市場調查報告書
商品編碼
1637255
債券市場 - 全球產業規模、佔有率、趨勢、機會和預測,按發行人、類型、行業、地區和競爭細分,2020-2030 年Bond Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Issuer, By Type, By Sector, By Region & Competition, 2020-2030F |
2024 年全球債券市場價值為 141.34 兆美元,預計到 2030 年將達到 166.81 兆美元,預測期內複合年成長率為 2.8%。債券市場按發行人、類型和行業細分,在全球金融格局中發揮關鍵作用,為不同的風險偏好和財務目標提供投資選擇。政府和市政當局等公共部門發行人因其穩定性而主導市場,而私營部門發行人則透過公司債和高收益債券迎合風險承受能力強的投資者。國債仍然是基石,因其安全性和流動性而受到青睞,而市政債券則以稅收優惠吸引投資者。公司債提供更高的收益率,而高收益債券提供了在更高風險下獲得更大回報的機會。抵押貸款支持證券(MBS)和其他利基工具可滿足特定投資者的需求。主要成長因素包括基礎設施支出增加、企業債務發行增加以及全球低利率背景下投資者對創收資產的興趣。政府支持的實體和金融公司是債券發行的主要貢獻者,非金融公司逐漸成為重要參與者。在宏觀經濟趨勢和不斷發展的金融生態系統的推動下,債券市場的彈性和適應性確保了其持續的相關性。
市場概況 | |
---|---|
預測期 | 2026-2030 |
2024 年市場規模 | 141.34 兆美元 |
2030 年市場規模 | 166.81 兆美元 |
2025-2030 年複合年成長率 | 2.8% |
成長最快的細分市場 | 非金融企業 |
最大的市場 | 北美洲 |
全球經濟成長與基礎建設投資
企業融資需求
投資者對穩定性和收益的需求
'主要市場挑戰
利率波動
地緣政治和經濟的不確定性
監管和合規壓力
綠色和永續債券
數位轉型和區塊鏈採用
被動投資策略的興起
類型洞察
區域洞察
Global bond market was valued at USD 141.34 Trillion in 2024 and is expected to reach USD 166.81 Trillion by 2030 with a CAGR of 2.8% during the forecast period. The bond market, segmented by issuer, type, and sector, plays a pivotal role in the global financial landscape, offering investment options for diverse risk appetites and financial goals. Public sector issuers, such as governments and municipalities, dominate the market due to their perceived stability, while private sector issuers cater to risk-tolerant investors with corporate and high-yield bonds. Treasury bonds remain a cornerstone, favored for their safety and liquidity, while municipal bonds attract investors with tax benefits. Corporate bonds offer higher yields, and high-yield bonds provide opportunities for greater returns at higher risk. Mortgage-backed securities (MBS) and other niche instruments cater to specific investor needs. Key growth factors include increasing infrastructure spending, rising corporate debt issuance, and investor appetite for income-generating assets amidst low global interest rates. Government-backed entities and financial corporations are key contributors to bond issuance, with non-financial corporations emerging as significant players. The bond market's resilience and adaptability ensure its continued relevance, driven by macroeconomic trends and the evolving financial ecosystem.
Market Overview | |
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Forecast Period | 2026-2030 |
Market Size 2024 | USD 141.34 Trillion |
Market Size 2030 | USD 166.81 Trillion |
CAGR 2025-2030 | 2.8% |
Fastest Growing Segment | Non-Financial Corporations |
Largest Market | North America |
Market Drivers
Global Economic Growth and Infrastructure Investment
Rising economic growth worldwide has spurred governments to undertake large-scale infrastructure projects, creating significant demand for bonds to fund these initiatives. Infrastructure investment has become a pivotal driver of bond market growth. In 2024, global bond issuance is projected to rise by 17% to approximately USD 9 trillion, with infrastructure projects contributing notably to this increase. Corporate financing through bonds has surged, reflecting companies' strategies to secure capital amid fluctuating interest rates and economic uncertainties. Projects in transportation, energy, and digital infrastructure drive bond issuance, particularly treasury and municipal bonds, as governments leverage these instruments to raise capital.
Corporate Financing Needs
The corporate sector's need for debt financing continues to grow, driven by mergers and acquisitions, expansion strategies, and technological upgrades. In early 2025, U.S. corporate borrowers raised a record USD 83.4 billion in dollar bond sales by January 8, marking the highest year-to-date borrowing level since 1990. Corporations issue bonds to secure long-term, low-cost financing, making corporate bonds a growing segment. High-yield bonds also see increased activity as companies with higher risk profiles seek market entry.
Investor Demand for Stability and Yield
Amid global economic uncertainties, investors prioritize stability and predictable returns, making bonds an attractive option. The diverse range of bonds-from government securities to high-yield offerings-caters to this demand. Additionally, aging populations and pension funds seeking reliable income streams further bolster bond investments.
'Key Market Challenges
Interest Rate Volatility
The bond market is highly sensitive to interest rate movements. Sudden changes in interest rates, whether due to central bank policies or macroeconomic factors, can lead to price fluctuations, impacting investor confidence and liquidity. Rising interest rates reduce the value of existing bonds, making them less attractive to investors. Conversely, prolonged periods of low rates can compress yields, discouraging participation from certain investor segments, such as retirees and income-focused funds. Navigating this volatility remains a significant challenge for issuers and investors alike.
