Evolve Business Intelligence has published a half-cooked research report on the Global Consumer Finance Market, 2021–2030. The global Consumer Finance market is projected to exhibit a CAGR of around 6% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Consumer Finance market: JPMorgan Chase & Co., Citigroup, Inc., Wells Fargo & Company, BNP Paribas, American Express Company, and Bank of America Corporation.
The global Consumer Finance market is projected to be valued at $1.30 Billion by 2030, recording a CAGR of around 6% during the forecast period. Consumer Finance is money borrowed by individuals to purchase things for personal use like cars, clothes, or electronics. A finance fee is charged when a loan or line of credit eligibility is granted. These loans can be a cash loan or through the use of sales credit, an option given by the seller.
The COVID-19 pandemic significantly affected the Consumer Finance Market. The most immediate effect of the ‘pandemic’ was a plunge in consumer spending and less bank credit to go around – this hastened the shift to online retail, which includes fewer cash registers. Many of these trends are predicted to become more prominent over the next few years. As many customers became less willing to apply for credit and more reluctant to spend. In the weeks following the pandemic, consumer spending declined. This decline was exacerbated by the significant drop in employment.
The global Consumer Finance market has been segmented based on the Type, Application, and region.
By Type, the Consumer Finance market is segmented based on Secured Consumer Finance Products and Unsecured Consumer Finance products. The Secured Consumer Finance Products segment dominates the market. Rising cheap auto and home loans are expected to drive the segment growth over the forecast period. On the other hand, with the increased demand for credit cards due to their usage-based awards and incentives, the Unsecured Consumer Finance Product segment is expected to grow at the highest CAGR.
Based on Application, the Consumer Finance market is segmented based on Banks and Financial Corporations, and Non-Banking Financial Companies. The Banks and Financial Corporationssegment is anticipated to hold the largest market. With the increase in the demand for safe credit-based consumption on lower interest rates, the Banks and Financial Corporations dominate the market
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The Consumer Finance market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The North American region is projected to dominate the global Consumer Finance market. This dominance in the global market is due to increased disposable income and increased use of credit cards over the forecast period. With a growing number of fintech start-ups and organizations in the Asia-Pacific region, the region is expected to grow at the highest CAGR over the forecast period. The European countries have been experiencing consistent growth in the Consumer Finance market over the past few years. The growth of the European countries is due to the opening up of the new market and more and more people becoming aware of the financial products. The Middle East, Africa, and Latin American region has been experiencing outspoken growth in the Consumer Finance Market and will continue to enjoy rapid development in the years to come. These developing countries are witnessing new regulations and product launches complimented with increased disposable incomes.