Global Lending Market Expected to Decline by $124 Billion in 2020

The “Lending Global Market Report 2020-30: COVID-19 Impact and Recovery” report has been added to ResearchAndMarkets.com’s offering.

The global lending market is expected to decline from $6875.5 billion in 2019 to $6751.3 billion in 2020 at a compound annual growth rate (CAGR) of -1.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $7929 billion in 2023.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider lending market, and compares it with other markets.

Western Europe was the largest region in the global lending market, accounting for 35% of the market in 2019. Asia Pacific was the second largest region accounting for 27% of the global lending market. Africa was the smallest region in the global lending market.

Online lending is growing across the world. This is primarily due to emergence of nonbank online lenders, who are particularly attractive to smaller businesses which need quick loans. Online lenders use automated network and data to reach borrowers, and offer cheaper loans than bank services such as credit cards. This has increased the competition among banks, leading to reduced rates and quicker approval times for borrowers. Some of the major online lenders include Upstart, Lu.com, Borrowell, Landbay, Auxmoney, Smava and Dianrong.

The lending market consists of sales of lending services (loans) by entities (organizations, sole traders and partnerships) that engage in making secured or unsecured loans to borrowing entities. Lending entities include establishments such as finance companies, personal credit institutions, loan companies and student loans companies.

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