the consumer credit market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services provided in consumer credit are credit services, software and IT support services. Credit service refers to the business of providing loans, various types of credit, and credit information to individuals and businesses. The types of credit include revolving credits and non-revolving credits issued by banks and finance companies, credit unions, and others by direct deposit, debit cards, other payment methods for individuals, enterprise, other applications.
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 $213.26 trillion. Therefore, the increasing adoption of cashless transactions is driving the consumer credit market.
Product innovations are a key trend in gaining popularity in the consumer credit market. Major companies operating in the consumer credit market are focused on developing innovative solutions such as Artificial Intelligence (AI) and data analytics to strengthen their position in the market. For Instance, in November 2022, LoanDepot Inc. introduced an innovative digital home equity line of credit (HELOC). The product features a simple interface and is fast, with a timeframe of as little as seven days from application to closure. Customers may acquire a no-hassle online rate quotation in less than five minutes and pre-qualify without affecting their credit ratings. It is a unique technology platform empowered by digital tools and data. This innovative new system provides homeowners with an effective financing option for tackling inflation and increasing consumer debt with a level of electronic convenience that is not currently accessible through conventional HELOC products.
In June 2022, National Australia Bank Ltd. (NAB), an Australia-based financial institution acquired Citibank N.A. for an undisclosed amount. This acquisition of Citigroup's consumer division contributes to the company's goal of becoming a top personal bank with a simpler, more digital experience. Citibank N.A. is a US-based consumer bank offering a multitude of banking and financial services.
The countries covered in the consumer credit market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The consumer credits market research report is one of a series of new reports from The Business Research Company that provides consumer credits market statistics, including the consumer credits industry global market size, regional shares, competitors with a consumer credits market share, detailed consumer credits market segments, market trends and opportunities, and any further data you may need to thrive in the consumer credits industry. This consumer credits market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. Consumer Credit Market Characteristics
3. Consumer Credit Market Trends And Strategies
4. Consumer Credit Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Consumer Credit Market
- 4.2. Ukraine-Russia War Impact On Consumer Credit Market
- 4.3. Impact Of High Inflation On Consumer Credit Market
5. Consumer Credit Market Size And Growth
- 5.1. Global Consumer Credit Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Consumer Credit Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Consumer Credit Market Segmentation
- 6.1. Global Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Credit Services
- Software And IT Support Services
- 6.2. Global Consumer Credit Market, Segmentation By Credit Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Revolving Credits
- Non-Revolving Credits
- 6.3. Global Consumer Credit Market, Segmentation By Issuer, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Banks And Finance Companies
- Credit Unions
- Other Issuers
- 6.4. Global Consumer Credit Market, Segmentation By Payment Method, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Direct Deposit
- Debit Card
- Other Payment Methods
- 6.5. Global Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Individual
- Enterprise
- Other Applications
7. Consumer Credit Market Regional And Country Analysis
- 7.1. Global Consumer Credit Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Consumer Credit Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Consumer Credit Market
- 8.1. Asia-Pacific Consumer Credit Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Consumer Credit Market
- 9.1. China Consumer Credit Market Overview
- 9.2. China Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Consumer Credit Market
- 10.1. India Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Consumer Credit Market
- 11.1. Japan Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Consumer Credit Market
- 12.1. Australia Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Consumer Credit Market
- 13.1. Indonesia Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Consumer Credit Market
- 14.1. South Korea Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Consumer Credit Market
- 15.1. Western Europe Consumer Credit Market Overview
- 15.2. Western Europe Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Consumer Credit Market
- 16.1. UK Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Consumer Credit Market
- 17.1. Germany Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Consumer Credit Market
- 18.1. France Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Consumer Credit Market
- 19.1. Eastern Europe Consumer Credit Market Overview
- 19.2. Eastern Europe Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Consumer Credit Market
- 20.1. Russia Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Consumer Credit Market
- 21.1. North America Consumer Credit Market Overview
- 21.2. North America Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Consumer Credit Market
- 22.1. USA Consumer Credit Market Overview
- 22.2. USA Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Consumer Credit Market
- 23.1. South America Consumer Credit Market Overview
- 23.2. South America Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Consumer Credit Market
- 24.1. Brazil Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Consumer Credit Market
- 25.1. Middle East Consumer Credit Market Overview
- 25.2. Middle East Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Consumer Credit Market
- 26.1. Africa Consumer Credit Market Overview
- 26.2. Africa Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Consumer Credit Market Competitive Landscape And Company Profiles
- 27.1. Consumer Credit Market Competitive Landscape
- 27.2. Consumer Credit Market Company Profiles
- 27.2.1. The Bank of America Corporation
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Barclays PLC
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. BNP Paribas SA
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. China Construction Bank Corporation
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Citigroup Inc
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Consumer Credit Market
29. Consumer Credit Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer