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The global consumer credit market was valued at US$ 10.45 Billion in 2021.
We expect the global consumer credit market to exhibit a CAGR of 5% during 2022-2027.
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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