In-Vehicle Payment Services Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

$ PRICE - $ 3,000.00$ 8,900.00

In-Vehicle Payment Services Market: By Offering (Solution, Service), By Payment Mode (Credit/Debit Card, App/E-Wallet, QR Code/RFID, Others) By Vehicle Type (Light Duty Vehicle (LDV), Heavy Duty Vehicle (HDV)), By Application (Fuel/Charging Stations, Toll/Parking, Food/ Groceries, Others) and Geography

 

$ PRICE - $ 3,000.00$ 8,900.00
Clear selection
Clear
$ PRICE - $ 3,000.00$ 8,900.00
FacebookTwitterLinkedinEmail
SKU: N/A Category:

Report

Description

In-Vehicle Payment Services Market is estimated to be valued at USD 4,145.8 Million in 2021 and is poised to grow at a significant CAGR of 42.5% over 2022-2028. In-vehicle payment systems enable drivers to order and pay for food, coffee, gasoline, groceries, parking spaces, and tolls without leaving the vehicle. The QR Code/RFID segment is anticipated to grow at a significant CAGR over the forecast years owing to the most common ways of payment for in-vehicle payment services include QR code or RFID, app-based or e-wallet, credit, or debit card-based, and others. QR codes or RFID tags are used to pay by scanning them, and RFID tags employ radio waves to transfer the data they contain and to make payments. There are many forms of payment include embedded systems, tethered systems, integrated systems, and various vehicle types such as passenger cars, light commercial vehicles (LCVS), heavy commercial vehicles (HCVS), and autonomous guided vehicles. Among the numerous uses include shopping, petrol or charging stations, food and beverages, toll collecting, parking, and others. Key drivers driving the growth of the in-vehicle payment services market include rising contactless payment trends following the COVID pandemic, a growing consumer base seeking convenience in vehicles, and increasing technological innovation.

 

Recent Market Developments:

In August 2021, the Blackberry company partnered with Car IQ for in-vehicle payment. It enables secure vehicle-based payment capabilities with the help of its cloud-connected software platform. The system validates and autonomously makes payments for various services such as parking, food, etc.

In-Vehicle Payment Services Market

MARKET SUMMARY
-
42.5%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 42.5%
  • Largest Market– Asia Pacific
  • Fastest Growing Market– North America

In-Vehicle Payment Services Market

  • The in-vehicle payment services market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The in-vehicle payment services market segmented based on Offering, Payment Mode, Vehicle Type, Application and Geography.
Key Players
  • BMW AG
  • Daimler AG
  • Ford Motor Co.
  • General Motors Co.
  • Honda Motor Co. Ltd.
In-Vehicle Payment Services Market Dynamics

The increased demand for contactless payments is propelling the in-vehicle payment services market forward. Due to the COVID-19 pandemic, there was a significant shift toward contactless payments, aided further by the payment systems’ sophisticated and perfect support. According to UK Finance, the total value of contactless transactions in November 2021 will be £17.7 billion (USD 19.96 billion), up from £9.9 billion (USD 11.84 billion) in November 2019 and 155.3% more than £6.9 billion (USD 7.6 billion) in November 2019. As a result, the growing demand for contactless payments is projected to drive the expansion of the in-vehicle payments industry in the future.


North-America Got Significant Share

In-Vehicle Payment Services Market

The In-Vehicle Payment Services market in North America is likely to hold the highest revenue share in 2021, and the same trend is expected over the forecast period due to the region having the highest penetration of connected vehicles. Furthermore, companies situated in North America, such as Apple Inc. and Google Inc., have entered the automobile sector with the ability to develop and compete with automotive corporations. Moreover, Asia pacific is also anticipated to hold the highest revenue share in the forecasting period due to the increasing population and rising disposable income will likely contribute to economic growth. Adopting the most modern technology and ongoing changes in how payments are made and processed will also play a vital role in driving growth during the projection period.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The in-vehicle payment services market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
In-Vehicle Payment Services Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The in-vehicle payment services market is projected to expand at a CAGR of 42.5% during the forecast period

Volkswagen AG, ZF Friedrichshafen AG, Google, Amazon, Visa, MasterCard, PayPal

North America is the fastest-growing region for in-vehicle payment services market


Report

Company Profile

  • BMW AG
  • Daimler AG
  • Ford Motor Co.
  • General Motors Co.
  • Honda Motor Co. Ltd.
  • Hyundai Motor Co.
  • Jaguar Land Rover Automotive PLC
  • Volkswagen AG
  • ZF Friedrichshafen AG
  • Google
  • Amazon
  • Visa
  • MasterCard
  • PayPal

Description

In-Vehicle Payment Services Market is estimated to be valued at USD 4,145.8 Million in 2021 and is poised to grow at a significant CAGR of 42.5% over 2022-2028. In-vehicle payment systems enable drivers to order and pay for food, coffee, gasoline, groceries, parking spaces, and tolls without leaving the vehicle. The QR Code/RFID segment is anticipated to grow at a significant CAGR over the forecast years owing to the most common ways of payment for in-vehicle payment services include QR code or RFID, app-based or e-wallet, credit, or debit card-based, and others. QR codes or RFID tags are used to pay by scanning them, and RFID tags employ radio waves to transfer the data they contain and to make payments. There are many forms of payment include embedded systems, tethered systems, integrated systems, and various vehicle types such as passenger cars, light commercial vehicles (LCVS), heavy commercial vehicles (HCVS), and autonomous guided vehicles. Among the numerous uses include shopping, petrol or charging stations, food and beverages, toll collecting, parking, and others. Key drivers driving the growth of the in-vehicle payment services market include rising contactless payment trends following the COVID pandemic, a growing consumer base seeking convenience in vehicles, and increasing technological innovation.

 

Recent Market Developments:

In August 2021, the Blackberry company partnered with Car IQ for in-vehicle payment. It enables secure vehicle-based payment capabilities with the help of its cloud-connected software platform. The system validates and autonomously makes payments for various services such as parking, food, etc.

ASIA PACIFIC OFFICE

Precision Business Insights, MIG 366, SAI PLAZA, 1st Floor, KPHB Colony, Hyderabad - 500072

EUROPE OFFICE

Precision Business Insights, Kemp House, 152 – 160 City Road, London EC1V 2NX