DUBLIN, July 30, 2021 / PRNewswire / – The “Sustainable Consumer Finance Market in India by Type (Smartphone, Washing Machine, Refrigerator, Air Conditioner, Laptop and Others), By City (Tier 1, Tier 2 and Tier 3), By Region, Competition Forecast and Opportunity , financial year 2028 ” the report was added to ResearchAndMarkets.com offer.
The market is expected to grow by $ 1,110.63 million during fiscal year 2021 to $ 2,704.18 million in FY2027, accelerating with a CAGR of 21.63% by FY2027.
The Indian sustainable consumer finance market has seen significant growth in the past few years and is expected to experience strong growth in the coming years as well.
People are ready to buy sustainable consumer products that make everyday life easier, which further drives this market. In addition, the growing urban class population, strong brand awareness and increasing disposable income are increasing the demand for sustainable finance from consumers across the country. However, the strict containment of COVID-19 imposed in India has negatively affected this market to some extent during FY2021 and is expected to continue its impact into FY2022.
Online options reported higher use of financial services during the lockdown as it was the only safe and available option for consumers. However, after the lockdown was lifted, there was a slight increase in demand for consumer durables, such as air conditioning, television, etc., as many people worked from home.
The affordable interest rates of durable consumer loans are the main driver of market growth. The interest rate for sustainable consumer finance is generally low and varies from company to company. Some institutions such as Bajaj Finserv offer durable consumer loans even with 0% interest rate.
Customers can avail of interest free durable consumer loans from these companies. Easy finance programs are available from EMI interest free for durable consumer goods. People in the middle income group can afford this type of financing because of the low interest rates that are driving demand in the market.
India’s sustainable consumer finance market is categorized by city into Tier 1, Tier 2, and Tier 3 cities. Tier 1 cities contribute less to the growth of india sustainable consumer credit market due to the fact that the market in these cities is in a saturation phase. Thus, the next wave of growth will be led by emerging tier 1 and tier 2 cities.
The growth of Tier 2 and Tier 3 cities is attributed to increasing industrialization and the growing establishment of industries and factories in areas that fuel the growth of middle and upper class population in cities. The growth of the middle and upper class population in these cities could become an important generator of demand for durable consumer goods in India.
Market players are constantly innovating in their sustainable strategies like offering attractive financing options, switching to digital financing etc. to stay competitive in the market.
Some of the major players operating in the Indian sustainable consumer finance market are
- Bajaj Finserv Limited
- HDFC Bank Ltd.
- Tata Capital Limited
- State Bank of India
- ICICI Bank Limited
- IDFC Premier Bank
- Fullerton India
- Real estate credit India.
- Kotak Mahindra Bank Limited.
- Anticipated salary
Scope of the report:
Years considered for this report:
- Historical years: FY2017 – FY2020
- Reference year: fiscal year 2021
- Estimated year: FY2022
- Forecast Period: FY2023 – FY2027
Sustainable Consumer Finance Market in India, By Type:
- Washing machine
- Air conditioner
Sustainable Consumer Finance Market in India, By City:
Sustainable Consumer Finance Market in India, By Region:
For more information on this report, visit https://www.researchandmarkets.com/r/hbd1mw
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SOURCE Research and Markets