According to a recent report published by Allied Market Research, titled, “Australia Bank Guarantee Market by Type, Application, End User, and Enterprise Size: Opportunity Analysis and Industry Forecast, 2021-2030,” the Australia bank guarantee market size was valued at $348.16 million in 2020, and is projected to reach $645.71 million by 2030, growing at a CAGR of 6.4% from 2021 to 2030.
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Australian banks are majorly engaged in providing bank guarantees to traders for executing large international transactions as well as domestic trading. As seller possesses lack of knowledge about the buyer, the need for bank guarantee continues to rise among sellers. Moreover, banks provide performance guarantee, which essentially guarantees that the goods and services provided to a buyer are as promised and delivered as agreed by contract with the seller, and if it does not meet the expectations of the buyer, then the buyer has the right to deny payment for the goods and services.
Factors such as digitalization and use of technology such as blockchain in the field of financing and reduction in risk of default payment propel the growth of the Australia bank guarantee market. In addition, improving trade relation among Australia and other countries along with surge in government support & initiatives toward bank guarantee products are expected to provide lucrative opportunities for the bank guarantee providers in Australia.
On the basis of end user, the importers segment is expected to grow at the highest CAGR during the forecast period and is projected to maintain its dominance in the market. This is attributed to the fact that importers are increasingly engaging into massive trades by importing bulk of goods from different countries, which involve complex transactions. Therefore, demand for bank guarantee among importers continue to rise and become major Australia bank guarantee market trends.
The Australia bank guarantee industry has been severely affected, due to sudden business shutdown. In addition, halt in international trade due to travel ban caused huge financial losses for the traders which resulted in closure of their business operations. Moreover, consequent lockdown has disrupted supply chains, which, in turn, has resulted in a situation wherein buyers failed to pay dues to manufactures. As a result, these major factors affected the Australia bank guarantee market growth during the pandemic situation.
Key Findings of the Study
- By type, the financial guarantee segment led the Australia bank guarantee industry, in terms of revenue in 2020.
- Depending on enterprise size, the large enterprises segment garnered the highest Australia bank guarantee market share in 2020.
- On the basis of application, the international segment acquired the highest revenue in 2020.
The key players profiled in the Australia bank guarantee market analysis are Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, Citigroup, Inc., DBS Bank, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co., Mitsubishi UFJ Financial Group, Inc., Standard Chartered PLC, and United Overseas Bank Limited (UOB). These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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