Growing awareness of consumer durable financial services and improving lifestyle and technological preferences of people is projected to drive the India consumer durable finance market through FY2027.
According to the report released by TechSci Research, ‘India Consumer Durable Finance Market By Type (Smart Phone, Washing Machine, Refrigerator, Air Conditioner, Laptop, and Others), By City (Tier 1, Tier 2, and Tier 3), By Region, Competition Forecast & Opportunities, FY2027’, the consumer durable finance market in India was valued at USD1110.63 million in FY2021 and is expected to advance with a CAGR of 21.63% in the forecast period to reach USD2704.18 million in FY2027.The increasing penetration of non-banking financial companies (NBFCs) is further providing more lucrative options to the consumers to avail consumer durable finances. Demonetization enabled an increasing number of NBFCs to enter the consumer credit industry, giving more convenient financing options. Thus, the increasing penetration of non-banking financial companies from metros, tier 1 and tier 2 cities and other cities was also a major factor that led to the growth of this market in India. The pursuit of better profits has led banks and NBFCs to extend their unsecured retail segment in recent years, delivering a boost to consumer durables and lifestyle financing.
Moreover, the increase in usage of e-banking in India has improved the service quality and strengthened the finance sector as the electronic payment has benefitted in increasing customer satisfaction level, enhanced productivity, reduced cost of financial operations, etc. Consumers are able to keep track records of their transactions through e-banking services. The advantages generated by e-banking services have determined an accelerate developing of this industry over the entire world. Furthermore, the factors such as instant money transfer, anytime anywhere usage benefit reduced fraud and complete security, etc., are boosting this sector in India. The government of India has also taken initiatives to promote electronic banking among people, such as, the Digital India campaign, which was launched in order to ensure digital literacy, digital resources such as internet connectivity, etc.
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On the basis of type the India consumer durable finance market is categorized into smart phone, washing machine, refrigerator, air conditioner, laptop, and others. Among them, smart phone is the leading segment in the India consumer durable finance market and is expected to continue its dominance over the forecast period on account of increasing per-capita income in the country. With the growing economy, consumers are able to spend more on their day-to-day requirements. Smartphones have now become a necessity. The internet penetration is one of the main reasons for the boost in the growth of this market. Post demonetization in November 2016, the use of digital payment solutions such as e-wallets and biometric-based payment systems has increased dramatically which also acted as a factor in the growth of this market. Furthermore, the shift in consumer behavior, who are now preferring contact-less experiences and maintaining social distancing, also led to the increase in sale of smart phone.
Some of the major players operating in the India consumer durable finance market are Bajaj Finserv Limited, HDFC Bank Ltd., Fullerton India, Home Credit India., Tata Capital Limited, ICICI Bank Limited, State Bank of India, IDFC First Bank, Kotak Mahindra Bank Limited., and Early Salary. Consumer durable finance companies are shifting towards digital banking to remain competitive in the market.
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“Increasing urbanization, the growth in number of double income households, and a busy work life are further contributing towards change in lifestyle pattern. There is a clear emergence of need and demand for additional TV, laptop, mobile phones, Wi-Fi, mobile accessories and vacuum cleaner. There is a set of consumer appliances and home appliances where demand picking up. Digital penetration is rapidly increasing as digital access becomes more inexpensive. This increased consumer awareness of the product and increased spending on electronics and home appliances. Consumers are also more aware of various finance options available for consumer durables now, owing to rising internet penetration that causes mass awareness. Moreover, rising urban population has given immense opportunities for manufacturers to cater to the demand for consumer durables in India. Thus, changing consumer trend in India will drive the consumer durable finance market of India during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Consumer Durable Finance Market By Type (Smart Phone, Washing Machine, Refrigerator, Air Conditioner, Laptop, and Others), By City (Tier 1, Tier 2, and Tier 3), By Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India consumer durable finance market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India consumer durable finance market.
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