Growing Use of Pawnbroking Services to Increase the Growth of the U.S. Pawnbroker Market
SEATTLE, WA, USA, March 10, 2022 /EINPresswire.com/ — According to “Coherent Market Insights”, the latest report titled Global U.S. Pawnbroker Market the research provides a comprehensive estimate of the CAGR of the relevant period in percentages which will guide the users to make decisions based on the choice against the predicted chart. An in-depth study of the competitive landscape of the global U.S. Pawn Shop Market has been carried out, presenting insights into the company profiles, financial status, recent developments, mergers and acquisitions, and SWOT analysis. This research report will give the readers a clear idea of the overall market scenario to decide further on this project.
The US Pawnbroker Market is estimated to be worth US$4.12 billion in 2028 and is expected to grow at a CAGR of 6.8% over the forecast period, as highlighted in a new report by Coherent Market Insights.
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Some of the key players profiled in the study are:
First Cash Financial Services Inc., EZCORP, INC., DFC Global Corp., Picasso Pawn, Buckeye Pawn Shop, Borro Private Finance, Welsh Pawn, Luxury Asset Capital, Beverly Loan Company and Big Store Pawn Shop
The pawn shop is a one-stop place to buy and sell various commodities, such as electronics, guns, jewelry, tools and other goods or to obtain cash loans at a staggered cost set by the two parts. Pawnshops are considered a great option for retailing old and unimportant products. Pawnshops offer collateralized loans, which means the loan is secured by something of value. A pawnbroker is an individual/company that offers secured loans, with personal property used as collateral. The person can get their valuable back from the pawnbroker if they repay the money loaned to them and pay interest on the loan. If they don’t, the owner or pawnbroker can sell it to other customers.
Key Market Drivers:
Rising demand for short-term loans is expected to augment the growth of the US pawnshop market over the forecast period. For example, according to the National Pawnbrokers Association, the average loan from a pawnbroker in the United States is $150. . This in turn is expected to propel the growth of the market.
Additionally, the increasing use of pawnbroking services and growing number of pawnbrokers across the world is expected to drive the growth of the US pawnshop market. For example, today there are over 11,000 pawnbrokers in the United States and the industry has over $14 billion in revenue. Texas (1,731 businesses), Florida (847 businesses), and Georgia (825 businesses) are the states with the most pawnshop businesses in the United States.
COVID-19 impact analysis:
The COVID-19 outbreak has had a severe impact on the US pawnshop market. It seems nowadays hardly anyone needs to sell their personal items to raise money, and people don’t even come to the pawnshop to borrow money against collateral like they usually do. This in turn is expected to hamper the growth of the market.
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Key points to remember:
The U.S. pawnshop market is expected to grow at a CAGR of 6.8% during the forecast period owing to the rising trend of online earnings and online trading globally. For example, in 2018, Bravo Store Systems launched MobilePawn to help pawnbrokers improve their customer service by providing the industry’s first-ever mobile pawn app. MobilePawn allows customers to start the loan process with nearby pawnbrokers right from their smartphone.
Among the regions, the United States is expected to experience robust growth in the US pawnshop market owing to the increasing usage of pawnshop services, increasing number of pawnshops and presence of major players in the region. For example, in June 2021, EZCORP, Inc., one of the leading pawnshop providers in the United States and Latin America, acquired 128 pawnbrokers in Mexico. With this acquisition, the company now operates a total of 1,154 pawnshops, including 638 in Latin America, including 503 in Mexico.
Read the complete customization report for better understanding (description, table of contents, list of tables and figures, and many more) @https://www.coherentmarketinsights.com/insight/request-customization/4867
What to expect from this U.S. Pawn Shop Market report:
➼ You can make your business development plans when you have information about production value, production cost, product value, etc. for the next five years.
➼ A detailed overview of regional distributions and popular product types in the US Pawn Shop Market.
➼ How do large companies and mid-level manufacturers make profits in the US pawnshop market?
➼ Estimate burglary for new players who want to enter the US pawnshop market.
➼ Detailed research on the overall expansion of the US pawnshop market which helps you decide on product launch and asset development.
Coherent Market Insights is an American pawnshop market intelligence and advisory organization that provides syndicated research reports, custom research reports, and advisory services. We’re known for our actionable insights and genuine reports in a variety of fields, including aerospace and defense, agriculture, food and beverage, automotive, chemicals and materials, and virtually any field and an exhaustive list of subdomains under the sun. We create value for our clients through our highly reliable and accurate reports. We are also committed to playing a leadership role in providing insight in various post-COVID-19 industries and to continuing to deliver measurable and sustainable results to our clients.