Overview of the consumer credit market:
The consumer credit market was valued at USD 6.8 trillion in 2019 and is expected to grow at a CAGR of 4.9%. TransUnion, a financial services company, revealed that the US consumer credit card market experienced a default rate of 5.4% in 2018 compared to 2017. Therefore, the flattening of the default rate thanks the balanced approach of lenders ultimately improves the performance of the consumer credit market to increase the average consumer’s balance.
A recent market research report added to the âStraits Researchâ repository is an in-depth analysis of the global consumer credit market. On the idea of ââanalyzing the historical growth and current scenario of the consumer credit market, the report intends to provide actionable information about the growth projections of the global market. The authenticated data presented in the report is based on the results of extensive primary and secondary research. The insights are pulled from excellent data function tools that facilitate a deeper understanding of the multiple aspects of the global consumer credit market.
Consumer credit is a loan taken out by a borrower to purchase goods and services. Any type of personal loan taken out to purchase everyday goods and services can be considered a consumer loan. Consumer credit is provided by banks, financial institutions, and non-bank financial corporations (NBFCs) which allow consumers to purchase goods immediately and repay the cost over time with interest. It allows borrowers to get an advance on income based on their credit scores and transaction history.
The growing adoption of cashless transactions, the growing demand for loans, due to an increase in disposable income, and the increasing adoption of automation across all verticals are fueling the growth of the market. However, cybercrime and operational failures, political uncertainties and unpredictable behavior of lenders are hampering the growth of the market.
In recent years, there has been a significant increase in the adoption of cashless transactions among all industry verticals. The growth can be attributed to the increase in government initiatives to promote cashless transactions in order to improve productivity and efficiency. For example, in October 2018, the Indian government launched the Digital India initiative, which promotes cashless transaction. In addition, the increasing penetration rate of smartphones and ATMs is fueling the growth of the market.
According to the US government survey, nearly 14.8% of US households used payday loans and vehicle titles during the year 2017. About 41 municipalities in Texas have business regulations in place on payday loans and vehicle title loans. Authorities in Dallas, El Paso, Houston and San Antonio have placed limits on the number of renewals and recurring loans, as well as other requirements. Organizers of vehicle loans are regulated and subject to licensing, reporting, and must provide consumers with information on repayment and re-borrowing rates.
Get a sample copy of this report with the latest industry trends and the impact of COVID-19:
The main players covered in this report:
Experian Information Solutions, Inc.
Construction Bank of China
Industrial and Commercial Bank of China (ICBC)
Mitsubishi UFJ Financial
On the site
See this report with a detailed description and table of contents @ https://straitsresearch.com/report/consumer-credit-market/toc
Growing domestic demand and expanding pharmaceutical sector to stimulate consumer credit demand in APAC region:
The Asia-Pacific region is expected to hold the largest market share in the global consumer credit market during the forecast period 2019-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam and Indonesia, which account for the largest share in this region. India is one of the largest producers of consumer credit and a major exporter of the product to various countries around the world. India accounts for around 80% of global consumer credit exports. Favorable climatic conditions and the growth of agricultural inputs and related services like cold storage and warehousing in India are leading to increased production.
See the full report @ https://straitsresearch.com/report/consumer-credit-market/
The report covers a comprehensive analysis on:
Parent market overview
Global Consumer Credit Market Segments, Dynamics, Market Size, Share, Price, Volume and Cost
Historical, current and projected market size in terms of volume and value
Global Consumer Credit Market Forecast 2019 to 2026
Supply and demand value chain
Global Consumer Credit Market Dynamics including Current Trends / Drivers / Threats / Restrictions / Challenges
Potential and niche segments / regions showing promising growth
Market landscape, competition and main companies involved
Strategies of leading companies and product offerings
Key questions addressed in the report:
What is the current scenario of the global consumer credit market? How is the market going to prosper throughout the forecast period?
What emerging technologies and associated tools will benefit the market?
What is the current size of the global consumer credit market?
Which segments are the most dynamic and important in the market? What is their market potential?
What are the determining factors that contribute to the market growth in the short, medium and long term?
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