In-Vehicle Payments Market is estimated to be US$ 8.90 billion by 2029 with a CAGR of 16.9% during t

Author: Ritvi Kadam

In-Vehicle Payments Market accounted for US$ 1.90 billion in 2019 and is estimated to be US$ 8.90 billion by 2029 and is anticipated to register a CAGR of 16.9%. Continuous advances in the connected vehicle technologies and IoT has led to the movement of mobile wallets to the dashboards as OEMs are now partnering with the card networks and various retailers to equip their vehicle offerings with in-vehicle payment technology. In-vehicle Payment enables the driver to pay for certain services and products without even having to get down from the car, which include payment for parking services, fuel, various drive-thru restaurants, and many others. In addition, tech giants such as Amazon and Google are bringing their popular voice assistants in vehicles, which further facilitates the driver to buy products while they are behind the wheels.

The report " Global In-Vehicle Payments Market, By Product (Car and Vans), By Type (NFC based, APP based, QR code based, and Credit Card based), By Application (Parking Management, Drive-through Purchasing, and Toll Collection), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030"

Key Highlights:

  • In 17th March 2021, Mercedes rolls out contactless in-vehicle fuel payments in Germany. In Addition, Mercedes drivers in Germany can now make contactless in-car payments for fuel directly from their Mercedes me app or via their vehicle’s infotainment system using the luxury car maker’s new Fuel & Pay digital payments service.

Analyst View:

Increasing contactless payments which includes emergence of communication technology, such as NFC that consumes lesser power while active, the scope for the contactless payments has improved, as it tackles the issues of higher power consumption in other contactless cards. The widespread adoption of contactless payments in the United Kingdom was gradual, and presently, it has become the world leader for contactless payments..

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Key Market Insights from the report:

The Global In-Vehicle Payments Market accounted for US$ 1.90 billion in 2019 and is estimated to be US$ 8.90 billion by 2029 and is anticipated to register a CAGR of 16.9%. The Global In-Vehicle Payments Market is segmented based on the product, type, application, and region.

  • On the basis of product, the Global In-Vehicle Payments Market is segmented into cars and vans.
  • Based on type, the target market is segmented into NFC based, APP based, QR code based, and Credit Card based.
  • On the basis of application, the target market is segmented into Parking Management, Drive-through Purchasing, and Toll Collection.
  • By region, the Global In-Vehicle Payments Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the worldwide leader in the In-Vehicle payments market in terms of revenue

Competitive Landscape:

The key players operating in the Global In-Vehicle Payments Market includes Jaguar Land Rover Royal Dutch Shell, Honda Motor Visa IPS Group Gilbarco Veeder-Root, GM MasterCard IBM, Amazon Ford Motor, Volkswagen, Daimler, Hyundai Google, BMW, Alibaba SAIC.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.