Global In Vehicle Payment Services Market Growth 2024, Forecast To 2033
21 Feb, 2024
The in-vehicle payment services market has experienced rapid growth, increasing from $3.87 billion in 2023 to $4.29 billion in 2024, with a CAGR of 10.8%. The growth in the historic period is attributed to consumer convenience and the rise of connected vehicles. The market is expected to see rapid growth, reaching $6.42 billion in 2028, with a CAGR of 10.6%. The forecasted growth is driven by factors such as continued connectivity advances, increased focus on in-car commerce, security enhancements, regulatory support and standardization, and integration with smart cities. Major trends in the forecast period include mobile technology advancements, partnerships and collaborations, blockchain for security, collaboration with fintech companies, and the rise of subscription-based models.
Global In Vehicle Payment Services Market Key Driver
The in-vehicle payment services market is experiencing growth due to the rising preference for contactless payments. The shift towards contactless payments, accelerated by the COVID-19 pandemic, is evident in the substantial increase in the total value of contactless transactions. This growing preference is expected to drive the in-vehicle payment services market in the foreseeable future.
Get A Free Sample Of The Global In Vehicle Payment Services Market ReportGlobal In Vehicle Payment Services Market Segments
The in-vehicle payment services market covered in this report is segmented –
1)By Mode of Payment: QR Code or RFID, App-Based or e-Wallet, Credit or Debit Card-Based, Other Modes
2)By Form Factor: Embedded System, Tethered System, Integrated System
3)By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Automated Guided Vehicles
4)By Application: Shopping, Gas or Charging Stations, Food and Beverages, Toll Collection, Parking, Other Applications
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the in vehicle payment services market in 2023. The regions covered in the in-vehicle payment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major In Vehicle Payment Services Industry Players
Mastercard Inc.; The Mercedes-Benz Group AG; Jaguar Land Rover Automotive PLC; Honda Motor Co. Ltd.; Hyundai Motor Company; ZF Friedrichshafen AG; Amazon. com Inc.; Google LLC; International Business Machines Corporation; Telenav Inc.; Xevo Inc.; CarPay Diem Cerence Inc.; Gentex Corporation; PayPal Holdings Inc.; Bayerische Motoren Werke AG; Ford Motor Company; General Motors Company; Volkswagen AG; The International Business Machines Corporation; VISA Inc.; Harman International Industries Inc.; Audi AG; Panasonic Corporation; CarIQ Technologies Pvt. Ltd.; BlackBerry Limited; Circle Internet Financial LLC; Blockstream; Parkwhiz; Rivian Automotive Inc.; PayByCar
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In Vehicle Payment Services Market Overview
In-vehicle payment services allow car owners to make purchases directly from their dashboards, eliminating the need for a smartphone or other device, as the vehicle handles the transactions. The in-vehicle payment services enable payments from the vehicles.
In Vehicle Payment Services Global Market Report 2023 provides data on the global in vehicle payment services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The in vehicle payment services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.