Cards Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The cards market size has grown strongly in recent years. It will grow from $311.38 billion in 2023 to $337.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to introduction of magnetic stripe cards, banking system modernization, atm network expansion, introduction of emv chip cards, loyalty and reward programs.

The cards market size is expected to see strong growth in the next few years. It will grow to $458.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to environmental sustainability initiatives, integration with iot devices, fintech disruption, evolving loyalty programs, enhanced security measures. Major trends in the forecast period include biometric authentication adoption, rapid contactless payment growth, mobile wallet expansion, rise of digital-only cards, personalized loyalty programs.

Market Overview -
Cards are provided by a bank or other financial organization, which enables users to withdraw money or make purchases using a line of credit.

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Surge In Consumer Credit Card Demand Driving Cards Market Growth
The rising demand for credit cards is expected to fuel the growth of the card market in the forecast period. The rise in demand for consumer credit products tends to be very apparent in an economic crisis during the COVID-19 outbreak, where pay delays and job losses are feasible, and the outstanding credit card balance indicates that individuals are borrowing to cover their daily expenses. According to the Equifax Quarterly Consumer Credit Demand Index June 2022, the demand for credit cards in Australia increased by 6% as compared to June 2021. Overall consumer credit demand grew by 10.2% as compared to June 2021. Therefore, the rising demand for credit cards drives the growth of the card market.

Competitive Landscape -
Major companies operating in the cards market report are JP Morgan Chase & Co., The Bank of America Corporation, Bank of Baroda Ltd., Citibank NA, Wells Fargo & Company, American Express Company, United Services Automobile Association, Capital One Financial Corporation, Barclays US, Visa Inc., BBVA Compass Bancshares Inc., PayPal Holdings Inc., The PNC Financial Services Group Inc., Mastercard Incorporated, HDFC Bank Ltd., ICICI Bank Limited, Discover Financial Services, SBI Cards and Payment Services Limited, Axis Bank Limited, Ebay Inc., The Western Union Company, Total System Services Inc., Mango Financial Inc., Navy Federal Credit Union, Green Dot Corporation, NetSpend Holdings Inc., UniRush LLC, Pentagon Federal Credit Union, Kaiku Finance LLC

Eco-Friendly Debit Cards Pioneering Sustainability In The Card Market
Major companies operating in the card market are launching new eco-friendly products such as debit cards made with ROBP to cater growing demand for sustainable solutions. Debit cards made with ROBP are eco-friendly payment cards crafted using Recovered Ocean-Bound Plastic. For instance, in February 2021, U.S. Bancorp, a US-based bank holding company, launched two eco-friendly two new debit cards. These cards are made from plastic material that would have potentially ended up in the ocean, contributing to marine pollution. The environmentally-conscious cards come equipped with contactless payment technology and are compatible with mobile wallets such as Apple and Google Pay. They are available in Diving Turtle and Serene Beach design.

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Key Segments -

The cards market covered in this report is segmented -

1) By Type: General Purpose, Private Label
2) By Usage: General-purpose Re-loadable Card, Government Benefit/Disbursement Card, Payroll Card, Other Usage
3) By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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