Household Lending Global Market Is Expected To Grow At A Rate Of Almost 11% Through 2023 – 2027
7 Jul, 2023
The global household lending market size is expected to grow from $4,048.14 billion in 2022 to $4,520.83 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global household lending market size is expected to reach $6,798.66 billion in 2027 at a CAGR of 10.7%.
Global Household Lending Market Key Driver
The significant increase in housing expenses is likely to drive the growth of the household loan industry in the near future. Rent and mortgage costs (principal repayment and mortgage interest); or a more comprehensive metric that includes the costs of mandatory services and charges, routine maintenance and repairs, taxes, and utility bills. Increased housing expenses limit an individual's ability to buy a home outright and encourage them to apply for a loan. As a result, rising home costs are stimulating the household loan market.
Get a sample of the global household lending market reportGlobal Household Lending Market Segments
The global household lending market is segmented:
1) By Types: Fixed Rate Loans, Home Equity Line of Credit
2) By Service Providers: Banks, Online, Credit Union, Other Service Providers
3) By Source: Mortgage and Credit Union, Commercial Banks, Other Sources
4) By Interest Rate: Fixed-rate Mortgage Loan, Adjustable-rate Mortgage Loan
5) By Geography: The regions covered in the household lending market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global household lending market.
Major Household Lending Industry Players
Bank of America Corporation, JPMorgan Chase and Co., Pentagon Federal Credit Union, Discover Bank, Member FDIC, LoanDepot, Spring EQ, A and A Dukaan Financial Services Private Limited, ABC Finance Limited, Australia and New Zealand Banking Group Limited, Barclays PLC., Citizens Commerce Bancshares Inc., Commonwealth Bank of Australia, Flagstar Bancorp Inc., HSBC Holdings PLC., Morgan Stanley, Navy Federal Credit Union, Roostify, Royal Bank of Canada
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Household Lending Market Overview
Household lending refers the act of loaning money to purchase a home or household. The debtor pays back the borrowed funds and interest according to the loan repayment plan. Household lending can aid in raising the budget for a home purchase using the loan amount provided.
Household Lending Global Market Report 2023 provides data on the global household lending market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The household lending market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.