In-Vehicle Payment Services Market Set to Skyrocket, Projected to Reach $6.42 Billion by 2033 with a Remarkable CAGR of 10.6%

The in-vehicle payment services market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to consumer convenience, rise of connected vehicles.

The in-vehicle payment services market size is expected to see rapid growth in the next few years. It will grow to $6.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to continued connectivity advances, increased focus on in-car commerce:, security enhancements, regulatory support and standardization, integration with smart cities. Major trends in the forecast period include mobile technology advancements, partnerships and collaborations, blockchain for security, collaboration with fintech companies, rise of subscription-based models.

Market Overview -
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.

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Rise Of Contactless Payments Drives In-Vehicle Payment Services Market
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 payment services market going forward.

Competitive Landscape -
Major companies operating in the in-vehicle payment services market report are Mastercard Inc., The Mercedes-Benz Group AG, Jaguar Land Rover Automotive PLC, Honda Motor Co. Ltd., Hyundai Motor Company, ZF Friedrichshafen AG, Amazon. com Inc., Google LLC, International Business Machines Corporation, Telenav Inc., Xevo Inc., CarPay Diem Cerence Inc., Gentex Corporation, PayPal Holdings Inc., Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, Volkswagen AG, The International Business Machines Corporation, VISA Inc., Harman International Industries Inc., Audi AG, Panasonic Corporation, CarIQ Technologies Pvt. Ltd., BlackBerry Limited, Circle Internet Financial LLC, Blockstream, Parkwhiz, Rivian Automotive Inc., PayByCar

Advancements In Technology Shape In-Vehicle Payment Services Market
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.

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Key Segments -

The in-vehicle payment services market covered in this report is segmented -

1) By Mode of Payment: QR Code or RFID, App-Based or e-Wallet, Credit or Debit Card-Based, Other Modes
2) By Form Factor: Embedded System, Tethered System, Integrated System
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Automated Guided Vehicles
4) By Application: Shopping, Gas or Charging Stations, Food and Beverages, Toll Collection, Parking, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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