The global Buy Now Pay Later market size was US$ 56.1 billion in 2021. The global Buy Now Pay Later market is forecast to grow to US$ 410 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.9% during the forecast period from 2022 to 2030.
With short-term financing, consumers can purchase items today and pay for them afterward. Additionally, unlike lines of credit or conventional credit cards, Buy Now Pay Later programs don’t charge interest on purchases.
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Factors Influencing the Market
The rising trend of online payment will boost the growth of the Buy Now Pay Later market during the forecast period. In addition, the global Buy Now Pay Later market is forecast to witness ample growth opportunities due to various benefits of these options, such as affordable and convenient payment. In addition, late payments for online purchases are expected to gain significant traction with the growing inclination towards online shopping. Thus, all of these aforementioned factors will boost the growth of the Buy Now Pay Later market during the forecast period.
A notable increase in the use of smartphones and rising initiatives aimed at enabling faster connectivity will also benefit the buy now pay later market during the study period. In addition to that, the benefits of digital payment transactions, such as discounts and other offers, will open doors of opportunities for the Buy Now Pay Later market. On the flip side, late fees charges associated with Buy Now Pay Later may limit the growth of the market.
COVID-19 Impact Analysis
The COVID-19 pandemic positively affected the buy now pay later market. The growth of this market is attributed to the pandemic effect on the purchasing power of the people. A huge proportion of the working population either lost their jobs or worked on low wages. As a result of the income crisis, the demand for Buy Now Pay Later platforms increased significantly. In addition to that, banks are often not allowed to offer credit in such challenging economic environments. As a result, BNPL solutions emerged as a beneficial option.
Regional Analysis
North America is forecast to hold the highest share in the global Buy Now Pay Later market. The growth of the Buy Now Pay Later market is attributed to the rising proliferation of the internet in the region. In addition, the notable increase in the use of online payment options will bring lucrative growth opportunities for the buy now pay later platforms. The market may also witness substantial growth due to the growing trend of online shopping in the region.
Competitors in the Market
• Afterpay
• PayPal Holdings, Inc.
• Affirm, Inc.
• Klarna Inc.
• Splitit
• Sezzle
• Perpay Inc.
• Openpay
• Quadpay, Inc.
• LatitudePay
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Buy Now Pay Later industry experienced notable growth in its workforce. Starting in January, employment within the Buy Now Pay Later sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Buy Now Pay Later output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Buy Now Pay Later output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Buy Now Pay Later market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Buy Now Pay Later market.
Market Segmentation
The global Buy Now Pay Later market segmentation focuses on Application, End-Use, and Region.
By Application
• Retail Goods
• Media & Entertainment
• Healthcare & Wellness
• Automotive
• Home Improvement
• Others
By End-use
• Fashion & Garment
• Consumer Electronics
• Healthcare
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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