The global payday loans market size is anticipated to reach USD 6.8 billion by 2030, registering a CAGR of 3.8% during the forecast period, according to a new report by Grand View Research.
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In terms of type, the storefront payday loans segment accounted for the maximum revenue share of 53.7% in 2021.
This can be attributed to the presence of numerous payday lending stores.
The online payday loans segment is likely to expand at the highest CAGR of 4.2% during the forecast period. This is due to the digitalization across the Banking, Financial Services, and Insurance (BFSI) sector.
Based on marital status, the single segment dominated the market with a share of 63.7% in 2021 and is also expected to expand at the highest CAGR of 4.0% during the forecast period.
This can be attributed to the generally single source of income for the singles, divorced, and widowed parents which are more likely to use a payday loan as compared to married parents.
The married segment accounted for a revenue share of 36.3% in 2021 and is expected to develop by a significant CAGR during the forecast period.
Based on customer age, the 31- 40 segments dominated the market with a share of 28.1% in 2021 and are expected to develop by a CAGR of 3.9% during the forecast period. This can be attributed to generally more financial responsibilities for the customers in this age group.
The 21-30 segments are expected to develop the highest CAGR of 4.8% during the forecast period.
North America held the largest share of 31.0% in 2021 and is expected to retain its position throughout the forecast
eriod.
This can be attributed to the presence of numerous direct payday lenders in the region.
Moreover, developed technology infrastructure is aiding the growth of the market in the region.
The Asia Pacific region is anticipated to expand at the highest CAGR of more than 5.0% during the forecast period owing to the developing technology infrastructure. ■
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