$5+ Billion In-Vehicle Payment Services Industry to 2031 - Rising Preference for Contactless Payments is Significantly Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 3, 2023--
The “In-Vehicle Payment Services Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global in-vehicle payment services market.
The global in-vehicle payment services market is expected to grow from $3.08 billion in 2021 to $3.47 billion in 2022 at a compound annual growth rate (CAGR) of 12.5%. The in-vehicle payment services market is expected to grow to $5.04 billion in 2026 at a CAGR of 9.8%.
- The Mercedes-Benz Group
- Jaguar Land Rover Automotive PLC
- Honda Global
- Hyundai Motor Company
- ZF Friedrichshafen AG
- International Business Machines Corporation
- Telenav Inc.
- Xevo Inc.
- CarPay Diem Cerence Inc.
- Gentex Corporation
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The in-vehicle payment services market consists of sales of in-vehicle payment services by entities (organizations, partnerships, and sole proprietors) that enable payments from the vehicles. In-vehicle payment services allow car owners to make purchases directly from their dashboards, eliminating the need for a smartphone or other device, as the vehicle handles the transactions.
The main modes of payment in in-vehicle payment services are QR code or RFID, app-based or e-wallet, credit or debit card-based, and others. QR codes or RFID tags are used for paying through scanning the QR codes or RFID tags. Radio waves are used by RFID tags to communicate the data they contain and make payments.
The different forms include embedded systems, tethered systems, and integrated systems and involve various vehicle types such as passenger cars, light commercial vehicles (LCVS), heavy commercial vehicles (HCVS), and automated guided vehicles. The several applications include shopping, gas or charging stations, food and beverages, toll collection, parking, and other applications.
North America was the largest region in the in-vehicle payment service market in 2021. The regions covered in the in-vehicle payment service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The in-vehicle payment services market research report is one of a series of new reports that provides in-vehicle payment services market statistics, including in-vehicle payment services industry global market size, regional shares, competitors with an in-vehicle payment services market share, detailed in-vehicle payment services market segments, market trends and opportunities, and any further data you may need to thrive in the in-vehicle payment services industry. This in-vehicle payment services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The growing preference for contactless payments is significantly driving the growth of the in-vehicle payment services market. Due to the COVID pandemic, there was a huge shift towards contactless payments, which was further supported by the advanced and flawless support from the payment systems.
For instance, according to UK Finance, in November 2021, the total value of contactless transactions reached £17.7 billion (USD 19.96 billion), up from £9.9 billion (USD 11.84 billion) and 155.3% higher than £6.9 billion (USD 7.6 billion) in November 2019. Therefore, the increasing preference for contactless payments is expected to propel the growth of the in-vehicle payments market going forward.
Technological advancements have emerged as the key trend gaining popularity in the in-vehicle payment services market. Major companies operating in the in-vehicle payments market are focused on bringing advancements in technologies to strengthen their position.
For instance, in May 2021, Hyundai, a South Korea-based automotive manufacturer, developed an in-car payment system that would debut in its upcoming all-electric Ioniq 5 crossover, allowing drivers to find and pay for electric vehicle charging, parking, and food. This advanced payment system, which combines the benefits of electric car charging with normal in-vehicle purchases, aids in the development of new revenue streams and provides users with features typically associated with smartphones.
In September 2021, JP Morgan, a US-based financial services organization, acquired Volkswagen’s payments business for an undisclosed amount. Through this acquisition, JPMorgan plans to rename and invest in the payments company, as well as grow its mobility-focused payment operations. Volkswagen Payment Systems GmbH is a Germany-based company that creates and coordinates payment solutions for parking, car sharing, tolls, and fuel.
The countries covered in the in-vehicle payment service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/lnqr7d
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PUB: 01/03/2023 07:08 AM/DISC: 01/03/2023 07:08 AM