Plastic Card Market Accelerates at 7.3% CAGR to Top US$ 37.2 Billion by 2034 : Fact.MR Report

Rockville, March 04, 2024 (GLOBE NEWSWIRE) — A new research analysis by Fact.MR, a market research and competitive intelligence provider, reveals that, the global Plastic Card Market has been calculated at a value of US$ 18.4 billion for 2024 and is forecasted to climb to US$ 37.2 billion at the end of 2034.

Plastic cards have become integral components of modern payment systems and everyday life, offering convenience, security, and versatility for consumers and businesses alike. They are widely used across various industries, including banking, retail, hospitality, transportation, healthcare, and government services.

Despite the increasing popularity of digital payment methods, plastic cards continue to be extensively utilized for transactions, both online and offline, thereby driving market expansion across the world.

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Key Segments of Plastic Card Market Research Report

By Technology	By Application	By Region
Chip-enabled Cards Regular Cards Smart Cards	Payment Cards Government/Health SIM Cards Transportation Cards Gift Cards Access Cards	North America Europe Latin America East Asia South Asia & Oceania Middle East & Africa

Key Takeaways from Market Study

• Worldwide sales of plastic cards are estimated to reach US$ 18.4 billion in 2024.
• The global market is forecasted to touch US$ 37.2 billion by the end of 2034.
• Sales of plastic cards in the United States are forecasted to reach US$ 5.7 billion by the end of 2034.
• The market in China is estimated to reach US$ 3.2 billion in 2024.
• The Chinese market is projected to expand at a CAGR of 8% through 2034.
• Chip-enabled cards account for 46.8% market share in 2024.

“Growth of the plastic card market is driven by their role in fraud protection, government support for cashless transactions, and expansion of e-commerce platforms offering convenient payment options,” says a Fact.MR analyst.

Popularity of Plastic Cards Driven by Technological Advancements

Expansion of e-Commerce and online shopping platforms is driving the demand for plastic cards as a convenient payment method for online transactions. Plastic cards are crucial in financial inclusion initiatives, enabling access to banking services and electronic payments for individuals in underserved or remote areas. Continuous technological advancements, including biometric authentication and digital wallets, are incorporated into plastic cards, improving their functionality and security.

Increasing urbanization and globalization trends have elevated the requirement for convenient payment methods, leading to higher demand for plastic cards in both developed and developing economies. These cards also provide secure payment solutions, incorporating technologies like EMV chips and contactless payments, which contribute to their worldwide adoption.

Several plastic cards, particularly credit and debit cards, feature loyalty programs and rewards, along with cashback incentives, which serve as incentives for consumers and encourage card usage.

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Report Attribute	Details
Value Projection (2034)	US$ 37.2 Billion
Growth Rate (2024-2034)	7.3% CAGR
No. of pages	170 Pages
No. of Tables	25 Tables
No. of Figures	132 Figures

Plastic Card Market Trends: A Global Perspective

In Europe, plastic card adoption rates exhibit variability across countries, with many embracing EMV chip technology for heightened security and reduced fraud. Notably, contactless payments enjoy popularity, especially in the UK and Germany.

India witnesses a burgeoning plastic card market, fueled by governmental initiatives promoting financial inclusion and digital transactions. The emergence of RuPay cards has bolstered debit card usage, while contactless payment methods gain traction.

The United States commands a significant share of the plastic card market in 2024, with widespread adoption of credit and debit cards offering diverse options like rewards and co-branded cards. Furthermore, EMV chip technology and contactless payments are prevalent nationwide.

The trend towards cashless transactions, coupled with evolving consumer spending habits, propels the preference for plastic cards as a convenient and widely accepted payment method. These cards offer consumers a seamless payment option for diverse transactions, both online and offline, driving their continued growth in the market.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the plastic card market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the plastic card market based on technology (chip-enabled cards, regular cards, smart cards) and application (payment cards, government/health, SIM cards, transportation cards, gift cards, access cards), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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