The Consumer Credit market size is expected to grow from US$ 12.18 billion in 2023 to US$ 18.60 billion by 2031; it is anticipated to expand at a CAGR of 5.4% from 2023 to 2031. Consumer credit, often known as consumer debt, is personal debt incurred in order to acquire goods or services. Although any sort of personal loan could be classified as consumer credit, the phrase is most commonly used to indicate unsecured debt in small sums. Consumer credit stats are a key index to monitor the health of an economy. It conveys the spending power of a consumer in a particular economy.
Credit is an important enabler of consumption for customers who would otherwise be unable to afford a particular product. As more people shop online, innovative digital solutions for point-of-sale finance, frequently designed by nimble technology businesses and seamlessly integrated into the customer journey, are gaining popularity among millennial shoppers who are cautious of incumbent banks' inadequate digital capabilities. Technological advancements and supportive regulation have made it easier for these new competitors to disrupt incumbents' control over the lending value chain and compete on the basis of faster, more personalized, and more efficient service delivery. The loyalty and inertia that formerly bound consumers to their banks are fading across Europe, as regulation has made it easier than ever to create partnerships with several financial service providers.
The scope of the consumer credit market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant consumer credit market share. The region's significant economic development, growing population, and increasing focus on risk management and insurance have contributed to this growth. North America is home to many developing countries like the US and Canada, driving the consumer credit market growth.
The regional trends and factors influencing the Consumer Credit Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Consumer Credit Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 12.18 Billion |
| Market Size by 2031 | US$ 18.60 Billion |
| Global CAGR (2023 - 2031) | 5.4% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Credit Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Consumer Credit Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Consumer Credit Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Consumer Credit Market Analysis" was carried out based on core investment strategies and geography. In terms of credit type, the market is segmented into revolving credits and non-revolving credits. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the consumer credit market. A few recent key market developments are listed below:
[Source: Barclays PLC, Company Website]
The market report "Consumer Credit Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
The global consumer credit market was estimated to be US$ 12.18 billion in 2023 and is expected to grow at a CAGR of 5.4% during the forecast period 2023 - 2031.
The use of AI and data analytics is impacting consumer credit, which is anticipated to bring new consumer credit market trends in the coming years.
The key players holding majority shares in the global Consumer Credit market are American Express, U.S. Bank, Citi, and Wells Fargo Bank.
The global consumer credit market is expected to reach US$ 18.60 billion by 2031.
Demand for flexibility in spending and rapid urbanization are the major factors that propel the global consumer credit market growth.