In-Vehicle Payment Service Market

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)

  • Report ID : MD2631
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  • Pages : 180
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  • Tables : 60
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  • Formats :

In- Vehicle Payment Service Market Growth and Trends

The in-vehicle payment services market held a market value of US$ 1.96 billion in 2019 and is expected to grow at a CAGR of 19.9% to an estimated market value of US$ 11.03 billion by 2027. 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 lead 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 2031, growing with a CAGR of 9.1% during the forecast period of 2022 to 2031.

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 2020 – 2027. 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 2020-2027.

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 favour of the market growth in the next decade.

In- Vehicle Payment Service Industry Regional Analysis

In- Vehicle Payment Service Market Research Report Scope/Definition
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- Vehicle Payment Service Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• 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 - 2031)
• QR Code/RFID
• App-based/e-wallet
• Credit/Debit Card-based

End-use Analysis (Revenue, USD Million, 2022 - 2031)
• Parking
• Gas/Charging Stations
• Shopping
• Food/Coffee
• Toll Collection
• Others

Region Analasis (Revenue, USD Million, 2022 - 2031)
• 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 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 Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report

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