The In-Vehicle Payment Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s In-Vehicle Payment Services , The in-vehicle payment services market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to consumer convenience, rise of connected vehicles.
The in-vehicle payment services market size is expected to see rapid growth in the next few years. It will grow to $6.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to continued connectivity advances, increased focus on in-car commerce:, security enhancements, regulatory support and standardization, integration with smart cities. Major trends in the forecast period include mobile technology advancements, partnerships and collaborations, blockchain for security, collaboration with fintech companies, rise of subscription-based models.
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 payment services market going forward.
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The in-vehicle payment services market covered in this report is segmented –
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
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.
The in-vehicle payment services market report table of contents includes:
- Executive Summary
- In-Vehicle Payment Services Market Characteristics
- In-Vehicle Payment Services Market Trends And Strategies
- In-Vehicle Payment Services Market – Macro Economic Scenario
- Global In-Vehicle Payment Services Market Size and Growth
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- Global In-Vehicle Payment Services Market Competitive Benchmarking
- Global In-Vehicle Payment Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The In-Vehicle Payment Services Market
- In-Vehicle Payment Services Market Future Outlook and Potential Analysis
- Appendix
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