The global car POS machine market is anticipated to grow at a considerable CAGR of 7.8% during the forecast period. Cloud computing refers to the on-demand access of data and programs from a centralized pool of resources. The rising adoption of the cloud platform is considered to be one of the major factors augmenting the growth of the car POS machine market. The growth is attributed to the faster deployment of new capabilities including the introduction of advanced technologies such as AI. Deployment of new IT solutions for improving the business capabilities takes subsequently higher time in the case of conventional on-premise service-based systems compared to cloud-based solutions. In addition, getting a new application to deploy successfully often takes months, resulting in a waste of time. However, deploying a new application in a cloud platform requires only a week or two. Furthermore, the cloud platform assists in reducing the cost by using a consistent set of best practices. Cloud service eliminates the extra time required to run the application after its deployment, which results in business benefits.

However, the security concern is the major barrier to the implementation of contactless payment. There are chances of proximity intercept, in which a card’s signal is grabbed by a fraudster’s device. For instance, Researchers Team at Which? (2015) performed a test for observing the security level of contactless payments. By using an easy-to-buy card reader and free software, it is possible to steal details from contactless cards. This easy-to-buy card reader and free software can extract a card number and expiry date from 10 different contactless cards. Thus, this factor may restrain the growth of the car POS machine market during the forecast period.

Impact of COVID-19 Pandemic on the Global Car POS Machine Market

The COVID-19 pandemic resulted in an increased demand for contactless and mobile POS systems as people were spending more time at home due to lockdown restrictions and were ordering ready-to-eat food from foodservice chains and retail stores. For instance, in May 2020, Meatless Farm launched its first online delivery platform, partnering with the UK’s frozen vegan pizza company, One Planet Pizza, following the recent launch of its own D2C home delivery service referred to as OPP direct, a personalized pizza delivery service. Therefore, a surge in the online sales of food products amid the COVID-19 pandemic had forced restaurant owners to deploy mobile POS systems by eliminating conventional, fixed POS systems which will change the market dynamics post the COVID-19 pandemic.

Segmental Outlook 

The global car POS machine market is segmented based on the type and application. Based on the type, the market is segmented into wired and wireless. Among these types, the wireless segment is expected to grow fastest with the rising adoption of cloud-based solutions. Based on the application, the market is sub-segmented into passenger vehicles and commercial vehicles. 

Regional Outlooks

The global car POS machine market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  

Global Car POS Machine  Market Growth, by Region 2022-2028

The European Region Holds a Significant Share in the Global Car POS Machine Market

The European region holds a significant share in the global car POS machine market due to high internet penetration in this region. According to Eurostat, 87.7% of the EU population had used the internet every day in 2021. Finland, Denmark, and Sweden had the highest internet penetration during the same period, while Bulgaria and Romania had the lowest internet penetration. The Asia-Pacific region is expected to grow considerably during the forecast period with rising automotive production and expansion of internet and smartphone penetration in the mobile areas.

Market Players Outlook

The major companies serving the global car POS machine market include Casio Computer Co., Ltd., Honeywell International Inc., NEC Corp., Newland Group, VeriFone Inc., Summit Computer Networks, Inc., and Intermec, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, the National Payments Corp. Of India (NPCI) partnered with PayCore, a Turkey-based global payment solution provider in May 2021. PayCore will provide RuPay SoftPOS for cashless payment around the globe. RuPay SoftPOS support a user to easily accept payment from contactless cards, mobile wallets, and wearables with the use of their mobile phones.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global car POS machine market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.