Pune, India., Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global in-vehicle payment system market size was valued at USD 2.98 billion in 2020. The market is expected to grow from USD 3.32 billion in 2021 to USD 12.50 billion in 2028, exhibiting a CAGR of 20.9% during the forecast period. Strong demand for efficient and contactless transactions and increasing focus on developing in-car payments are estimated to boost the market growth. Fortune Business Insights™ publishes this information in its report titled “In-vehicle Payment System Market, 2021-2028”
In-vehicle payment systems are equipped with payment options in automotive. It allows drivers to complete transactions with several organizations in charging stations, gas stations, smart parking, and toll gates. Further, the rising demand for efficient and zero contact payments may foster digital payment system adoption. Moreover, a rising focus on developing in-car payment systems is expected to bolster market development during the forecast period.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 20.9% |
| 2028 Value Projection | USD 12.50 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 3.32 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
Key Takeaways:
- Rising Trend for Adoption of Connected and Autonomous Vehicles to Drive Market Growth
- Increasing Demand for Contactless Payment Solutions to Drive Market Growth
- Increasing Preference for Flexible and Contactless Payment to Drive Segmental Growth
- Expanding Applications of In-Vehicle Payment System for Various Transactions to Drive Segment Growth
Drivers & Restraints-
Rising Traffic Congestions and Robust Demand for Contactless Payments to Nurture Market Progress
Rapid technological developments and rising demand for contactless payment options are expected to facilitate in-vehicle payment systems. Furthermore, the rising focus of Hyundai, Honda, General Motors, and Mercedes on the development of digital payments is expected to bolster the market growth. Furthermore, rising traffic congestion on toll plazas, roads, parking, and gas stations is expected to boost the product adoption. Moreover, rising technological developments in developing countries are expected to drive the in-vehicle payment system market growth. However, high costs associated with embedded systems are expected to restrain market development.
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Segments-
Mode of Payment, Application, and Region are Studied
By mode of payment, the market is segmented into NFC, QR code/RFID, app/e-wallet, and credit/debit card. Based on application, it is classified into parking, gas/charging station, shopping, food & coffee, and toll collection. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
Competitive Landscape-
Companies Strategic Collaborations to Fuel Competition
Prominent companies operating in the market devise strategic collaborations to fuel competition. For example, in May 2021, Parkopedia announced its integrated multi-domain payment platform to facilitate major vehicle payments, including fueling, tolls, parking, and EV charging. This acquisition may enable the company to boost its brand image and fuel competition. Further, companies adopt research and development, expansion, mergers, and acquisition strategies to boost their market position.
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Regional Insights-
Rapid Technological Advancements to Foster Market Progress in North America
North America is expected to dominate the in-vehicle payment system market share due to rising technological advancements. The market in North America stood at USD 1.38 billion in 2020 and is expected to grow rapidly in the upcoming years. Further, the presence of several manufacturers is expected to foster industry development. These factors may propel the industry progress.
In Europe, rising penetration and the presence of a strong automotive industry may foster market growth. Moreover, the rising adoption of next-generation vehicles is expected to foster industry growth.
In Asia Pacific, rising populace and traffic congestions may foster the development of the industry. The rising product adoption of in-vehicle payment systems is expected to foster industry development. In addition, increasing adoption of connected automobiles is expected to bolster the market progress.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
A list of prominent In-Vehicle Payment System manufacturers operating in the global market:
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- BMW AG (Munich, Germany)
- Daimler AG (Stuttgart, Germany)
- JAGUAR LAND ROVER AUTOMOTIVE PLC (Coventry, U.K.)
- General Motors Company (Michigan, U.S.)
- Honda Motor Co. Ltd. (Tokyo, Japan)
- Hyundai Motor Group (Seoul, South Korea)
- IBM Corporation (New York, U.S.)
- Mastercard Inc. (New York, U.S.)
- Visa Inc. (California, U.S.)
Notable Industry Development:
November 2021: Mercedes-Benz partnered with Visa for offering in-vehicle payments with the help of fingerprints.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of In-Vehicle Payment System Market - In Value
- Impact of COVID-19
- Global In-Vehicle Payment System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Mode of Payment
- NFC
- QR Code/RFID
- App/e-Wallet
- Credit/Debit Card
- Market Analysis, Insights and Forecast – By Application
- Parking
- Gas/Charging Station
- Shopping
- Food & Coffee
- Toll Collection
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America In-Vehicle Payment System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Mode of Payment
- NFC
- QR Code/RFID
- App/e-Wallet
- Credit/Debit Card
- Market Analysis, Insights and Forecast – By Application
- Parking
- Gas/Charging Station
- Shopping
- Food & Coffee
- Toll Collection
- Market Analysis, Insights and Forecast – By Country
- United States
- By Application
- Canada
- By Application
- Mexico
- By Application
- Europe In-Vehicle Payment System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Mode of Payment
- NFC
- QR Code/RFID
- App/e-Wallet
- Credit/Debit Card
- Market Analysis, Insights and Forecast – By Application
- Parking
- Gas/Charging Station
- Shopping
- Food & Coffee
- Toll Collection
- Market Analysis, Insights and Forecast – By Country
- United Kingdom
- By Application
- Germany
- By Application
- France
- By Application
- Rest of Europe
- By Application
- Asia Pacific In-Vehicle Payment System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Mode of Payment
- NFC
- QR Code/RFID
- App/e-Wallet
- Credit/Debit Card
- Market Analysis, Insights and Forecast – By Application
- Parking
- Gas/Charging Station
- Shopping
- Food & Coffee
- Toll Collection
- Market Analysis, Insights and Forecast – By Country
- China
- By Application
- India
- By Application
- Japan
- By Application
- South Korea
- By Application
- Rest of Asia Pacific
- By Application
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