Global Consumer Credit Market to Grow at 5% CAGR from 2021-2026

Strategic Insights -

The global consumer credit market has shown moderate growth from 2015-2020, with an expected growth rate of around 5% during 2021-2026. Despite the impact of the COVID-19 pandemic, the market is expected to exhibit a steady growth trajectory. The market is driven by significant growth in the banking, financial services, and insurance (BFSI) industry, as well as high economic growth for micro-enterprises in developing nations. Banks and financial institutions are investing in micro, small, and medium enterprises (MSMEs) to minimize the credit gap with local vendors.

Key Takeaways:

  • The global consumer credit market is expected to grow at a compound annual growth rate (CAGR) of around 5% from 2021-2026.
  • The market has shown moderate growth from 2015-2020.
  • Significant growth in the BFSI industry and high economic growth for MSMEs in developing nations are key drivers of market growth.
  • Banks and financial institutions are investing in MSMEs to minimize the credit gap with local vendors.
  • 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.
  • The market is expected to exhibit a steady growth trajectory despite the impact of the COVID-19 pandemic.
  • Credit data aids in managing individual credit cases, real-time pricing, and capital management of multi-asset portfolios and minimizing firm-wide risks.
  • Social media platforms are increasingly being used by consumer credit agencies for better market connectivity and penetration.

Statistics:

  • The global consumer credit market is expected to grow at a CAGR of around 5% from 2021-2026.
  • The market has shown moderate growth from 2015-2020, with a growth rate of `insert growth rate`.
  • The market is expected to reach a value of `insert market value` by 2026.
  • The BFSI industry is expected to grow at a CAGR of around `insert BFSI growth rate` from 2021-2026.
  • The market is driven by significant growth in developed nations, with a growth rate of around `insert growth rate`.
  • Credit data aids in managing individual credit cases, real-time pricing, and capital management of multi-asset portfolios and minimizing firm-wide risks.

Sources:

  • ResearchAndMarkets.com's "Consumer Credit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026"
  • BusinessWire.com article titled "Consumer Credit Market to Reach $1.6 Trillion by 2026: ResearchAndMarkets.com"
  • ResearchAndMarkets.com's report on the "Global Consumer Credit Market"