Consumer Finance Market Size Booming to Reach USD 2 Trillion With the CAGR of 7.07% by 2029 | BlueWeave Consulting

Geographically, the global consumer finance market covers five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the global consumer finance market. According to Simply Wall Street, the American consumer finance industry has registered 4.0% growth per year over the last three years and the companies have witnessed 8.8% revenue growth per year. However, the Asia Pacific region is projected to register the highest CAGR during the forecast period. According to new McKinsey Global Institute (MGI) research, this growth is primarily attributed to the consumer’s rising income levels.

New Delhi, March 14, 2023 (GLOBE NEWSWIRE) -- Global consumer finance market is gaining traction because of the quick clearance of loan requests from several government, private banks, and financial organizations and expanding access to loans and credits via digital payment systems.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global consumer finance market size at USD 1,221.38 billion in 2022. During the forecast period between 2023 and 2029, the global consumer finance market size is projected to grow at an impressive CAGR of 7.07% reaching a value of USD 1,958.62 billion by 2029. The quick clearance of loan requests from several governmental and private banks or financial organizations, as well as the easy accessibility of various loans including house loans, vehicle loans, and school loans, are significant development factors for the global consumer finance business. Also, expanding access to loans and credits via digital payment systems is providing the global consumer finance market with abundant development prospects.

Global Consumer Finance Market – Overview

Consumer financial services are products and services including current and savings accounts, online payment options, credit & debit cards, mortgage & commercial loans, and securitizations. Consumer finance refers to the decisions that individuals and households make over time about borrowing, saving, and investing. These financial choices can be difficult and impact one's financial security both now and in the future. The loan procedure that takes place between a customer and a lender is referred to as consumer finance. The lender could occasionally be a bank or other financial organization. In other cases, the lender could be a company that grants internal credit in return for the consumer's patronage.

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Global Consumer Finance Market – By Unsecured Products

Based on unsecured products, the global consumer finance market is segmented into personal loans, credit cards, home improvement loans, education loans, and others. The personal loan segment accounts for the highest market share. Personal loans only need a little documentation to be submitted because they're unsecured loans. As opposed to house loans, personal loans do not require any asset verification from banks or other financial lending agencies, which is fueling its market growth. The education load also covers a substantial market share as it is reducing the strain on the consumers to liquidate their investments.

Impact of COVID-19 on Global Consumer Finance Market

The overall economic growth across the countries was adversely affected by the COVID-19 pandemic. The economic downturn also affected the consumer finance market. In the medium and long term, COVID-19 is anticipated to have a significant influence on banking and lending, compounding recent changes in consumer behavior, technology developments, and market investments and capital. Overall, banks saw a decline in demand for consumer loans as consumers adopted more prudent spending practices for large purchases and used government stimulus funds to settle outstanding debts.

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Competitive Landscape

Major players operating in the global consumer finance market include Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Company, Bank of America Corporation, American Express Company, HSBC Holdings plc, Industrial and Commercial Bank of China, U.S. Bancorp, BNP Paribas, and TD Bank, N.A. These companies employ various strategies to further enhance their market share, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Consumer Finance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Consumer Finance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Recent Developments

  • In March 2023 – Leasys and Free2move Lease announced their plans to combine their operations following the legally binding agreements signed in the first semester of 2022 to form a new mobility company that specializes in multi-brand operational leasing and in which Stellantis and Crédit Agricole Consumer Finance will each hold a 50% stake.
  • In March 2023 – Citi announced the completion of the sale of its Vietnam retail banking and consumer credit card businesses to United Overseas Bank Limited (UOB).

Scope of the Report

Years ConsideredHistorical Data – 2019–2022
Base Year – 2022
Estimated Year – 2023
Forecast Period– 2023–2029
Facts CoveredRevenue in USD Billion
Market CoverageNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa
Product/ Service SegmentationType, Secured Products, Unsecured Products, Region
Key PlayersCitigroup Inc., JPMorgan Chase & Co., Wells Fargo & Company, Bank of America Corporation, American Express Company, HSBC Holdings plc, Industrial and Commercial Bank of China, U.S. Bancorp, BNP Paribas, TD Bank, N.A.

By Type

  • Secured Consumer Finance
  • Unsecured Consumer Finance

By Secured Products

  • Housing Loan
  • Auto Loan
  • Mortgage Loan
  • Others

By Unsecured Products

  • Personal Loan
  • Credit Card
  • Home Improvement Loan
  • Education Loan
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America
  • Middle East and Africa (MEA)

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