The in-vehicle payment services market is expected to grow by 8,212.81 K units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global In-vehicle Payment Services Market 2020-2024 (Graphic: Business Wire)
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Organizations across the world are increasingly shifting to cloud-based M2M platforms to reduce capital expenditure and the time-to-market for products or services. This enables companies to assemble, manage, and develop various services. In addition, cloud-based platforms allow telecommunication service providers to integrate, develop, and support M2M connectivity and cloud services across segments such as retail and automotive. For instance, Axeda and Jasper Wireless jointly developed M2M cloud-based services to help multinational organizations efficiently manage the services offered to their customers to maximize revenue. These solutions can also be used specifically for the collaborative development of new autonomous vehicle development platform (AVDP) ecosystem components. Many such developments are expected to have a positive impact on the growth of the global in-vehicle payment services market.
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As per Technavio, the rising demand for smartphone integration will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
In-vehicle Payment Services Market: Rising Demand for Smartphone Integration
In recent years, there has been a significant increase in the time spent by consumers on personal mobile devices. With the evolution of in-vehicle connected systems, consumers are now able to connect their smartphones and tablets to their vehicle’s infotainment systems. However, lack of certain features such as web-based services, navigation systems, internet connectivity, and social networking applications have restricted the growth of the existing automobile infotainment systems. With changing consumer demands, automotive OEMs are collaborating with smartphone and tablet manufacturers to offer in-vehicle products and services. For instance, Microsoft is partnering with Harman to launch an infotainment system that will mirror windows devices on a car infotainment system. The company is also planning to launch Office on the car infotainment system. Thus, the demand for smartphone integration will have a positive impact on the growth of the market.
"High correlation between consumer electronics and connected car solutions and rising OEM partnerships with hardware, software, insurance, telecom, and other service aggregators will further boost market growth during the forecast period," says a senior analyst at Technavio.
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In-vehicle Payment Services Market: Segmentation Analysis
This market research report segments the in-vehicle payment services market by product (Car and Van) and geography (Europe, North America, APAC, South America, and MEA).
The European region led the in-vehicle payment services market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the increased adoption of ADAS systems in new vehicles in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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