Soaring Demand Set to Propel In-Vehicle Payment Services Market to $7.1 Billion by 2029

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What Is the Expected CAGR for the In-Vehicle Payment Services Market Through 2025?
The market size for in-vehicle payment services has seen significant expansion over the recent years. The market is projected to expand from $4.27 billion in 2024 to a sizeable $4.71 billion in 2025, showing a compound annual growth rate (CAGR) of 10.3%. This expansion experienced in the past period can be linked to factors such as consumer convenience and the emergence of connected vehicles.

What's the Projected Size of the Global In-Vehicle Payment Services Market by 2029?
The market size for in-vehicle payment services is projected to experience a swift expansion in the coming years. By 2029, the market is forecasted to reach $7.1 billion, with a compound annual growth rate (CAGR) of 10.8%. This projected growth during the forecast period is largely due to advancements in connectivity, increased emphasis on enhancing security in in-car commerce, supportive regulation and standardization, and integration with smart cities. Some major trend predictions for the forecast period include advancement in mobile technology, strategic partnerships and collaborations, using blockchain for security, partnerships with fintech companies, and the growth of subscription-based models.

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Top Growth Drivers in the In-Vehicle Payment Services Industry: What's Accelerating the Market?
The rise in the adoption of contactless payments is substantially contributing to the expansion of the in vehicle payment services market. The COVID pandemic triggered a massive movement towards non-contact payments, supplemented by the sophisticated and seamless support from payment systems. For example, the U.S. government reported in June 2024 that the U.S. current-account deficit increased by $15.9 billion, reaching $237.6 billion in the first quarter of 2024, symptomatic of a larger goods trade deficit. This rise represented 3.4 percent of the current-dollar GDP, a rise from 3.2 percent in the previous quarter. The adjusted deficit for the fourth quarter was $221.8 billion. Thus, the growing tendency towards contactless payments is anticipated to further stimulate the growth of the in vehicle payment services market.

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What Trends Will Shape the In-Vehicle Payment Services Market Through 2029 and Beyond?
Leading businesses in the field of in-vehicle payment services are leveraging strategic alliances and affiliations to roll out innovative in-car payment service solutions and establish a domain monopoly. For instance, CarIQ Technologies Pvt. Ltd, a software firm from India, joined forces with the US-based credit card service provider Visa Inc., in July 2023, to unveil Vehicle Wallet. This service, known as Car IQ Pay, empowers automobiles to supervise payment accounts and transact with businesses sans any physical cards. In collaboration with Visa, the technology proliferates in the connected vehicle market, infusing personalized payment services by utilizing vehicle data. Its unique "Know Your Machine" attribute authenticates vehicle identity to enable secure, trouble-free transactions.

What Are the Main Segments in the In-Vehicle Payment Services Market?
The in-vehicle payment servicesmarket 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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Which Top Companies are Driving Growth in the In-Vehicle Payment Services Market?
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

Which Regions Will Dominate the In-Vehicle Payment Services Market Through 2029?
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

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