In- Vehicle Payment Service Market Size, Statistics, Growth Trend Analysis and Forecast Report, 2022 – 2032

In- Vehicle Payment Service Market is segmented by Type (Vapor Chamber, Variable Conductance, Diode, Thermosyphon and Others), End User (Automotive, Aerospace & Defense, Food and beverage, Energy & power), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World), and In- Vehicle Payment Service Market Companies (BMW AG; Daimler AG; Ford Motor Co.; General Motors; Honda Motor Co. Ltd.; Hyundai Motor Co.; Jaguar Land Rover Automotive PLC; Volkswagen AG; ZF Friedrichshafen AG; Google; Amazon; Visa; MasterCard; PayPal)

  • Report ID : MD1853
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  • Pages : 220
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  • Tables : 85
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  • Formats :

The in-vehicle payment services market held a market value of US$ XX billion in 2021 and is expected to grow at a CAGR of 19.9% to an estimated market value of US$ 11.03 billion by 2032. The increasing digitalization is the major driving factor behind the growth of the in-vehicle payment services market.

The increasing urbanization has resulted in emerging economies with higher disposable incomes. The rising population has led to an increased number of automobile sales in the market. The increasing globalization has resulted in an increased rate of domestic travel utilizing automobiles. The need to perform commercial exchanges during such travels has also significantly increased owing to the increased customer preference for sophistication and comfort. The rising need for contactless payment modes especially since 2020 is expected to tremendously augment the sales and demand for in-vehicle payment services.

In-Vehicle Payment Service Market Size shall reach a value of $xx Million in 2032, growing with a CAGR of 9.1% during the forecast period of 2022 to 2032.

The technological advantages provided by the in-vehicle payment services are the main growth factor for the market. The service permits the end-users to shop for utilities while in the vehicle, pay tolls, order food and beverages, parking charges, and gas/fuel stations. The increasing penetration of the Internet of Things (IoT) in the automotive industry has seen vehicles manufactured with integrated technologies for infotainment and payment solutions. The rising AI technology has also aided automobile manufacturers in integrating voice-controlled AI assistant technology to ensure the safety of drivers while placing an order on the road.

The credit or debit based in-vehicle payment segment holds the largest market share of about 54% of the global revenue and is expected to hold the largest market share until 2027. The app or e-wallet based in-vehicle payment segments closely follow the former in holding a market share and is expected to propel at a CAGR of 20.8% from 2022 to 2032. The increasing security measures and protocols with these payment portals have made the in-vehicle payment services more alluring among the end-users. The food and beverage order segment is holding the largest revenue share of about 26%. The gas or fuel stations segment accounts for a significant market share and is expected to grow at a CAGR of 20.8% from 2022-2032. The propelling advancements brought by the R&D sector to the in-vehicle payment services technology promises better technology in the near future. The strategic marketing employed by the market players is likely to play in favor of the market growth in the next decade.

In- Vehicle Payment Service Industry Regional Analysis

• North America accounted for around 39% of the market in 2021. Connected cars are most prevalent in this region. Technology companies, such as Apple Inc. and Google Inc., which are based in North America, have entered the automotive market with their ability to innovate and compete with automotive companies.
• Market growth in the Asia Pacific region is projected to reach 14.5% between 2022 and 2030. Increasing disposable incomes across this region is expected to boost the market growth. Technology adoption and innovation in the way payments are made and processed are also key factors driving growth over the forecast period.
• During 2020, Europe held the second-largest share of the market. The automotive industrys strength and the increasing penetration of new generation connected vehicles are expected to propel the market during the forecast period. France and the U.K. have the highest penetration of connected vehicles in Europe. Also contributing to market growth is automakers plan to launch in-car payment services across major European countries. Mercedes announced its plans to expand in-car payment services in Europe by the end of 2021.
• Including the Middle East & Africa and Latin America, the rest of the world is expected to grow substantially between 2022 and 2032. In MEA, the market is in its introduction phase. A growing automotive industry in Latin America is likely to lead to rapid growth of the market due to the growing adoption of connected vehicles.

In- Vehicle Payment Service Market Companies

In- Vehicle Payment Service Market Share and Competition Key companies operating in this industry are: BMW AG; Daimler AG; Ford Motor Co.; General Motors; Honda Motor Co. Ltd.; Hyundai Motor Co.; Jaguar Land Rover Automotive PLC; Volkswagen AG; ZF Friedrichshafen AG; Google; Amazon; Visa; MasterCard; PayPal. In addition to being one of the leading multinational providers of in-vehicle payment systems, Daimler AG is headquartered in Germany. Additionally, it is a leading manufacturer of passenger and commercial vehicles in the world. Its brands include Mercedes-Benz, Smart (micro-hybrid cars), and Maybach (luxury cars). Commercial vehicles are manufactured by Freightliner, Western Star, Sterling, Setra, Thomas Built Buses, Orion, and Fuso. As part of a global partnership, Mercedes-Benz and Visa will offer in-vehicle payment services with secure fingerprint scanners for contactless transactions.

In- Vehicle Payment Service Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2032)
• Data breakdown for every market segment (2022 – 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy

Industry Segmentation and Revenue Breakdown
Payment Mode Analysis (Revenue, USD Million, 2022 - 2032)
• QR Code/RFID
• App-based/e-wallet
• Credit/Debit Card-based

End-use Analysis (Revenue, USD Million, 2022 - 2032)
• Parking
• Gas/Charging Stations
• Shopping
• Food/Coffee
• Toll Collection
• Others

Region Analysis (Revenue, USD Million, 2022 - 2032)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of the World

In- Vehicle Payment Service Industry Companies
• Daimler AG
• Ford Motor Co.
• General Motors
• Honda Motor Co. Ltd.
• Hyundai Motor Co.
• Jaguar Land Rover Automotive PLC
• Volkswagen AG
• ZF Friedrichshafen AG
• Google
• Amazon
• Visa
• MasterCard
• PayPal

Available Versions of In- Vehicle Payment Service Market: -

United States In- Vehicle Payment Service Research Report
Europe In- Vehicle Payment Service Research Report
Asia Pacific In- Vehicle Payment Service Research Report
India In-Vehicle Payment Service Research Report

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