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Seamless Transactions: In-Vehicle Payment Services Market Forecast 2024
In-Vehicle Payment Services Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
In-Vehicle Payment Services Market 2024 Key Insights:
• 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%.
• Rise Of Contactless Payments Drives In-Vehicle Payment Services Market
• Advancements In Technology Shape In-Vehicle Payment Services Market
• North America was the largest region in the in vehicle payment services market in 2023
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