In-Vehicle Payment System Market 2022 | Worldwide Industry Gross Margin, Emerging Trends, Share, Global Size, Future Demand, Analysis by Top Leading Player, Progression Status and Forecast till 2028

Market Overview:
Global In-Vehicle Payment System Market Size Was Valued at USD 3.48 Billion In 2021 And Is Projected to Reach USD 12.32 Billion By 2028, Growing at A CAGR of 19.8% From 2022 To 2028.

In vehicle payment system is an automotive system equipped with payment technologies this system enables the driver to make a payment with companies or applications such as toll gates, charging stations, petrol pumps, and smart parking. The ability to make payments and conduct online shopping has been integrated into vehicle dashboards thanks to the growing desire for more interactive in-vehicle infotainment systems. The industry statistics are also fueled by the growing emphasis on contactless payments.

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Market Dynamics:
Driver:
Since we use this technology to reduce traffic and save time and there is an increase in traffic on roads, toll plazas, charging stations, parking lots, and other locations, the market is expected to grow in the future as these locations develop their infrastructure to be compatible with car payments. The COVID-19 restrictions across the globe resulted in social distancing and an increase in the usage of contactless payments to avoid any potential exposure to coronavirus. This has helps to adopt in-vehicle payment services over the forecast period.

Opportunities:
In May 2021, Visa and Daimler entered into a partnership agreement to incorporate biometrics-based payment systems. Through this cooperation, the business was able to provide its clients with cutting-edge solutions and establish a competitive edge. Renault Samsung Motors first installed an in-car payment system on its 2022 XM3, released on June 4, 2021. It will be available at convenience stores, gas stations, parking lots, cafes, and restaurants from July 2021. It is the only in-car payment system that can request the ordered menu to be delivered to the vehicle.

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Segmentation Analysis of In-Vehicle Payment System Market
By Mode of Payment, The credit/debit card segment dominates the Vehicle Payment System Market with around 53 percent. Debit and credit cards continue to be the most common payment methods, and they are widely used for both contact and contactless transactions. Over the projected period, the increased demand for card and card-less transactions, as well as post-cash transactions, among people of various ages, are expected to contribute to the market's growth. In 2021, the app/e-wallet sector accounted for a substantial portion of the market, and it is expected to grow at a CAGR of 14.2% from 2022 to 2030. Individuals are increasingly using in-vehicle payment services as a result of the expanding popularity of digital payment methods and the convenience and ease associated with wallet payments, contributing to the market's growth. As a result, a variety of apps or wallets, such as Amazon Pay, Google Pay, AliPay, Apple Pay, Venmo, and Samsung Pay, are popular for making payments. Meanwhile, as part of their efforts to aid consumers in shopping and making payments interactively, Amazon and Google have linked their sophisticated virtual assistants to their respective payment gateways and e-wallets.
• NFC
• QR Code/RFID
• App/e-wallet
• Credit/Debit card

By Application, The food/coffee segment had a high revenue share of roughly 27 percent. Passengers and drivers increasingly prefer to order coffee and meals on their journey to work, offices, or other destinations. Due to the increasing traffic, drivers have concluded that waiting for food and coffee will be impossible. As a result, drivers prefer to place orders, pay for them in the vehicle, and pick up their goods on the way to save time and minimize inconvenience, boosting the popularity of in-vehicle payment services. The In-Vehicle payment system can be useful in Toll Plaza, Gas Stations as well as in parking lot. Hence, Such wide application will further boost the growth of the Vehicle Payment System Market.
• Parking
• Gas/charging stations
• Shopping
• Food/Coffee
• Toll Collection
• Other

Regional Analysis of In-Vehicle Payment System Market
North America is dominating the In-Vehicle Payment System Market. The region has the highest percentage of connected vehicles. Furthermore, technological businesses situated in North America, such as Apple Inc. and Google Inc., have entered the automobile market with their ability to develop and compete with automotive companies. Also, the payment gateway companies like MasterCard and Visa are pushing new services in terms of contactless payments and IoT device-based payment systems which are receiving large popularity. For Instance, Visa and SiriusXM e-wallet collaborated to improve how customers spend their time in vehicles. This included the SiriusXM e-wallet, an in-vehicle payment solution that integrates into the dashboard and allows drivers and passengers to shop for coffee, find and pre-pay for petrol, discover and pay for parking, buy movie tickets, and pay tolls. Biometric authentication is used to activate and authenticate payments made using a Visa account, which helps to eliminate driver distractions. This partnership is being pitched to major automakers in the connected vehicle sector, mainly in North America.

The Asia Pacific is one of the fastest-growing regions in the Vehicle Payment System Market. The expansion is projected to be aided by a growing population and rising levels of disposable income. Over the projection period, the adoption of the most advanced technology and further improvements in the way payments are made and processed will also play a key role in driving growth. Also, there is a large potential in the Asia Pacific due to the number of cars on the road which presents a lucrative market for big companies to invest in the region which further propels the growth of the Vehicle Payment System Market.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

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Players Covered in In-Vehicle Payment System Market are
• BMW AG
• CarPay Diem Cerence Inc.
• Daimler AG
• General Motors Company
• Gentex Corporation
• Harman International Industries Inc.
• Honda Motor Company Ltd.
• Hyundai Motor Company
• Jaguar Land Rover Automotive PLC
• Mastercard Inc.
• Telenav Inc.
• ThinxNet GmbH
• Visa Inc.
• Xevo Inc.
• ZF Friedrichshafen AG. and other major players.

Key Industry Developments in the In-Vehicle Payment System Market
May 2021, Prakopedia introduced a multi-domain platform with it integrated facilities for all major vehicle brands including EV charging, Parking, and gas stations.

September 2021, BP Ventures to invest in Ryd One about USD 11.9 Million in Europe. The investment is expected to boost the international expansion of Ryd One.

Objectives of the Report
• To carefully analyze and forecast the size of the In-Vehicle Payment System market by value and volume.
• To estimate the market shares of major segments of the In-Vehicle Payment System
• To showcase the development of the In-Vehicle Payment System market in different parts of the world.
• To analyze and study micro-markets in terms of their contributions to the In-Vehicle Payment System market, their prospects, and individual growth trends.
• To offer precise and useful details about factors affecting the growth of the In-Vehicle Payment System
• To provide a meticulous assessment of crucial business strategies used by leading companies operating in the In-Vehicle Payment System market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.

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