The number of credit cards in Germany showed significant variations over the past decade. While there was steady growth from 2013 to 2019, the market experienced a notable decline in 2020 by approximately 15%, likely attributed to the disruptions caused by the global pandemic. The recovery was swift in 2021 with a substantial increase of about 30%. By 2023, the market saw a moderate increase of 2.2%, standing at 6.28 million units.
Projected data from 2024 to 2028 indicate a steady upward trend, with a forecasted average annual growth rate (CAGR) of 1.66%, resulting in an 8.57% overall increase over five years.
Trends to watch for:
- Transition to digital payment methods, influencing the need and usage of physical credit cards.
- Innovations in fintech and their integration with traditional banking.
- Impact of European regulations on the credit card market.
- Consumers' evolving preferences towards alternative credit and payment solutions.