In 2022, the adoption of in-vehicle payment services was estimated by FMI to be worth around USD 4,233.1 million. From the years 2023 to 2033, it is anticipated to expand at a CAGR of 11.7% as per the further market analysis report. By following this growth rate, the overall market value is predicted to reach USD 14,134.1 million by 2033 growing from USD 4,660.6 million in 2023.
The public is influenced to use vehicle payment systems by increasing traffic congestion on toll plazas, parking lots, petrol stations, and other locations. The growing trend of contactless payment systems following the COVID-19 outbreak also provided a significant impetus for the rapid growth of the market.
Strong efforts being made by various automakers to incorporate new, cutting-edge infotainment systems in their vehicle models are regarded to be the main driving factor. Moreover, the ongoing advancements in the development of smart cars are also encouraging the high adoption of in-vehicle payment methods. Expansion of the market is anticipated to be fueled by improvements in the Internet of Things (IoT) and artificial intelligence (AI) technologies.
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Key Takeaways from the In Vehicles Payment Market Study Report
- The United States is the leading user of in vehicle payment systems and back in the year 2022, it held a global market share of 27.1%.
- The United States is the dominant market in North America and its contribution was 17.6% of the global revenue of 2022.
- The market share of countries in Europe in the adoption of in-vehicle payment services was around 21.7% in the year 2022.
- Germany is the leading market in Europe for in-vehicle payment services in the whole of Europe. In 2022, this regional market contributed a revenue share of 7.3% of the revenue generated globally.
Competitive Landscape for the In Vehicles Payment Market Players
Ford Motors, Honda Motors, General Motors, and Volkswagen AG are a few of the well-known companies that led the market for vehicle payment services until the year 2022. The development of digital payment solutions in vehicles in alliance and cooperation with other IT solution providers is a top priority for these businesses.
One of the top international companies offering in-vehicle payment services is Daimler AG, which is headquartered in Germany. The business is also a global leader in both commercial and passenger automobiles.
The primary selling element for these leading brands providing in-vehicle payment services present on the market is the customer experience. To enhance it and provide customers services for a variety of applications, corporations make use of strategic alliances and collaborations.
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Recent Developments by the In Vehicles Payment Service Providers
- Honda Motors launched Honda Dream Drive in cooperation with Visa, in January 2019, which is a completely integrated in-car experience. Additionally, General Motors disclosed its collaboration with Dutch oil company Shell in August 2018 to launch integrated, in-dash gasoline payment systems.
- Google and Amazon have released gadgets that can be connected to the car’s console. These gadgets can be used with voice commands to assist with navigation and other activities including multiple payment channels. Furthermore, Mercedes-Benz and Visa announced a worldwide cooperation in November 2021 to provide in-vehicle payment services with biometric scanners for contactless money transfers.
In Vehicles Payment Market: Key Segmentation
By Mode of Payment:
- NFC, QR Code, or RFID
- Digital-wallet
- Credit or Debit Card
By Application:
- Parking, Gas, or Charging Stations
- Shopping
- Food or Coffee Outlets
- Toll Collection
- Other Applications
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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