Home Equity Lending Market Size to grow by USD 45.14 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Home Equity Lending Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global home equity lending market is a segment of the broader global specialized consumer services market, encompassing revenues generated by various consumer service providers. This market category includes residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. The global specialized consumer services market size is determined by Technavio through the assessment of revenues generated by specialized providers, excluding those in the casino and gaming, hotel, resort, and cruise lines, leisure facilities, restaurant, and education services sectors. - The Home Equity Lending Market is experiencing significant growth, fueled by the Massive increase in home prices. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Massive increase in home prices
  • Benefits of home equity loan
  • Fear of losing property
  • Hefty closing costs
• Growth Projections

The market size is estimated to grow by USD 45.14 billion, at a CAGR of 4.6% during the forecast period. The housing sector in India has experienced significant growth due to several factors, including population growth, the increasing preference for nuclear families, and the shift towards remote work brought about by the COVID-19 pandemic. This has led to an increased demand for larger homes, particularly in urban areas. According to recent estimates, there is currently a shortage of 10 million housing units in India's urban regions, and this number is projected to reach 25 million by 2030. To meet this demand, there has been a surge in home equity lending, enabling more individuals to invest in property and secure affordable housing solutions. This trend is expected to continue as the need for both residential and commercial infrastructure continues to expand.

For insights on company offerings- Request a sample report!

• Regional Insights

In the global home equity lending market, North America holds a substantial position in 2022, driven by the substantial increase in home values. This trend presents a noteworthy growth opportunity for banks and credit unions, with home equity loans and lines of credit becoming increasingly popular. In Canada, homeowners are utilizing their properties as collateral, fueled by escalating real estate values and fewer regulatory constraints. The seasonally adjusted balance of Home Equity Lines of Credit (HELOC) in Canada reached USD 128 billion in February 2022, representing a 1% increase. Residential mortgages account for 74% of Canadian household debt, while lines of credit comprise 16%, and credit cards account for 4%. These financial instruments significantly contribute to net worth.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/