Quadintel published a new report on the In-vehicle Payment Services Market. The research report consists of thorough information about demand, growth, opportunities, challenges, and restraints. In addition, it delivers an in-depth analysis of the structure and possibility of global and regional industries.
Global In-vehicle Payment Services Market is valued approximately USD 4.08 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 15.53 % over the forecast period 2022-2028.
In-vehicle payment services enable drivers to order and pay for food, coffee, gasoline, groceries, parking spaces, and tolls without ever leaving their vehicle. Over the projected period, advances in Internet of Things (IoT) technology and strong efforts by various automakers to integrate new, advanced infotainment solutions into their vehicle models are expected to fuel market expansion.
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The rising use of contactless payment methods in the aftermath of the COVID-19 pandemic, as well as further advancements in smart vehicles, augur well for the market’s growth. Automobile makers are concentrating their efforts on developing built-in technology, such as voice-based controls, that might allow drivers to shop while on the road without jeopardizing road safety. Given the potential for a voice-activated dashboard to divert the driver’s attention, drivers must always prioritise road safety when shopping while driving. MasterCard, Visa, and PayPal are among the payment solution providers collaborating with automakers around the world to create and integrate new payment processes and techniques in vehicles. Similarly, Visa announced a partnership with SiriusXM in January 2019 to launch a vehicle-based payments platform. Volkswagen AG, Honda Motor Co. Ltd., and Ford Motor Co. are among the companies that have created in-vehicle payment solutions and platforms. Over the forecast period, the market for in-vehicle payment services is expected to rise due to the increasing usage of driver assistance systems. Driver assistance systems assist drivers in a variety of ways, including hassle-free parking and making purchases directly from the control panel without the use of any extra devices or cards. However, risks of cyber threats impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the Global In-vehicle Payment Services Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America accounted for largest market share. The region has the highest percentage of connected vehicles. Furthermore, technological businesses situated in North America, such as Apple Inc. and Google Inc., have entered the automobile market with their ability to develop and compete with automotive companies. From 2022 to 2028, the Asia Pacific regional market is expected to grow at the fastest rate. The expansion is projected to be aided by a growing population and rising levels of disposable income. Over the projection period, adoption of the most advanced technology and further improvements in the way payments are made and processed will also play a key role in driving growth.
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Major market player included in this report are:
BMW AG
Daimler AG
Ford Motor Co.
General Motors Co.
Honda Motor Co. Ltd.
Hyundai Motor Co.
Jaguar Land Rover Automotive PLC
Volkswagen AG
ZF Friedrichshafen AG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Mode of Payment:
NFC
QR Code/RFID
App/e-wallet
Credit/Debit card
By Application:
Parking
Gas/charging stations
Shopping
Food/Coffee
Toll Collection
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global In-vehicle Payment Services Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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Table of Contents:
- Market Overview
- Market Definition and Scope
- Market Dynamics
- Market Industry Analysis
- Market, Regional Analysis
- Analysis of Leading Companies
- Competitive Intelligence
- Research Process
- Market Analysis and Forecast, By Product Types
Factors Influencing
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
- Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
- the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
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