In-vehicle payment services market to hit $10 Bn by 2028, Says Global Market Insights Inc.
Major In-vehicle payment services market participants include Daimler AG, General Motor Company, Gentex Corp, Hyundai Motor Group, Honda Motor Co., Ltd, and Harman
Selbyville, Delaware, Jan. 26, 2022 (GLOBE NEWSWIRE) —
The In-vehicle payment services market is expected to surpass USD 10 billion by 2028, as reported in a research study by Global Market Insights Inc. Growing demand for connected vehicles and digital payment services driving the industry growth.
The growing adoption of contactless payment services by different end-user industries is driving the in-vehicle payment services market growth. Various end-user industries, such as automotive, and telecom, are extensively using digital payment platforms to improve customer experiences and offer better digital & technological services. For instance, in May 2021, Hyundai launched in-car payments for its all electric Ioniq 5 crossovers. This launch helped the company to offer advanced payment capabilities to drivers and aid them in finding & paying for EV charging and restaurants.
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Debit/credit cards held a market share of over 55% in 2021. Debit & credit cards are extensively used to make contactless payments due to their easy operations along with enhanced security features. The growing adoption of debit/credit cards by different age groups is providing significant growth opportunities to the market. Moreover, the growing trend of online shopping has increased the adoption of debit & credit cards among users, thus driving the in-vehicle payment services market growth.
The e-commerce application is expected to grow at a CAGR of over 50% from 2022 to 2028 due to an increasing trend of online shopping. Digital payment services are extensively used by customers during online shopping as they save time and provide enhanced customer experiences. Various companies are developing autonomous vehicles along with digital payment services that allow customers to pay easily while shopping.
Europe is projected to grow exponentially in the global in-vehicle payment services market due to changing customer preferences, growing adoption of advanced technologies, and increasing digitalization across sectors. The well-established automotive sector in the region is another factor supporting the market growth. Automotive companies operating in the region are entering into strategic partnerships with fintech firms to provide advanced and integrated in-vehicle payment services. For instance, in November 2021, Daimler partnered with Visa to develop an in-car payment technology. This technology eliminates the hassle to depend on mobile devices for payment authentication. The technology allows customers in the UK and Germany to make payments using a fingerprint sensor in a car.
Companies operating in the market are focusing on developing strategic partnerships to develop advanced in-vehicle payment services. For instance, in August 2021, Blackberry partnered with Car IQ for in-vehicle payment. It enables secure vehicle-based payment capabilities with the help of its cloud-connected software platform. The system validates and autonomously makes payments for various services such as parking, food, etc.
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Some major findings of the in-vehicle payment services market report include:
- Advancements in technologies, such as IoT and connected vehicles, are anticipated to support market growth over the forecast period.
- The Europe in-vehicle payment services market is propelled by changing consumer preference for digital payments.
- Major players operating in the in-vehicle payment services market are Daimler AG, General Motor Company, Gentex Corp, Hyundai Motor Group, Honda Motor Co., Ltd, and Harman.
- Companies operating in the market are implementing partnerships to develop integrated and advanced payment services for vehicles.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 In-Vehicle payment services industry 360º synopsis, 2018 – 2028
2.2 Business trends
2.3 Regional trends
2.4 Mode of payment trends
2.5 Application trends
Chapter 3 In-Vehicle Payment Services Industry Insights
3.2 Industry segmentation
3.3 COVID-19 impact
3.3.1 Impact by region
184.108.40.206 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
22.214.171.124 Middle East & Africa
3.4 Industry evolution
3.5 In-Vehicle payment services industry ecosystem analysis
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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