Credit Unions in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: August 2024
NAICS 52213Revenue
$124.8bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
359k
Businesses
5,010
Wages
$XX.Xbn
Credit Unions in the US industry analysis
Credit unions have experienced growth in recent years, stemming from increased membership and rising interest rates throughout the period. As macroeconomic conditions improved through 2019, credit unions benefited from increased consumer borrowing, especially as interest rates rose alongside borrowing activity. By 2020, the pandemic seriously hampered the industry's activity and growth. Economic uncertainty led consumers to limit spending, while interest rates declined because the Federal Reserve lowered the Federal Funds Rate to the zero-bound range. Revenue climbed marginally by 0.8% in 2020. However, as the Federal Reserve raised interest rates in an attempt to curb inflation, industry revenue benefited. Overall, industry revenue is expected to swell at a CAGR of 4.4% through the end of 2024 to $124.8 billion, with a 1.1% decline in 2024 and profit rising to 20.2%.
Trends and Insights
- Fears over inflation forced the Fed to reverse course in 2022. Higher rates boost investment income on loans issued by credit unions. Fewer loans are being issued, but there is higher investment income per loan.
- Surging interest rates will decrease the number of used vehicle loans issued through credit unions in the coming years. Since used vehicles are less expensive, this product will do better than new vehicle loans.
- Densely populated Florida in the Southeast has a high demand for financial services. This state has multiple credit union branches to meet this demand.
- Most credit unions are small companies. According to the National Credit Union Association (NCUA), nearly three-fourths of all credit unions are considered small, which can be defined as holding less than $100.00 million in assets.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 4.4 % over the past five years, to reach an estimated $124.8bn in 2024.
Trends and Insights
The monetary response to the pandemic set the tone for revenue in recent years
- Financial markets went into turmoil at the onset of the pandemic in early 2020. To ease the global liquidity crisis and general economic turmoil, the Federal Reserve lowered interest rates in 2020.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Interest rates will remain high
- The Federal Reserve is expected to keep interest rates high in the coming years. Historically, high inflation spreading across the globe requires considerably higher interest rates.
Biggest companies in the Credit Unions in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Navy Federal Credit Union | 9,699.6 | 2,900.1 | 29.9 |
To view the market share and analysis for all 1 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including New vehicle loans, Used vehicle loans and First-mortgage loans. New vehicle loans is the largest segment of the Credit Unions in the US.
Trends and Insights
Mortgage and home equity loans are being affected by higher interest rates
- First mortgage loans are for people buying their first home. As interest rates increase, the mortgage rate will also climb. Higher mortgage rates will lower the number of first mortgage loans in the coming years.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Commercial Banking in the US
- Savings Banks & Thrifts in the US
- Industrial Banks in the US
- Auto Leasing, Loans & Sales Financing in the US
Complementors
- Credit Card Issuing in the US
International industries
- Credit Unions in Canada
- Credit Unions and Building Societies in Australia
- Non-Banks and Other Financial Institutions in New Zealand
Table of Contents
About this industry
Industry definition
This industry comprises financial institutions known as credit unions or cooperatives. Credit unions provide banking services, primarily taking deposits and lending to these same members. Credit unions are not-for-profit, member-only institutions that offer lower borrowing costs and use surplus funds to offer higher deposit rates.
What's included in this industry?
Accepting members' share depositsOffering members consumer loansCompanies
Navy Federal Credit UnionPurchase this report to view all 1 major companies in this industry.
Related Terms
FIXED RATE LOANINTEREST RATEMORTGAGEIndustry Code
NAICS 52213 - Credit Unions in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Fears over inflation forced the Fed to reverse course in 2022. Higher rates boost investment income on loans issued by credit unions. Fewer loans are being issued, but there ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Surging interest rates will decrease the number of used vehicle loans issued through credit unions in the coming years. Since used vehicles are less expensive, this product w...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Densely populated Florida in the Southeast has a high demand for financial services. This state has multiple credit union branches to meet this demand.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Most credit unions are small companies. According to the National Credit Union Association (NCUA), nearly three-fourths of all credit unions are considered small, which can b...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
There are no major players apart from the Navy Federal Credit Union. Since most credit unions serve regional and localized markets, concentration is limited.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Navy Federal Credit Union's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Navy Federal Credit Union, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
People generally reduce debt when interest rates climb, as higher rates mean higher interest payments. The growing economic hardships force households to increase their debts...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Credit unions are not-for-profit institutions. Profit is generally reinvested in dividends, higher returns on deposits, credit union operations, technological improvements or...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Credit Unions in the US industry in United States in 2024?
The market size of the Credit Unions in the US industry in United States is $124.8bn in 2024.
How many businesses are there in the Credit Unions in the US industry in 2024?
There are 5,010 businesses in the Credit Unions in the US industry in United States, which has grown at a CAGR of 0.2 % between 2019 and 2024.
Has the Credit Unions in the US industry in United States grown or declined over the past 5 years?
The market size of the Credit Unions in the US industry in United States has been growing at a CAGR of 4.4 % between 2019 and 2024.
What is the forecast growth of the Credit Unions in the US industry in United States over the next 5 years?
Over the next five years, the Credit Unions in the US industry in United States is expected to grow.
What are the biggest companies in the Credit Unions in the US market in United States?
The biggest company operating in the Credit Unions market in United States is Navy Federal Credit Union
What does the Credit Unions in the US in United States include?
Accepting members' share deposits and Offering members consumer loans are part of the Credit Unions in the US industry.
Which companies have the highest market share in the Credit Unions in the US in United States?
The company holding the most market share in United States is Navy Federal Credit Union.
How competitive is the Credit Unions in the US industry in United States?
The level of competition is high and steady in the Credit Unions in the US industry in United States.
