PUBLISHER: The Business Research Company | PRODUCT CODE: 1249030
PUBLISHER: The Business Research Company | PRODUCT CODE: 1249030
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“In-Vehicle Payment Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on in-vehicle payment services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for in-vehicle payment services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The in-vehicle payment services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companies Mentioned: MasterCard; The Mercedes-Benz Group; Jaguar Land Rover Automotive PLC; Honda Global; Hyundai Motor Company
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Major players in the in-vehicle payment services market are: MasterCard, The Mercedes-Benz Group, Jaguar Land Rover Automotive PLC, Honda Global, Hyundai Motor Company, ZF Friedrichshafen AG, Amazon, Google, International Business Machines Corporation, Telenav Inc., Xevo Inc., CarPay Diem Cerence Inc., and Gentex Corporation.
The global in-vehicle payment services market grew from $3.49 billion in 2022 to $3.87 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The in-vehicle payment services market is expected to grow to $5.55 billion in 2027 at a CAGR of 9.4%.
The in-vehicle payment services market includes revenues earned by entities by RFID and BLE technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the in-vehicle payment service market in 2022. The regions covered in the in-vehicle payment service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main modes of payment in in-vehicle payment services are QR code or RFID, app-based or e-wallet, credit or debit card-based, and others. QR codes or RFID tags are used for paying through scanning the QR codes or RFID tags. Radio waves are used by RFID tags to communicate the data they contain and make payments. The different forms include embedded systems, tethered systems, and integrated systems and involve various vehicle types such as passenger cars, light commercial vehicles (LCVS), heavy commercial vehicles (HCVS), and automated guided vehicles. The several applications include shopping, gas or charging stations, food and beverages, toll collection, parking, and other applications.
The growing preference for contactless payments is significantly driving the growth of the in-vehicle payment services market. Due to the COVID pandemic, there was a huge shift towards contactless payments, which was further supported by the advanced and flawless support from the payment systems. For instance, according to UK Finance, in November 2021, the total value of contactless transactions reached £17.7 billion (USD 19.96 billion), up from £9.9 billion (USD 11.84 billion) and 155.3% higher than £6.9 billion (USD 7.6 billion) in November 2019. Therefore, the increasing preference for contactless payments is expected to propel the growth of the in-vehicle payments market going forward.
Technological advancements have emerged as the key trend gaining popularity in the in-vehicle payment services market. Major companies operating in the in-vehicle payments market are focused on bringing advancements in technologies to strengthen their position. For instance, in May 2021, Hyundai, a South Korea-based automotive manufacturer, developed an in-car payment system that would debut in its upcoming all-electric Ioniq 5 crossover, allowing drivers to find and pay for electric vehicle charging, parking, and food. This advanced payment system, which combines the benefits of electric car charging with normal in-vehicle purchases, aids in the development of new revenue streams and provides users with features typically associated with smartphones.
In September 2021, JP Morgan, a US-based financial services organization, acquired Volkswagen's payments business for an undisclosed amount. Through this acquisition, JPMorgan plans to rename and invest in the payments company, as well as grow its mobility-focused payment operations. Volkswagen Payment Systems GmbH is a Germany-based company that creates and coordinates payment solutions for parking, car sharing, tolls, and fuel.
The countries covered in the in-vehicle payment service market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The in-vehicle payment services market research report is one of a series of new reports from The Business Research Company that provides in-vehicle payment services market statistics, including in-vehicle payment services industry global market size, regional shares, competitors with an in-vehicle payment services market share, detailed in-vehicle payment services market segments, market trends and opportunities, and any further data you may need to thrive in the in-vehicle payment services industry. This in-vehicle payment services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.