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How Large is the In-Vehicle Payment Services Market and What is its Growth Forecast?
The in-vehicle payment services market experienced robust growth in recent years, elevating from $4.27 billion in 2024 to $4.73 billion in 2025. This growth, reflecting a compound annual growth rate (CAGR) of 10.8%, was primarily due to consumer convenience and the rise of connected vehicles. Moving forward, the market size is predicted to soar further to $7.14 billion in 2029 at the same CAGR of 10.8%. This surge will be influenced by continued connectivity advances, increased focus on in-car commerce security enhancements, regulatory support and standardization, and integration with smart cities. Trendsetting factors include mobile technology advancements and the rise of subscription-based models.
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What Factors are Propelling the Growth of In-Vehicle Payment Services Market?
The undeniable shift towards contactless payments in the wake of the COVID-19 pandemic has significantly fueled the growth of the in-vehicle payment services market. Government and market partnerships further reinforced this transition to a contactless system, aiming towards enhanced consumer convenience and safety.
What are the Market Segments in the In-Vehicle Payment Services Industry?
1) By Mode Of Payment: QR Code Or RFID, App-Based Or E-Wallet, Credit Or Debit Card-Based, Other Modes
2) By Form Factor: Embedded System, Tethered System, Integrated System
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Automated Guided Vehicles
4) By Application: Shopping, Gas Or Charging Stations, Food And Beverages, Toll Collection, Parking, Other Applications
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Which Companies are Dominating the In-Vehicle Payment Services Marketplace?
Key industry players include Mastercard Inc., The Mercedes-Benz Group AG, Jaguar Land Rover Automotive PLC, Honda Motor Co. Ltd., Hyundai Motor Company, ZF Friedrichshafen AG, Amazon. com Inc., Google LLC, International Business Machines Corporation, Telenav Inc., and Xevo Inc., among others.
What are the Emerging Trends in the In-Vehicle Payment Services Market?
Strategic collaborations for advanced in-vehicle payment service solutions are prevalent trends within the market. Companies are joining forces to capitalize on growth opportunities; an example being CarIQ Technologies Pvt. Ltd. partnering with Visa Inc. to introduce Vehicle Wallet, thereby enhancing the customer payment experience and security.
Which Region is Experiencing Rapid Growth in the In-Vehicle Payment Services Market?
North America outperformed all other regions in 2024 to become the largest in-vehicle payment services market, with Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa also experiencing continued growth.
What Does The In-Vehicle Payment Services Market Report 2025 Offer?
In-vehicle payment services enable car owners to execute purchases straight from their dashboards via the vehicle itself, negating the need for additional devices such as smartphones. The In-Vehicle Payment Services Market research report from The Business Research Company provides a comprehensive evaluation, including global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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