Consumer Credit Market Size, Share, Trends, Analysis 2023-2028

Consumer Credit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A2291

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Market Overview:

The global consumer credit market size reached US$ 11.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.

Consumer credit refers to short- and intermediate-term personal loans that are taken by individuals to finance the purchase of commodities and services for personal consumption. A finance fee is charged for the sanction of credit or the extension of existing credit that can be presented in the form of a cash loan or by a seller in the form of sales credit. They are commonly available in the form of non-revolving loans that are repaid in a specific number of payments and revolving loans that include automobile, consumer good, home repair and personal loans.

Global Consumer Credit Market Report

Significant growth in the banking, financial services and insurance (BFSI) industry is one of the key factors creating a positive outlook for the market. Furthermore, high economic growth for micro-enterprises, especially in developing nations, is also providing a boost to the market growth. Banks and other financial institutions are investing in micro, small and medium enterprises (MSMEs) to minimize the credit gap with local vendors. Additionally, consumer banking professionals are adopting credit data that deals with the information related to cash flows and analytics at the portfolio level. Credit data in such instances aids in managing individual credit cases, real-time pricing and capital management of multi-asset portfolios and minimizing firm-wide risks through consistency, automation, and transparency. Moreover, the increasing use of social media platforms by consumer credit agencies for better market connectivity and penetration is contributing to the market growth. These platforms aid in expanding the consumer base, launching media campaigns, and conducting new product launches.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global consumer credit market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on credit type, service type, issuer and payment method.

Breakup by Credit Type:

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Revolving Credits
Non-revolving Credits

Breakup by Service Type:

Credit Services
Software and IT Support Services

Breakup by Issuer:

Banks and Finance Companies
Credit Unions
Others

Breakup by Payment Method:

Direct Deposit
Debit Card
Others

Breakup by Region:

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North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Bank of America, Barclays, BNP Paribas, China Construction Bank, Citigroup, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (ICBC), JPMorgan Chase, Mitsubishi UFJ Financial, Wells Fargo, etc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Credit Type, Service Type, Issuer, Payment Method, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Bank of America, Barclays, BNP Paribas, China Construction Bank, Citigroup, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (ICBC), JPMorgan Chase, Mitsubishi UFJ Financial and Wells Fargo
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global consumer credit market was valued at US$ 11.0 Billion in 2022.

We expect the global consumer credit market to exhibit a CAGR of 4.8% during 2023-2028.

The rising awareness towards numerous benefits of consumer credit, such as financial flexibility and assistance to borrowers during an emergency, that improves the business of banks and other financial institutions, is primarily driving the global consumer credit market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for short- and intermediate-term personal loans by individuals to finance the purchase of commodities and services for personal consumption, owing to the fluctuating employment levels across several nations.

Based on the credit type, the global consumer credit market has been segmented into revolving credits and non-revolving credits, where non-revolving credits currently hold the majority of the total market share.

Based on the service type, the global consumer credit market can be divided into credit services and software and IT support services. Currently, credit services exhibit a clear dominance in the market.

Based on the issuer, the global consumer credit market has been categorized into banks and finance companies, credit unions, and others. Among these, banks and finance companies currently account for the majority of the global market share.

Based on the payment method, the global consumer credit market can be segregated into direct deposit, debit card, and others. Currently, debit card holds the largest market share.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global consumer credit market include Bank of America, Barclays, BNP Paribas, China Construction Bank, Citigroup, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (ICBC), JPMorgan Chase, Mitsubishi UFJ Financial, Wells Fargo, etc.

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