Geopolitical and Economic Uncertainty
Political instability, trade conflicts, and global economic slowdowns can undermine confidence in the bond market. In 2024, major economies like the UK, France, and the US faced increased borrowing costs due to elevated debt levels from pandemic-related spending. This situation has led to a resurgence of "bond vigilantes," with investors demanding higher yields, thereby pressuring governments to adopt more disciplined fiscal policies. For instance, during periods of geopolitical tension, sovereign bonds of affected nations might see increased yields due to perceived higher risk, while others, like U.S. Treasury bonds, may experience heightened demand as safe-haven assets. Economic uncertainties, such as recessions or inflationary pressures, also influence bond yields and investor behavior, creating a challenging environment for market stability.
Regulatory and Compliance Pressures
Stringent regulations in the bond market can increase the cost and complexity of issuance, especially for private sector entities. For example, transparency requirements, reporting obligations, and compliance with international standards like Basel III for financial institutions can discourage participation. Furthermore, regulatory disparities across regions create barriers for global investors seeking diversified exposure. These challenges necessitate significant resources and expertise, particularly for smaller issuers and emerging markets.
Key Market Trends
Green and Sustainable Bonds
The demand for environmentally and socially responsible investment products has spurred growth in green and sustainable bonds. These bonds are issued to finance projects with environmental or social benefits, such as renewable energy, clean transportation, and affordable housing. Governments, corporations, and financial institutions are increasingly incorporating Environmental, Social, and Governance (ESG) criteria into their strategies, driving innovation in this segment. The rise of global frameworks, such as the International Capital Market Association's (ICMA) Green Bond Principles, has further standardized and legitimized this trend.
Digital Transformation and Blockchain Adoption
The adoption of blockchain technology is transforming the bond issuance and trading process. By enabling real-time settlement, reducing intermediaries, and improving transparency, blockchain is streamlining the lifecycle of bonds. For instance, several governments and corporations have experimented with issuing bonds directly on blockchain platforms, reducing costs and enhancing accessibility for smaller investors. Digital platforms also facilitate tokenized bonds, which fractionalize ownership and democratize access to this traditionally institutional asset class.
Rise of Passive Investment Strategies
The proliferation of Exchange-Traded Funds (ETFs) focused on fixed-income securities reflects a growing preference for passive investment strategies. Bond ETFs provide liquidity, diversification, and cost-efficiency, making them popular among retail and institutional investors. This trend has shifted market dynamics, with ETFs now influencing the pricing and behavior of underlying bonds. The rise of algorithm-driven trading and robo-advisors further complements the shift toward passive investments, reshaping the role of active portfolio management in the bond market.
Segmental Insights
Type Insights
Treasury bonds (T-bonds) continue to dominate the bond market due to their unparalleled safety and liquidity, making them a cornerstone for institutional and individual investors alike. Issued by governments, particularly the U.S. Treasury, these bonds are backed by the full faith and credit of their respective countries. This guarantee of repayment, regardless of economic conditions, positions them as one of the safest investment instruments globally.
Safety is a significant driver of demand for treasury bonds. During periods of economic uncertainty or market volatility, investors often flock to T-bonds as a "safe haven" asset. The consistent interest payments and predictable returns provide stability, particularly for risk-averse investors, such as retirees or pension funds. Even in scenarios of economic downturns or geopolitical crises, the creditworthiness of top-rated sovereign issuers remains intact, ensuring confidence in these instruments. Liquidity is another key factor that keeps treasury bonds at the forefront. T-bonds trade in highly active secondary markets, making it easy for investors to buy or sell them without significant price disruptions. The robust market infrastructure ensures efficient pricing and transparency, further enhancing their appeal. Moreover, central banks and financial institutions around the world hold treasury bonds as a reserve asset, bolstering their market presence and liquidity. Treasury bonds play a crucial role in portfolio diversification and risk management. Their negative or low correlation with equities helps mitigate portfolio risks, particularly during market downturns. For institutional investors, T-bonds often serve as a benchmark for other debt securities, influencing pricing and risk assessments across the bond market.
Regional Insights
North America maintains its leadership in the global bond market, driven by the significant issuance of treasury and corporate bonds. The region's well-developed financial infrastructure, strong regulatory framework, and deep investor base create a conducive environment for bond market growth and dominance. A key driver of North America's leadership is the robust issuance of treasury bonds, particularly by the United States. U.S. Treasury bonds are considered the benchmark for global debt markets due to their unmatched safety, liquidity, and reliability. As the world's largest economy, the U.S. issues treasury bonds to finance government expenditures and manage fiscal policy, attracting both domestic and international investors. Foreign central banks and institutional investors hold substantial amounts of U.S. Treasuries as reserve assets, reinforcing their global significance.
In addition to treasuries, North America is a hub for corporate bond issuance. Companies across various sectors, from technology and healthcare to energy and consumer goods, rely on the bond market to fund growth, refinance existing debt, and support mergers and acquisitions. The availability of a diverse range of corporate bonds, including investment-grade and high-yield options, caters to a wide spectrum of investor preferences, further bolstering market activity. The region benefits from a highly liquid secondary bond market, enabling efficient price discovery and easy access for investors. Advanced trading platforms and a broad network of financial institutions support active participation in both primary and secondary markets. Regulatory stability and the presence of sophisticated institutional investors, such as pension funds and asset management firms, also contribute to North America's dominance. The region's focus on innovation, including digital bond issuance and ESG-linked bonds, ensures it remains at the forefront of market developments.
In this report, the global bond market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies presents in the global bond market.
Global Bond market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Detailed analysis and profiling of additional market players (up to five).