In-Vehicle Payment Services Market Scope
The global In-Vehicle Payment Services market is expected to witness high demand in the forecasted period due to the rising popularity of autonomous vehicles across the globe. The automotive in-vehicle payment system enables drivers to pay for goods and services including refilling at a gas station, movie tickets, toll tickets, smart parking, order ahead for pickup, and also share their location with their families. In-car payment systems are one of the most prominent Human-Machine-Interface trends in the mobility industry with rapid growth in autonomous and connected vehicles. In addition, 5G and improved Wi-Fi connectivity are also expected to increase the adoption of in-car payment systems. Internet Service Providers (ISPs) will also be a critical factor that will contribute towards the growth of the in-car payment systems.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Alphabet Inc. (United States), Audi AG (Germany), BMW AG (Germany), Daimler AG (Germany), Ford Motor Company, General Motors Company (United States), Honda Motor Co. Ltd. (Japan), Hyundai Motor Corporation (South Korea), IBM Corporation (United States) and Mastercard Inc. (United States) |
CAGR | 20.3% |
"According to AMA, the Global In-Vehicle Payment Services market is expected to see growth rate of 20.3% and may see market size of USD3297.0 Million by 2030."Key market players are putting a strong emphasis on developing payment solutions in partnership and collaboration with various payment solution providers. Google and Amazon have also introduced devices that can be coupled with the vehicle console using voice control to help in shopping, navigation, accomplishing other tasks, and paying for various services through different payment gateways. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global In-Vehicle Payment Services market throughout the predicted period.
Alphabet Inc. (United States), Audi AG (Germany), BMW AG (Germany), Daimler AG (Germany), Ford Motor Company, General Motors Company (United States), Honda Motor Co. Ltd. (Japan), Hyundai Motor Corporation (South Korea), IBM Corporation (United States) and Mastercard Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Tesla Inc. (United States), Toyota Motor Corporation (Japan), UBS Group AG (Switzerland), Visa, Inc.(United States), Volvo Corporation (Sweden) and ZF Friedrichshafen AG (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global In-Vehicle Payment Services market by Type , by Application (Parking Management, Drive-through Purchasing, Toll Collection and Others) and Region with country level break-up.
On the basis of geography, the market of In-Vehicle Payment Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In Feb. 2021 – Ford and Google today announced a unique strategic partnership to accelerate Ford’s transformation and reinvent the connected vehicle experience. Ford has also named Google Cloud its preferred cloud provider to leverage Google’s world-class expertise in data, artificial intelligence (AI), and machine learning (ML). As part of this new, six-year partnership and beginning in 2023 millions of future Ford and Lincoln vehicles at all price points will be powered by Android, with Google apps and services built-in.
In September 2023,Hyundai has launched an innovative system that will allow US drivers to pay for items using their vehicle’s touchscreen.
Influencing Trend:
Autonomous vehicles are enabled with internet connectivity according to the growing demand for luxury, convenience, and comfort.
Market Growth Drivers:
The growing trend of autonomous vehicles
Challenges:
The technological complexities associated with the payments
Restraints:
The high cost of embedded systems as compared with integrated systems
Opportunities:
Advancements in technology, such as the Internet of Things and connected vehicle technologies
Key Target Audience
Government Regulatory Bodies, Private Research Organization, Government Research Organization, Industry Associations and Others