$14.43 billion global in-vehicle payment services markets
Dublin, March 29, 2022 (GLOBE NEWSWIRE) — The “In-vehicle payment services market size, share and trend analysis report by payment method (NFC, QR Code/RFID, App/e- Wallet, Credit/Debit Card), By Application, By Region and Segment Forecast, 2022-2030″ has been added to from ResearchAndMarkets.com offer.
The global in-vehicle payment services market size is expected to reach USD 14.43 billion by 2030 and is expected to grow at a CAGR of 13.2% from 2022 to 2030
Aggressive spending by automakers to allow drivers to make payments and authenticate transactions from the vehicle itself, coupled with rising levels of disposable income, particularly in developed economies, and the preference growth for contactless payments is expected to drive the market growth over the forecast period.
Busy schedules make drivers expect hassle-free experiences as part of an enhanced lifestyle. At this point, the ability to buy, order and pay on the go without cash transactions to swipe credit/debit cards would save commuters time and ensure a convenient commute.
In-vehicle payment services offer drivers and passengers the ability to make payments via different payment methods from the vehicle itself. The demand for in-vehicle payment services is expected to grow over the forecast period, along with the proliferation of connected cars and growing preference for advanced infotainment.
Automakers, such as BMW AG, Mercedes-Benz, Ford Motor Co., Honda Motor Co. Ltd., General Motors Co. and Jaguar Land Rover Automotive PLC, have already started integrating in-vehicle payment services and solutions into their vehicle models. . Payment service providers, such as MasterCard, Visa and PayPal, are also entering into strategic partnerships and collaborations with automotive OEMs to provide efficient in-vehicle payment platforms.
The preference for contactless payments is increasing following the outbreak of the COVID-19 pandemic. Thus, the majority of parking systems, gas stations and toll booths have already integrated mobile payment technology. The popularity of e-wallets is increasing due to the convenience and ease of payment that e-wallets can offer.
Digital wallets and online payment platforms, such as Google Pay, Amazon Pay, and Apple Pay, are also becoming extremely popular and their adoption is expected to increase significantly over the forecast period.
However, automotive suppliers are eager to design and develop a payment ecosystem that would allow drivers and passengers to enjoy and pay for all desired services, such as refueling or charging electric cars, booking and payment for parking spaces, payment of tolls at the toll. cabins, and order food and coffee, among other things, without having to leave the vehicle. Therefore, the in-vehicle payment services market is expected to grow significantly over the forecast period.
Highlights of the In-vehicle Payment Services Market Report
- The food/coffee segment held a large revenue share of over 27% in 2021, attributed to the strong preference for ordering food and coffee on the go
- The credit/debit card segment dominated the in-vehicle payment services market in 2020 and is expected to generate over USD 7.36 billion in revenue by 2030
- North America accounted for the largest revenue share in 2021. Continued integration of latest technologies in automobiles and increasing levels of disposable income are expected to drive the growth of the regional market
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. In-vehicle Payment Services Market Variables, Trends and Scope
Chapter 4. Analysis of Payment Methods Segment of In-vehicle Payment Services Market
Chapter 5. Stress Segment Analysis of In-vehicle Payment Services Market
Chapter 6. Regional Analysis of In-vehicle Payment Services Market
Chapter 7. Competitive Landscape
- BMW AG
- Daimler S.A.
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co.Ltd.
- Hyundai Motor Co.
- Volkswagen AG
For more information about this report visit https://www.researchandmarkets.com/r/ege31q
Global in-vehicle payment services market