Credit Unions in the US - Industry Market Research Report
Description
Credit Unions in the US
Credit Unions industry operators provide depository and lending services to members of a specific community. Over the five years to 2022, the industry experienced growth, stemming from increased membership and rising interest rates throughout the majority of the period. As macroeconomic conditions improved through 2019, industry operators benefited from increased consumer borrowing, especially as interest rates rose alongside borrowing activity. However, in 2020, lower demand as a result of COVID-19 (coronavirus) hampered industry activity and growth. Resulting economic uncertainty led consumers to decrease their spending in 2020, while interest rates declined as a result of the Federal Reserve lowering the Federal Funds Rate to the zero-bound range. Consequently, revenue is estimated to increase marginally by 0.6% in 2020. However, as the Federal Reserve increases interest rates in an attempt to curb high inflation, industry revenue is expected to benefit. Overall, industry revenue is expected to increase an annualized 6.7% over the five years to 2022 to $103.3 billion, with a 10.7% incline in 2022.
This industry comprises financial institutions known as credit unions or cooperatives. Credit unions are member-owned and provide banking services, which primarily include deposit taking and lending, to these same members.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Credit Unions industry operators provide depository and lending services to members of a specific community. Over the five years to 2022, the industry experienced growth, stemming from increased membership and rising interest rates throughout the majority of the period. As macroeconomic conditions improved through 2019, industry operators benefited from increased consumer borrowing, especially as interest rates rose alongside borrowing activity. However, in 2020, lower demand as a result of COVID-19 (coronavirus) hampered industry activity and growth. Resulting economic uncertainty led consumers to decrease their spending in 2020, while interest rates declined as a result of the Federal Reserve lowering the Federal Funds Rate to the zero-bound range. Consequently, revenue is estimated to increase marginally by 0.6% in 2020. However, as the Federal Reserve increases interest rates in an attempt to curb high inflation, industry revenue is expected to benefit. Overall, industry revenue is expected to increase an annualized 6.7% over the five years to 2022 to $103.3 billion, with a 10.7% incline in 2022.
This industry comprises financial institutions known as credit unions or cooperatives. Credit unions are member-owned and provide banking services, which primarily include deposit taking and lending, to these same members.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
43 Pages
- TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Search Inside Report
Pricing
Currency Rates
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