The in-vehicle payment services market will reach $10 billion by 2028,

Selbyville, Del., Jan. 26, 2022 (GLOBE NEWSWIRE) —

The in-vehicle payment services market is expected to exceed USD 10 billion by 2028, as reported in a research study by Global Market Insights Inc. Growing demand for connected vehicles and digital payment services is driving the growth of the industry.

The increasing adoption of contactless payment services by different end-user industries is driving the growth of the in-vehicle payment services market. Various end-user industries, such as automotive and telecommunications, are widely using digital payment platforms to improve customer experience and provide better digital and technology services. For example, in May 2021, Hyundai launched in-car payments for its all-electric Ioniq 5 crossovers. This launch helped the company bring advanced payment capabilities to drivers and help them find and pay for electric vehicle charging and restaurants.

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Debit/credit cards held a market share of over 55% in 2021. Debit and credit cards are widely used to make contactless payments due to their simple operations and enhanced security features. The increasing adoption of debit/credit cards by different age groups offers significant growth opportunities to the market. Additionally, the growing trend of online shopping has increased the adoption of debit and credit cards by users, thereby driving the growth of the in-vehicle payment services market.

The e-commerce application is expected to grow at a CAGR of over 50% from 2022 to 2028 due to a growing trend in online shopping. Digital payment services are widely used by customers when shopping online as they save time and improve customer experience. Various companies are developing self-driving vehicles as well as digital payment services that allow customers to easily pay when shopping.

Europe is expected to experience exponential growth in the global in-vehicle payment services market due to changing customer preferences, increasing adoption of advanced technologies and growing digitalization across all industries. The well-established automotive sector in the region is another factor supporting the growth of the market. Automotive companies operating in the region are entering into strategic partnerships with fintech companies to provide advanced and integrated in-vehicle payment services. For example, in November 2021, Daimler partnered with Visa to develop in-car payment technology. This technology takes the hassle out of mobile devices for payment authentication. The technology allows customers in the UK and Germany to make payments using a fingerprint sensor in a car.

Companies operating in the market are focusing on developing strategic partnerships to develop advanced in-vehicle payment services. For example, in August 2021, Blackberry partnered with Car IQ for in-vehicle payment. It enables secure vehicle-based payment capabilities using its cloud-connected software platform. The system autonomously validates and makes payments for various services such as parking, food, etc.

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Some major findings of the In-vehicle Payment Services Market report include:

  • Technological advancements, such as IoT and connected vehicles, are expected to support the market growth over the forecast period.
  • The European in-vehicle payment services market is driven by the shift in consumer preference for digital payments.
  • Major players operating in the in-vehicle payment services market include Daimler AG, General Motor Company, Gentex Corp, Hyundai Motor Group, Honda Motor Co., Ltd, and Harman.
  • Companies operating in the market are setting up partnerships to develop integrated and advanced payment services for vehicles.

Partial chapters of the table of contents (TOC) of the report:

Chapter 2 Executive Summary
2.1 360º Overview of In-vehicle Payment Services Industry, 2018-2028
2.2 Trade trends
2.3 Regional trends
2.4 Trends in payment methods
2.5 Application trends
Chapter 3 Industry Overview of Embedded Payment Services
3.1 Presentation
3.2 Industry Segmentation
3.3 Impact of COVID-19
3.3.1 Impact by region North America Europe Asia-Pacific Latin America Middle East and Africa
3.4 Industry developments
3.5 In-vehicle Payment Service Industry Ecosystem Analysis
3.6 Technology and innovation landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Drivers of growth
3.8.2 Industry Pitfalls and Challenges
3.9 Analysis of growth potential
3.10 Porter’s analysis
3.11 PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.