Pune, India, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The global in-vehicle payment system market size is expected to grow from USD 3.32 billion in 2021 to USD 12.50 billion in 2028, exhibiting a CAGR of 20.9% during the forecast period. Rising Traffic Congestions and Robust Demand for Contactless Payments to Nurture Market Progress. Solid interest for proficient and contactless exchanges and expanding center around creating in-vehicle installments are assessed to support the market development.
Industry Development
- November 2021: Mercedes-Benz partnered with Visa for offering in-vehicle payments with the help of fingerprints.
Scope Of The Report:
- Historical Years: 2017-2019
- Base Year: 2020
- Forecast Period: 2021–2028
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Market Growth Factors:
- In-vehicle payment systems are equipped with payment options in automotive. It allows drivers to complete transactions with several organizations in charging stations, gas stations, smart parking, and toll gates.
- The rising demand for efficient and zero contact payments may foster digital payment system adoption. Moreover, a rising focus on developing in-car payment systems is expected to bolster In-vehicle Payment System Market development during the forecast period.
- Rapid technological developments and rising demand for contactless payment options are expected to facilitate in-vehicle payment systems. Furthermore, the rising focus of Hyundai, Honda, General Motors, and Mercedes on the development of digital payments is expected to bolster the market growth.
- Furthermore, rising traffic congestion on toll plazas, roads, parking, and gas stations is expected to boost the product adoption. Moreover, rising technological developments in developing countries are expected to drive the in-vehicle payment system market growth.
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Market Segments:
Mode of Payment, Application, and Region are Studied
By mode of payment, the In-vehicle Payment System Market is segmented into NFC, QR code/RFID, app/e-wallet, and credit/debit card. Based on application, it is classified into parking, gas/charging station, shopping, food & coffee, and toll collection.
Debit/Visa installment portion held around 55% of the Canadian in-vehicle installment administrations piece of the pie in 2021 drove by the fame of charge/Mastercard and broad use to make contactless installments. Driving auto producers are zeroing in on associations; General Motors collaborating with Mastercard and IBM, Honda engines cooperating with Mastercard Visa and PayPal.
The food/coffee section represented the most elevated income portion of over 26% in 2020. The interest for different in a hurry drinks and food sources is developing among travelers and drivers because of rising traffic issues across the globe.
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Regional Insights
Rapid Technological Advancements to Foster Market Progress in North America
North America is expected to dominate the in-vehicle payment system market share due to rising technological advancements. The market in North America stood at USD 1.38 billion in 2020 and is expected to grow rapidly in the upcoming years.
In Europe, rising penetration and the presence of a strong automotive industry may foster market growth. Moreover, the rising adoption of next-generation vehicles is expected to foster industry growth.
The Asia Pacific provincial market is projected to enroll the quickest CAGR of 18.1% from 2021 to 2028. The developing populace and the rising degrees of extra cash are relied upon to add to the development of the local In-vehicle Payment System Market.
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Competitive Landscape
Companies Strategic Collaborations to Fuel Competition
Conspicuous organizations working in the market devise key joint efforts to fuel competition. For instance, in May 2021, Parkopedia declared its coordinated multi-space installment stage to work with significant vehicle installments, including powering, costs, leaving, and EV charging. This obtaining might empower the organization to support its image picture and fuel rivalry. Further, organizations take on innovative work, extension, consolidations, and obtaining techniques to support their market position.
Key Prominent Players Covered in the In-vehicle Payment System Market:
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- BMW AG (Munich, Germany)
- Daimler AG (Stuttgart, Germany)
- JAGUAR LAND ROVER AUTOMOTIVE PLC (Coventry, U.K.)
- General Motors Company (Michigan, U.S.)
- Honda Motor Co. Ltd. (Tokyo, Japan)
- Hyundai Motor Group (Seoul, South Korea)
- IBM Corporation (New York, U.S.)
- Mastercard Inc. (New York, U.S.)
- Visa Inc. (California, U.S.)
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