Dublin, July 30, 2021 (GLOBE NEWSWIRE) -- The "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, FY2028" report has been added to ResearchAndMarkets.com's offering.
The market is projected to grow from USD1110.63 million in FY2021 to USD2704.18 million in FY2027 accelerating with a CAGR of 21.63% by FY2027.
The Indian Consumer Durable Finance Market grew at a significant pace in the past few years and is expected to register strong growth in the coming years as well.
People are willing to buy consumer durable products that make the day-to-day life easier, which is further boosting this market. Furthermore, the rising urban class population base, strong brand awareness and increasing disposable income are augmenting the demand for consumer durable finance across the country.
However, the strict COVID-19 lockdown imposed in India adversely affected this market to some extend in FY2021 and is expected to carry forward its impact in FY2022.
The online options reported higher usage of financial services during the lockdown period, as it was the only safe and available option for the consumers. However, after the lockdown was lifted, there was a slight rise in the demand for consumer durables, such as AC, television, etc. as many people were working from home.
The affordable interest rates of consumer durable loans are major driver for the growth of the market. The interest rate of consumer durable finance is generally low and it varies from company to company. Some institutions such as Bajaj Finserv are offering consumer durable loans even on a 0% interest rate.
Customers can enjoy interest-free consumer durable loans with such companies. Easy finance schemes are available at interest free EMI for consumer durables. Middle income group people are able to afford this sort of financing due to low interest rates which is propelling the demand in the market.
The Indian Consumer Durable Finance Market is categorized on the basis of city into Tier 1, Tier 2 and Tier 3 cities. The tier 1 cities are contributing less to the growth of India's consumer durable finance market owing to the fact that the market in these cities is at the stage of saturation. Thus, the next wave of growth will be led by the emerging tier 1 and tier 2 cities.
The growth of the tier 2 and tier 3 cities is attributed to the growing industrialization and increasing establishment of industries and factories in the areas which are fueling the growth of middle and upper class population in the cities. Growing middle and upper class population base in these cities holds the potential of becoming a major demand generator for consumer durables in India.
The market players are constantly innovating their sustainable strategies like offering attractive financing option, shifting towards digital financing, etc., to remain competitive in the market.
Some of the major players operating in the Indian Consumer Durable Finance Market are
- Bajaj Finserv Limited
- HDFC Bank Ltd.
- Tata Capital Limited
- State Bank of India
- ICICI Bank Limited
- IDFC First Bank
- Fullerton India
- Home Credit India.
- Kotak Mahindra Bank Limited.
- Early Salary
Report Scope:
Years considered for this report:
- Historical Years: FY2017 - FY2020
- Base Year: FY2021
- Estimated Year: FY2022
- Forecast Period: FY2023 - FY2027
India Consumer Durable Finance Market, By Type:
- Smart Phone
- Washing Machine
- Refrigerator
- Air Conditioner
- Laptop
- Others
India Consumer Durable Finance Market, By City:
- Tier 1
- Tier 2
- Tier 3
India Consumer Durable Finance Market, By Region:
- North
- East
- West
- South
For more information about this report visit https://www.researchandmarkets.com/r/cr838