Rising disposable income and increasing consumption expenditure are the leading factors to drive the global consumer finance market during the forecast period.
According to TechSci Research report, “Global Consumer Finance Market By Type (Secured Consumer Finance, Unsecured Consumer Finance), By Secured Consumer Finance Product Type (Housing Loan, Auto Loan, Mortgage Loan, Others (boat loan, recreational vehicle loan, secured credit cards, etc.)), By Unsecured Consumer Finance Product Type (Consumer Durable Finance, Personal Loan, Credit Card, Home Improvement Loan, Education Loan, Others (agricultural loan, pension loan, etc.)), By Region, Competition, Forecast & Opportunities, 2026”, the global consumer finance market is expected to grow at a CAGR of 5.27% during the forecast period on account of the growing economies and rising population. Additionally, a lower rate of interest has increased the affordability concerns for the consumers. Furthermore, consumer finance companies are increasingly using social media networks to improve business connectivity and penetration, which is leading the global consumer finance market towards growth. These channels are useful for growing the customer base, launching media campaigns, and launching new services. Consumer finance involves granting credit to consumers to enable them to possess goods for everyday use. Customers who cannot afford to pay for products or services upfront with cash or a credit card can use the consumer financing option which is offered by many banks to make easy monthly payments for a fixed period of time. The scope and position of consumer finance are expanding as a result of a growing range of wants and need for funds. The objective of consumer finance is to provide credit easily to the consumer. Consumer financing is provided by both private and public sector finance firms for the procurement of consumer products and the construction of those goods.
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The global consumer finance market is segmented into type, secured consumer finance product type, unsecured consumer finance product type, region, and company. Based on type, the global consumer finance market can be split into secured consumer finance and unsecured consumer finance. Among these, the secured consumer finance segment has accounted for more than half of market share in 2020, as secured loans are normally easier to get due to the fact that there is less risk to the lender, as the lender will have to bear no loss even if the borrower fails to repay the loan amount. Another factor for preference of secured loans among consumers is that they have a lower interest rate and longer time period which makes it more convenient. Based on secured consumer finance, the market can be fragmented into housing loans, auto loans, and mortgage loans. Among these, the housing loan segment has dominated the global consumer finance market owing to the affordable home loan interest rates.
Based on the unsecured consumer finance product type, the global consumer finance market can be segmented into consumer durable finance, personal loan, credit card, home improvement loan, education loan and others. Among these, consumer durable finance has dominated the consumer finance market globally as more people remained at home due to the pandemic, electrical appliances saw strong growth, driven by increasing household demand for appliances, fans, and lighting. Furthermore, the improvement in lifestyle of people and higher aspirations of the urban middle class and top income brackets are also the factors driving the consumer durables sector in the global consumer finance market.
In terms of regional analysis, the global consumer finance market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Out of which, Asia-Pacific is the fastest growing region among the rest in the global consumer finance market and the region is anticipated to maintain its growth rate over the next five years as well. Asia-Pacific consumer finance market has experienced a rapid increase. Moreover, this demand is driven by emerging economies in this area, rapid urbanization, rising income levels, affordable interest rates and an expanding middle-class population. Major Asian countries such as India and China are registering high population levels and the increased disposable income. High economic growth for microbusinesses, especially in developing countries, is also a factor boosting the growth of the global consumer finance market.
JPMorgan Chase & Co., Citigroup, Inc., Wells Fargo & Company, BNP Paribas, American Express Company, and others are some of the leading players operating in global consumer finance market. The companies operating in the market are using innovative strategies such as service launches, mergers and collaborations to boost their market share in the consumer finance market.
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“North America is expected to dominate the global consumer finance market during the forecast period, owing to the availability of affordable rate of interest loans in the region. Additionally, growing investment trends and shifting consumer expectations of better financial services are further expected to spur the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
According to TechSci Research “Global Consumer Finance Market By Type (Secured Consumer Finance, Unsecured Consumer Finance), By Secured Consumer Finance Product Type (Housing Loan, Auto Loan, Mortgage Loan, Others (boat loan, recreational vehicle loan, secured credit cards, etc.)), By Unsecured Consumer Finance Product Type (Consumer Durable Finance, Personal Loan, Credit Card, Home Improvement Loan, Education Loan, Others (agricultural loan, pension loan, etc.)), By Region, Competition, Forecast & Opportunities, 2026”, has evaluated the future growth potential of global consumer finance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global consumer finance market.
