Emerging Trends Influencing The Growth Of The In-Vehicle Payment Services Market: CarIQ Technologies and Visa Partner to Launch Vehicle Wallet, Revolutionizing In-Vehicle Payment Solutions

The In-Vehicle Payment Services Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the In-Vehicle Payment Services Market Size Expected to Be by 2034?
The market for in-vehicle payment services has seen a swift expansion in recent times. The market size is set to increase from $4.27 billion in 2024 to $4.73 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.8%. Factors such as consumer convenience and the emergence of connected vehicles have contributed to the growth during the historical period.

The market size for in-vehicle payment services is anticipated to experience a significant surge in the coming years, expanding to $7.14 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 10.8%. This expected growth within the forecasted period is due to consistent advancements in connectivity, enhanced security measures for in-car commerce, regulatory backing and standardization, as well as its integration into smart cities. The forecasted period also anticipates major trends like advancements in mobile technology, partnerships and collaborative efforts, the application of blockchain for enhanced security, alliances with fintech firms, and the emergence of subscription-based models.

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What Are the Emerging Segments Within the In-Vehicle Payment Services Market?
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

Subsegments:
1) By QR Code Or RFID: QR Code Payments, RFID Tags
2) By App-Based Or E-Wallet: Mobile Payment Apps, Digital Wallets
3) By Credit Or Debit Card-Based: Contactless Card Payments, Chip And PIN Transactions
4) By Other Modes: Biometric Payments, Cash Payments

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What Long-Term Drivers Are Shaping In-Vehicle Payment Services Market Trends?
The upsurge in contactless payments has a substantial influence on the expansion of the in-vehicle payment services market. The massive transition towards contactless payments amid the COVID pandemic was significantly enabled by exceptional and sophisticated payment infrastructures. For example, the U.S. government reported in June 2024 that there had been a $15.9 billion hike in the U.S. current-account deficit, bringing it to $237.6 billion in the first quarter of 2024 mainly due to a broader goods trade deficit. This rise represented 3.4 percent of undiluted GDP, an increase from the preceding quarter's 3.2 percent. The adjusted deficit for the fourth quarter amounted to $221.8 billion. As a result, the intensifying inclination towards contactless payments is anticipated to spur the growth of the in-vehicle payment services market in the future.

Who Are the Top Competitors in Key In-Vehicle Payment Services Market Segments?
Major companies operating in the in-vehicle payment services market include 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., PayPal Holdings Inc., Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, Volkswagen AG, VISA Inc., Harman International Industries Inc., Audi AG, Panasonic Corporation, CarIQ Technologies Pvt. Ltd., BlackBerry Limited, Parkwhiz, Rivian Automotive Inc., PayByCar

What In-Vehicle Payment Services Market Trends Are Gaining Traction Across Different Segments?
Leading firms in the in-vehicle payment services industry are leveraging strategic alliances and partnerships to debut sophisticated in-vehicle payment solutions, thus securing a strong position in the market. For example, in July 2023, CarIQ Technologies Pvt. Ltd., an Indian software firm, teamed up with Visa Inc., a credit card service organization based in the US, to unveil the Vehicle Wallet. This Car IQ Pay service allows vehicles to handle payment accounts and complete transactions with merchants, eliminating the need for physical cards. By collaborating with Visa, this innovation extends into the connected vehicle sector, creating customized vehicle data-based payment experiences. Ensuring secure, effortless transactions, its "Know Your Machine" feature authenticates vehicle identity.

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Which Regions Are Becoming Hubs for In-Vehicle Payment Services Market Innovation?
North America was the largest region in the in vehicle payment services market in 2024. The regions covered in the in-vehicle payment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the In-Vehicle Payment Services Market?
2. What is the CAGR expected in the In-Vehicle Payment Services Market?
3. What Are the Key Innovations Transforming the In-Vehicle Payment Services Industry?
4. Which Region Is Leading the In-Vehicle Payment Services Market?

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