Global In-Vehicle Payment Systems Market:
The global in-vehicle payment system market is expected to be valued at US$ 8,212.8 Mn in 2019 and expected to grow at a CAGR of 11.4 % over the forecast period by 2026. view and complete their purchases and allow passengers to buy cars from dashboards which is quicker, and more efficiently simultaneously boosting the global market. There are few restrains hampering the growth of global in-vehicle payment system market include insurance claim issues and long waiting procedures. Embedded BLE hardware modules that can transmit data at a higher range than NFC protocols used by most mobile payment apps is anticipated to provide opportunity.
Technologies Integration of Payment Processors
It is noticed that the global in-vehicle payment system market has a significant market growth rate on the perspective of technologies integration of payment processors. Smartphones are increasingly being integrated via Bluetooth and near-field communications (NFC) with mobile wallets, on-demand applications, digital assistants, and enhanced connectivity. Several major players in the mobile device industry have been encouraged to build different mobile wallets by the increasing customer demand for easy payments and fast delivery. Mobile wallets would also provide in-vehicle payments because of the growing smartphone integration with the car’s infotainment system.
North America Dominates the Market Share in the Global In-Vehicle Payment Systems Market
North America contributed major revenue followed by Europe and Asia Pacific. In 2019, North America region accounted huge growth rate and is anticipated to grow with a forecast year because of the increased vehicle production by three major players, Ford Motor Company, General Motor Company, and Fiat-Chrysler Automobiles N.V. Europe, by the increase in luxury car penetration, the improvement of economic conditions and the recent M&A for the growth of in-vehicle payment services. Global in-vehicle payment services market, Asia Pacific is expected to rise due to the presence of key car manufacturers, fast-growing economies, and rising buying power among consumers.
Key player’s profiles in the global in-vehicle payment system market include:
- Honda Motor Company
- ZF Friedrichshafen
- Toyota Motor Corporation
- Audi AG
- Daimler AG
- Ford Motor Company
- General Motors Company
- Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
- In July 2015, Fiat recalled nearly 1.4 million Chryslers in the U.S. as a technical glitch in its dashboard permitted hackers to disable the vehicle. In September 2016, white hat hackers deployed a malware in Tesla cars.
Global In-Vehicle Payment Systems Market Report Description:
Global in-vehicle payment system market report gives comprehensive outlook on in-vehicle payment system market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on in-vehicle payment system market gives historical, current, and future market sizes on the basis of service, application, vehicle type, connectivity and region. This report studies global in-vehicle payment system market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global in-vehicle payment system market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global in-vehicle payment system market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global in-vehicle payment system market
Key Findings of the Report:
- Global in-vehicle payment system market expanding at significant CAGR over 2020 to 2026 owing due to technologies integration of payment processors
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- 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 startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- Embedded System
- Mooring System
- Integrated System
- Parking Management
- Toll Collection
- Drive-through Purchasing
- Passenger cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Automated Guided Vehicles
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA