In-Vehicle Payment Services Market Growth 2023- Upcoming Trends, CAGR Status, Regional Insights, Business Challenges, Opportunity and Future Competition Research Report 2033: SPER Market Research
With the help of in-vehicle payment services, drivers may make purchases right from their cars without the need for additional payment methods. By streamlining financial transactions at petrol stations, this technology improves operational effectiveness everywhere. The market is expanding as a result of the rising use of credit card payment technology among drivers in important Asian economies including China, Japan, and India.
According to SPER market research, ‘In-Vehicle Payment Services Market Size- By Payment Mode, By Application, By Offering, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the In-Vehicle Payment Services Market is predicted to reach USD 26.42 billion by 2033 with a CAGR of 18.92%.
The growth of the in-vehicle payment services market is driven by the rising preference for contactless payment among vehicle users. Contactless payment offers various advantages, such as reducing cash handling costs and speeding up fund transactions, which contribute to market expansion. The travel and hospitality sectors’ rapid adoption of contactless payments also plays a significant role in propelling market growth, driven by benefits like reduced transaction time and increased convenience at fuel station terminals. Moreover, the increasing adoption of digital payment technology, including mobile payments, debit cards, and credit cards, fuels market growth. Rising smartphone penetration, coupled with the convenience and reduced transaction times of online payments, as well as the growing demand for mobile and wearable payment devices, further accelerate the expansion of in-vehicle payment services globally. The market’s growth is also driven by the need for hassle-free payment systems at parking spaces, toll plazas, and gas stations, meeting the expectations of modern consumers.
While in-vehicle payment systems offer a convenient way for contactless payments, the integration of connected technology poses risks of data hacks and leaks. Concerns about privacy and system vulnerabilities lead to hesitancy among users and service providers in granting access to vehicle and telematics data. Implementing robust firewalls and protection protocols can mitigate these risks but adds to the overall cost, potentially restraining market growth for in-vehicle payments.
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Impact of COVID-19 on Global In-Vehicle Payment Services Market
The in-vehicle payment services market experienced substantial growth in recent years, but the outbreak of the COVID-19 pandemic led to a sudden decline. This was mainly due to government-imposed lockdowns, travel restrictions, and a rise in COVID-19 cases globally. The pandemic hindered the market’s growth. However, the increasing digitalization in the travel industry is expected to present promising opportunities for market recovery and growth post-COVID-19.
In-Vehicle Payment Services Market Key Players:
Geographically, North America held a dominant position in the in-vehicle payment services market, and it is projected to maintain its leadership during the forecast period. This is attributed to the growing adoption of digital payment technology, including credit cards, debit cards, and mobile payments, at fuel stations in the U.S. and Canada. However, in the upcoming years, Asia-Pacific is expected to contribute the largest market share due to continuous innovation in smart vehicles, such as voice-based controls, enabling drivers to make purchases while driving without compromising road safety regulations. Additionally, some of the market key players are Amazon, BMW AG, Daimler AG, Ford Motor Co., Others.
In-Vehicle Payment Services Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Payment Mode: Based on the Payment Mode, Global In-Vehicle Payment Services Market is segmented as; App/E-Wallet, Credit/Debit Card, QR Code/RFID, Others.
By Application: Based on the Application, Global In-Vehicle Payment Services Market is segmented as; Food/ Groceries, Fuel/Charging Stations, Toll/Parking, Others.
By Offering: Based on the Offering, Global In-Vehicle Payment Services Market is segmented as; Service (Managed Services, Professional Services), Solution.
By Vehicle Type: Based on the Vehicle Type, Global In-Vehicle Payment Services Market is segmented as; Heavy Duty Vehicle (HDV), Light Duty Vehicle (LDV).
By Region: This research also includes data for Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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In-Vehicle Payment Services Market Future Growth
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