Coupled with the increasing participation of women and expatriates, the rising population, increasing standard of living, and surging demand for luxurious products drive Saudi Arabia’s consumer finance market through 2022. According to a TechSci Research report, “Saudi Arabia Consumer Finance Market By Type, Competition Forecast & Opportunities, 2012-2022”, Saudi Arabia’s consumer finance market is projected to grow to $344 billion by 2022.
The Important Elements of the Saudi Arabia Consumer Finance Market
The growth of the consumer finance market in Saudi Arabia is propelled by factors such as increasing women’s participation in the workforce (according to the Ministry of Civil Services, the number of Saudi female employees in the government sector shot up from around 450 thousand in 2014 to 469 thousand in 2015), rising number of expatriates in the country, surging demand for housing and low-interest rate scenario compliant with Islamic banking. In 2016, the growth in the consumer finance market was witnessed in the country, owing to the availability of beneficial and innovative finance products to consumers coupled with the increasing focus of the country towards diversifying into a non-oil economy.
Browse 4 market data Tables and 34 Figures spread through 89 Pages and an in-depth TOC on the “Saudi Arabia Consumer Finance Market“
Al Rajhi Banking & Investment Corporation, National Commercial Bank, Riyad Bank, Saudi British Bank, and Samba Financial Group are some of the leading players in the Saudi Arabia consumer finance market in 2016, which are expected to maintain their dominance during the forecast period, owing to rising demand for sharia-compliant Islamic consumer finance products. In 2016, the country’s Northern & Central regions dominated the market, followed by the Western, Eastern, and Southern regions. According to SAMA, in 2015, the Northern & Central region of Saudi Arabia had 623 commercial bank branches by the end of 2016. The increasing presence of financial entities is expected to fulfill the financial requirements of consumers, and this will further drive the consumer finance market in the region in the coming years.
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Unsecured consumer finance accounts for the majority share in the country’s consumer finance market, and the segment’s dominance is expected to continue during the forecast period. “Rising demand and availability of sharia-compliant Islamic consumer finance products in the country, growing population and increasing inflow of expatriates due to rising employment opportunities coupled with favorable government initiatives such as the implementation of the 2.5% tax of unused/white land to revive the shortage of residential houses, are few of the major factors that are expected to steer the growth of consumer finance market in Saudi Arabia in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Consumer Finance Market By Type, Competition Forecast & Opportunities, 2012-2022” has evaluated the future growth potential of the consumer 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 evaluations. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Saudi Arabia consumer finance market.
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