Portland,OR, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global in-vehicle payment services market $2.89 billion in 2020, and is predicted to reach $15.71 billion by 2030, manifesting a CAGR of 18.7% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Increase in the use of contactless payment among the end-users, demand for a hassle-free payment system at places such as parking spaces, and increase in the production of autonomous vehicles around the world drive the global in-vehicle payment services market. On the other hand, online fraud and cyber-attack hinder the market progress. On the contrary, surge in the integration of digital wallets and online payment solutions in vehicles and demand for advanced cars create lucrative market opportunities for the market players.
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COVID-19 Scenario:
- The COVID-19 outbreak has increased the demand for in-vehicle payment services, as preferences for contactless payments are increased. Moreover, several supermarkets and shopping malls across the world enabled vehicle payment services during the pandemic.
- However, implementation of lockdown and restrictions on international travel hampered the global in-vehicle payment services market.
- Rapid digitalization during the pandemic is expected to boost the demand for the global in-vehicle payment.
The report segments the global in-vehicle payment services market on the basis of offering, vehicle type, payment mode, application, and region. Based on component, the solution segment accounted for the largest market share in 2020, contributing to nearly three-fourths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the service segment is estimated to witness the fastest CAGR of 21.7% from 2021 to 2030.
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Based on service, the professional services segment contributed to the highest market share in 2020, attributing to nearly three-fourths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the managed services segment is expected to manifest the fastest CAGR of 25.1% from 2021 to2030.
Based on region, North America contributed to the highest share in 2020, holding more than one-third of the total share, and is anticipated to maintain dominance throughout the forecast period. The Asia-Pacific is anticipated to exhibit the fastest CAGR of 22.1% during the forecast period.
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Key players of the global in-vehicle payment services market analyzed in the research include Daimler AG, Amazon Web Service Inc., Ford Motors Company, Google LLC, Hyundai Motor, General Motors, IBM Corporation, VISA Inc., Mastercard, and Volkswagen AG. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
