Dublin, Sept. 13, 2021 (GLOBE NEWSWIRE) -- The "Global In-vehicle Payment Services Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global in-vehicle payment services market size is expected to reach USD 12.16 billion by 2028, registering a CAGR of 16.3% over the forecast period.
The increasing spending by automakers on enabling drivers to make payments and authenticate transactions from the vehicle itself coupled with the rising levels of disposable income, especially in the developed economies, and the growing preference for contactless payments are expected to drive the growth of the market over the forecast period. Busy schedules are prompting drivers to look forward to hassle-free experiences as part of an upgraded lifestyle.
At this juncture, the ability to shop, order, and pay on the go without performing any cash transactions for swiping credit/debit cards would allow commuters to save time and ensure a convenient commute. In-vehicle payment services offer drivers and passengers the convenience of making payments through various payment modes from the vehicle itself.
The demand for these services is expected to increase over the forecast period in line with the proliferation of connected cars and the 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 striking strategic partnerships and collaborations with automotive OEMs to deliver efficient in-vehicle payment platforms. The preference for contactless payments is growing due to the COVID-19 pandemic. As such, the majority of the parking systems, gas stations, and toll collection booths have already incorporated mobile payment technology. The popularity of e-wallets is rising owing to the convenience and ease of payment e-wallets can offer.
Digital wallet and online payment platforms, such as Google Pay, Amazon Pay, and Apple Pay, are also getting immensely popular and their adoption is expected to increase significantly over the forecast period.
However, automotive OEMs are looking forward to designing and developing a payment ecosystem that would allow drivers and passengers to avail and pay for all the desired services, such as filling gasoline or charging electric cars, booking and paying for parking slots, paying tolls at toll booths, and ordering food and coffee, among others, without having to get out of the vehicle.
Hence, the market is expected to grow significantly over the forecast period.
In-vehicle Payment Services Market Report Highlights
The global market was valued at USD 3,097.0 million in 2020 and is expected to register a CAGR of 16.3% from 2021 to 2028
The credit/debit card segment dominated the market in 2020 and is estimated to generate a revenue of over USD 6,255.8 million by 2028
North America accounted for the largest revenue share of the market in 2020 and will grow further at a steady CAGR retaining the leading position from 2021 to 2028
Continued integration of the latest technologies in automobiles and the rising levels of disposable income are anticipated to drive the market growth in North America
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. In-vehicle Payment Services Market Variables, Trends & Scope
3.1. Penetration & Growth Prospect Mapping
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Challenge Analysis
3.3. Industry Value Chain Analysis
3.4. Business Environment Analysis Tools
3.4.1. Industry Analysis - Porter's Five Forces Analysis
3.4.2. PEST Analysis
3.5. In-vehicle Payment Services Market: Key Company Analysis, 2020
3.6. Impact of COVID-19 on in-vehicle payment services Market
Chapter 4. In-vehicle Payment Services Market Mode of Payment Segment Analysis
4.2. QR Code/RFID
4.4. Credit/Debit Card
Chapter 5. In-vehicle Payment Services Market Application Segment Analysis
5.2. Gas/Charging Stations
5.5. Toll Collection
Chapter 6. In-vehicle Payment Services Market Regional Analysis
Chapter 7. Competitive Landscape
Ford Motor Co.
General Motors Co.
Honda Motor Co. Ltd.
Hyundai Motor Co.
International Business Machines Corporation
For more information about this report visit https://www.researchandmarkets.com/r/acg3y0
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