The global plastic card market is expected to grow at a steady CAGR during the forecast period. The global plastic cards market is driven by the increasing use of plastic cards in banks and SIM cards coupled with the high acceptance of cashless payment options. Growing development in the gift card application is also expected to bolster the growth of the market over the next few years. World’s population is growing at an alarming rate along with rising spending power and per-capita income among individuals which is positively influencing the market growth through 2027.
Important Factors of the Global Plastic Cards Market
The global plastic card market is segmented based on type, technology, application, company, and region. Based on technology, the market has been segmented into chip-enabled cards, regular cards, and smart cards. The chip-enabled cards segment dominated the market until 2021 and is anticipated to maintain its dominance over the next five years as well owing to its lower risk of fraud-related losses. Based on region, the APAC region led the overall plastic cards market and is projected to lead the market during the forecast period as well.
This is primarily attributed to a surging number of financial institutions in developing nations like India, China, and others. In addition to this, an increase in the usage of cards for financial transactions is further expected to support the demand for plastic cards in the region.
The major players operating in the plastic cards market are Gemalto N.V., CPI Card Group Inc., Giesecke & Devrient GmbH, American Banknote Corporation, IDEMIA France SAS, Perfect Plastic Printing Corporation, Goldpac Group Limited, Inteligensa Group, Marketing Card Technology, LLC, TAG Systems SA, and others.
The objective of the Study Global Plastic Card Market
- To analyze and estimate the market size of the global plastic card market from 2017 to 2020.
- To estimate and forecast the market size of the global plastic cards market from 2021 to 2027 and the growth rate until 2027.
- To classify and forecast the global plastic cards market based on type, technology, application, company, and regional distribution.
- To identify the dominant region or segment in the global plastic card market.
- To identify drivers and challenges for the global plastic cards market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global plastic cards market.
- To conduct pricing analysis for the global plastic cards market.
- To identify and analyze the profile of leading players operating in the global plastic card market.
- To identify key sustainable strategies adopted by market players in the global plastic card market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers and presence of all major players across the globe.
TechSci Research calculated the market size of the global plastic card market using a bottom-up approach, wherein data for various end-user segments were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by TechSci Research.
Key Target Audience for Global Plastic Cards Market
- Plastic cards manufacturers
- Market research and consulting firms
- Government bodies such as regulating authorities and policymakers
- Organizations, forums, and alliances related to plastic cards
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.