In-Vehicle Payment Services Market Overview, Share, Growth | Global Forecast Report 2028

According to Precision Business Insights (PBI), the latest report the global In-Vehicle Payment Services market is expected to be worth USD 68,586.1 million in 2022 and projected to grow at a 42.5% CAGR over 2022 to 2028. The government's widespread social distancing measures in reaction to the pandemic and rising public safety concerns are expected to fuel demand for contactless payment solutions, accelerating the introduction of in-vehicle payment systems. Furthermore, the market is predicted to grow due to major key players such as Mercedes-Benz, General Motors, Honda, Mercedes-Benz, Hyundai, and others focusing on developing contactless connected car payment solutions. Congestion on roadways, gas stations, toll plazas, parking lots, and elsewhere encourages individuals to adopt various payment methods.

View the detailed report description here - https://precisionbusinessinsights.com/market-reports/in-vehicle-payment-services-market/

The QR Code/RFID Segment is Dominating the In-Vehicle Payment Services Market:
The QR Code/RFID segment is expected to account for a larger revenue share, and the market is significantly to grow at a double-digit rate over the forecast years due to increased adoption in various applications such as gas/charging stations, parking, space, toll plaza, and others, which is likely to boost segment growth due to the ability to execute instant payment and transitions using mobile. Moreover, in September 2022, Popular car manufacturers such as Cadillac, GM Motors, and Mercedes adopted QR Codes to Activate vehicle insurance policies, Track inventory, Voice assistants for cars, and Vehicle identification and registration. Furthermore, The Union Government has adopted QR Codes for vehicle registration in India - smart cards with QR Codes and NFC for driving licenses and vehicle registration certificates (RCs) across all states and union territories.

North America Leads In-Vehicle Payment Services Market:
North America is expected to hold significant market share in the global In-Vehicle Payment Services market and is projected to grow at a prominent growth rate over the forecast years owing to the enormous expenditures made by automakers in auto technology, The supported government measures are also a significant driver of the region's connected car growth. Regional governments are investing in road and communications infrastructure development to let connected automobiles communicate with their surroundings more effectively. North America's well-established automotive sector is favorable affecting demand for in-vehicle payment systems. In jan 2020 Shell Oil Co. will now accept payment for fuel and services through Uconnect Market, an in-car commerce program from Fiat Chrysler Automobiles (FCA).

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global In-Vehicle Payment Services market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In May 2021, Visa signed a partnership agreement with Daimler to integrate biometrics solutions to enable in-vehicle payments.

Request sample report at https://precisionbusinessinsights.com/request-sample?product_id=61617

The in-vehicle payment services market is segmented based on offering, payment mode, vehicle type, application and geography.
Based on the offering, the market is segmented into the following:
• Solution
• Service

Based on the Payment Mode, the market is segmented into the following:
• Credit/Debit Card
• App/E-Wallet
• QR Code/RFID
• Others

Based on the Vehicle Type, the market is segmented into the following:
• Light Duty Vehicle (LDV)
• Heavy Duty Vehicle (HDV)

Based on the By Application, the market is segmented into the following:
• Fuel/Charging Stations
• Toll/Parking
• Food/ Groceries
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Request Methodology: https://precisionbusinessinsights.com/request-methodology?product_id=61617

Key player's profiles in the In-Vehicle Payment Services Market 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, Google, Amazon, Visa, MasterCard, PayPal.

Contact:
Mr. Satya
Precision Business Insights | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 85278174

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet particular research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

This release was published on openPR.