The credit card market size is expected to grow from US$ 552.73 billion in 2023 to US$ 1057.48 billion by 2031; it is anticipated to expand at a CAGR of 8.4% from 2023 to 2031. The growing demand for convenient cash alternatives is one of the major factors fueling the growth of the credit card market.
Credit cards have become more and more popular over time because of their many benefits, including better security than debit cards, quicker payment processing, the ability to make interest-free payments, and more. Additionally, the industry is expanding due to the end consumers' quick adoption of credit cards for EMI purchases and the rise in the purchase of various pricey goods. Additionally, it offers end consumers extended warranties and purchase protection, which further fuels the market's expansion. The fact that many credit cards also provide travel, rental vehicles, and return protection is fueling the expansion of the credit card market worldwide.
The scope of the credit card market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant credit card market share. The region consists of a large number of market players, including Bank of America Corporation, American Express, JPMorgan Chase & Co, and many more. Furthermore, the region is witnessing the rapid adoption of credit cards. According to the Federal Reserve Bank of Atlanta, 77% of adults in the US have at least one credit card. Also, as per the American Bankers Association, around 441 million people opened credit card accounts in the US in Q3 2022. Thus, all the above factors are fueling the growth of the market in the region.
The regional trends and factors influencing the Credit Card Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Credit Card Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 552.73 Billion |
| Market Size by 2031 | US$ 1057.48 Billion |
| Global CAGR (2023 - 2031) | 8.4% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Credit Card Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Credit Card Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Credit Card Market Analysis" was carried out based on product type, service providers, application, and geography. On the basis of product type, the market is segmented into general-purpose credit cards and specialty credit cards. Based on service providers, the credit card market is segmented into Visa, Mastercard, and others. Based on application, the market is segmented into food and groceries, consumer electronics, health and pharmacy, restaurants and bars, media and entertainment, travel and tourism, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Credit Card Market. A few recent key market developments are listed below:
[Source: Citi, Company Website]
[Source: Bank of America, Company Website]
The Credit Card Market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Credit Card Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
The global Credit Card Market is expected to reach US$ 1057.48 billion by 2031.
Rising demand for credit cards is the major factors that propel the global credit card market.
The key players holding majority shares in the global Credit Card Market are Bank of America Corporation, American Express, Citigroup Inc., Mastercard, and JPMorgan Chase & Co.
The growing adoption of digital payment solutions is anticipated to play a significant role in the global credit card market in the coming years.
The global Credit Card Market was estimated to be US$ 552.73 billion in 2023 and is expected to grow at a CAGR of 8.4 % during the forecast period 2023 - 2031.