WASHINGTON, July 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Refinancing Market finds that the massive investment by the baking sector in making advanced products to improve productivity and provide better services to their customers is a crucial parameter considered in the growth of the Refinancing Market in coming years. In addition, increasing demand for various types of loans, such as car and home loans with minimum interest rates, is expected to boost the growth of the Refinancing Market during the forecast years. The Global Market revenue stood at a value USD 1,476.2 Million in the year 2021.
The Global Refinancing Market size is forecasted to reach USD 2,070.4 Million by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period; states Vantage Market Research, in a report, titled “Refinancing Market Size, Share & Trends Analysis Report by Deployment Mode (On-Premise, Cloud-Based), by End User (Personal, Commercial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Refinancing market is predicted to grow at a CAGR of roughly 5.8% during the forecast period.
- The Refinancing market was estimated to be worth roughly USD 1,476.2 Million in 2021 and is expected to reach USD 2,070.4 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Refinancing market.
Market Dynamics:
Drivers:
Growth in Investments and Changing Consumer Preferences towards Loan Services
The overall development of the Global Refinancing Market can be analyzed by the increase in investment made by banks and financial institutes to enhance their technology. This leads to providing innovative product offerings to their customers and boosting the customer’s experience. In addition, these systems' various potential benefits force key players to develop innovative products. These benefits include fast loan payment, easy convenience, and fixed rates for mortgages. Thus, it is expected to witness maximum growth of the Refinancing Market in the forecast period. Furthermore, low-interest rates for auto and home loans augment the development of the Refinancing Market in the coming years.
Increase in Easy Accessibility and Staying Updated with the Trends
There is enormous growth in various venture capitalists and venture capital businesses. These businesses focus on aiding the start-ups that fund them to innovate their product portfolios. This trend will likely support the expansion of the Global Refinancing Market in upcoming years. This move helps financial start-ups to develop their technological platforms for better customer experience, convenience, ease of access, and an increase in employee numbers to tackle the increasing work pressure & drive the need for product innovations. Hence, keeping up with the latest trends & drivers is essential in any business or sector.
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Segmentation of the Global Refinancing Market:
- Deployment Mode
- On-Premise
- Cloud-Based
- End User
- Personal
- Commercial
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Refinancing Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Refinancing Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Refinancing Market Size, Share & Trends Analysis Report by Deployment Mode (On-Premise, Cloud-Based), by End User (Personal, Commercial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
North America Anticipated Potential Market Growth
North America has the largest share of the Global Refinancing Market in 2021. Factors such as strong economic growth in emerging markets, an increase in internet penetration, a rise in consumer spending, a rise in construction activity, and an increase in the number of vehicle loans are accelerating the growth of the Refinancing Market in this region. In addition, blockchain penetration across various sectors and increasing higher education will drive the development of the Refinancing Market in the next few years. However, the increasing burden of non-performing assets (NPAs) could hinder the growth of the Refinancing Market in the coming years.
List of Prominent Players in the Refinancing Market:
- Wells Fargo Bank N.A.
- Bank of America N.A.
- Ally Financial Inc
- JPMorgan Chase & Co
- Rocket Mortgage LLC (Quicken Loans)
- Citigroup Inc
- Refi Jet
- Better Holdco Inc
- Loan Depot
- Caliber Home Loans Inc
Recent Developments:
July 2021: Ally Home, the residential mortgage lending arm of Ally Bank, announced the launch of Refi Now, a home Refinancing Market option for borrowers, as part of the plans to expand its product portfolio.
January 2021: Rate Genius, a fintech company, offered consumer-lending platforms to refinance their auto and car loans.
February 2020: Moto Refi, a company that provides auto refinance solutions, raised USD 8.6 million in funding in its technology platform.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Refinancing Market?
- How will the Refinancing Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Refinancing Market?
- What is the Refinancing market drivers and restrictions?
- What will be the CAGR and size of the Refinancing Market throughout the forecast period?
This market, titled “Refinancing Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Deployment Mode ° On-Premise ° Cloud-Based • End User ° Personal ° Commercial • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Wells Fargo Bank N.A. • Bank of America N.A. • Ally Financial Inc • JPMorgan Chase & Co • Rocket Mortgage LLC (Quicken Loans) • Citigroup Inc • RefiJet • Better Holdco Inc • LoanDepot • Caliber Home Loans Inc |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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