New York, NY, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “In-vehicle Payment Services Market By Mode Of Payment (QR Code/ RFID, App-based/e-wallet, Credit/Debit Card-based, and NFC), By Vehicle Type (Passenger cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and Automated Guided Vehicles), By Form Factor (Embedded System, Tethered System, and Integrated System), By Application (Shopping, Gas/Charging Stations, Food and Beverages, Toll Collection, Parking, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026”.
“According to the recent research report, the demand of global In-vehicle Payment Services Market size & share expected to reach to USD 7.66 Billion by 2026 from USD 3.09 Billion in 2020, at a compound annual growth rate (CAGR) of 16.3% during the forecast period 2021 to 2026”
Global In-vehicle Payment Services Market: Overview
In-vehicle payment services refer to vehicle systems with payment technologies that enable drivers to observe and execute transactions with a range of companies, such as gas stations, smart parking, and toll gates. In-vehicle payment systems allow passengers to make purchases directly from their vehicle dashboards, saving time for drivers and allowing them to arrive at their destination in a safer, faster, and more efficient manner.
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Industry Major Market Players
- Daimler AG
- BMW AG
- General Motors Co.
- Ford Motor Co.
- Honda Motor Co. Ltd.
- Volkswagen AG
- Gentex Corp.
- Jaguar Land Rover Automotive Plc
- Hyundai Motor Co.
- ZF Friedrichshafen AG
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Key questions answered in this report:
- What is the projected market size & growth rate of the In-vehicle Payment Services Market?
- What are the key driving factors for the growth of the In-vehicle Payment Services Market?
- What are the top companies operative in In-vehicle Payment Services Market?
- What segments are covered in In-vehicle Payment Services Market?
- How can I get free sample report/company profiles of the In-vehicle Payment Services Market?
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Market Dynamics & Drivers
- Increasing Trend Of Autonomous Vehicles And Internet Services Is Driving The Growth Of In-Vehicle Payment Services Market
Over the projected period, the rising trend of autonomous vehicles will drive the growth of the in-vehicle payment services market. According to the rising desire for luxury, convenience, and comfort, autonomous cars are equipped with internet connectivity. For instance, by 2020, the number of connected cars was anticipated to have reached an approximate count of around 64 million units. Moreover, various payment solution providers such as MasterCard, Visa, and PayPal have collaborated with automakers around the world to create and integrate new payment processes and techniques in vehicles. For example, in May 2017, GM and MasterCard announced a collaboration to create and develop in-vehicle payment solutions. Visa partnered with SiriusXM to launch a vehicle-based payments platform in January 2019. Volkswagen AG, Honda Motor Co. Ltd., and Ford Motor have launched in-vehicle payment solutions and platforms. Additionally, the market for in-vehicle payment services is expected to expand in tandem with the rise of Internet Service Providers (ISPs). The concurrent expansion of ISP will have an impact on the connected vehicle industry, as well as enabling payment systems to be integrated into the automobile for a more convenient driving experience. The growing need for driver assistance systems is projected to boost the expansion of the in-vehicle payment services market, as it will allow fuel and hassle-free parking purchases from dashboards without the use of cards or smartphones.
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Global 3D Machine Vision Market: Report Scope
| Report Attribute | Details |
| Market Size 2020 Value | USD 3.09 Billion |
| Market Forecast for 2026 | USD 7.66 Billion |
| Expected CAGR Growth | CAGR 16.3% from 2021-2026 |
| Base Year | 2020 |
| Forecast Year | 2021-2026 |
| Top Market Players | Daimler AG, BMW AG, General Motors Co., Ford Motor Co., Honda Motor Co. Ltd., Volkswagen AG, Gentex Corp., and Others |
| Segments Covered | Mode of Payment, Vehicle Types, Form Factor, Application, and Region |
| Geographies Covered | Asia Pacific, Europe, and North Americas |
| Pricing Options | Request customized purchase options to meet your research needs. Explore purchase options |
Global In-vehicle Payment Services Market: Growth Factors
With the simplicity and convenience that various modalities of payment services provider to their drivers and passengers, in-vehicle payment services are gaining popularity. Automobile manufacturers like Mercedes-Benz, Honda, Jaguar Land Rover, BMW, General Motors, and Ford have included solutions and services into their vehicles. In-vehicle payment systems are likely to grow in popularity in the future years as linked automobiles and sophisticated entertainment become more common. Vehicle owners are currently searching for a hassle-free experience and an enhanced lifestyle in their hectic schedules. As a result, the ability to buy, order, and pay on the move without having to use a card or cash transaction saves time and allows commuters to travel securely. As a result, payment service providers such as MasterCard, Visa, and PayPal are aggressively forming alliances and cooperation with OEMs in order to provide effective in-vehicle payment systems.
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North America is projected To Dominate the Global In-vehicle Payment Services Market
The in-vehicle payment services market is segmented into five major regions like North America, Europe, Latin America, Asia Pacific, and The Middle East, and Africa.
North America had accounted for the greatest revenue share in 2020, accounting for about 39% of total market sales. Furthermore, technology businesses based in North America, such as Apple Inc. and Google Inc., have entered the automotive industry as a result of their capacity to create and compete with automakers.
Similarly, the Asia Pacific regional market is anticipated to develop at the fastest rate between 2021 and 2026. The growing population and increased levels of disposable income are expected to help the regional market flourish. The adoption of contemporary technology and ongoing advances in the way payments are made and processed will also play a crucial role in driving the regional market's growth throughout the forecast period.
Browse the full report “In-vehicle Payment Services Market By Mode Of Payment (QR Code/ RFID, App-based/e-wallet, Credit/Debit Card-based, and NFC), By Vehicle Type (Passenger cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), and Automated Guided Vehicles), By Form Factor (Embedded System, Tethered System, and Integrated System), By Application (Shopping, Gas/Charging Stations, Food and Beverages, Toll Collection, Parking, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/in-vehicle-payment-services-market
The global in-vehicle payment services market is segmented as follows:
By Mode of Payment:
- QR Code/ RFID
- App-based/e-wallet
- Credit/Debit Card-based
- NFC
By Vehicle Types:
- Passenger cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Automated Guided Vehicles
By Form Factor:
- Embedded System
- Tethered System
- Integrated System
By Application:
- Shopping
- Gas/Charging Stations
- Food and Beverages
- Toll Collection
- Parking
- Others
Key Highlights of this Report:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
- Market Attractiveness Analysis and Key Investment Opportunity Analysis in the Market going forward
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
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