Over the forecast period, the global In-Vehicle Payment System Market is expected to grow at a CAGR of 19.38%. The in-vehicle payment system is an automotive system that includes payment technology. This system enables the driver to make payments or transactions with a wide range of businesses or applications, such as toll gates, smart parking, gas stations, charging stations, and others.
In-Vehicle Payment System Market Report Scope and Research Methodology
The goal of the market report is to provide a current and future market scenario. The market report contains data on demand, income generation, sales, and revenue. Clients are informed about various growth components that are likely to be similar across the In-Vehicle Payment System industry by segmenting the market into different segments and sub-segments. The report also includes the industry's top players, such as market leaders, new entrants, and followers. To ensure accuracy, the In-Vehicle Payment System market study was created using a top-down and bottom-up approach. accurate. SMR's In-Vehicle Payment System The market report is the result of a study that used a number of methodologies, including PESTLE, PORTER, and SWOT analysis. The use of these methodologies provides insight into the In-Vehicle Payment System market's strengths and weaknesses, as well as macroeconomic and microeconomic factors.
In-Vehicle Payment System Market Report Overview:
The report includes information about In-Vehicle Payment System Market key players, as well as a detailed analysis of their growth strategies, financial information and capacity, geographical presence, and product portfolio. The report explains the fundamental dynamics of the In-Vehicle Payment System market, including market drivers, opportunities, challenges, and restraints.
In-Vehicle Payment System Market Size was valued at USD 3.45 billion in 2021. Global In-Vehicle Payment System Market size is estimated to grow at a CAGR of 19.38 % over the forecast period.
In-Vehicle Payment System Market Regional Analysis:
The report includes information on the In-Vehicle Payment System Market's key players, as well as a detailed analysis of their growth strategies, financial information and capacity, geographical presence, and product portfolio. The report explains the fundamental dynamics of the In-Vehicle Payment System market, such as the drivers, opportunities, challenges, and restraints.
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In-Vehicle Payment System Market Dynamics:
In the face of a pandemic and growing public safety concerns, government-enforced extensive social distancing guidelines are expected to fuel demand for contactless payment solutions, accelerating the adoption of in-vehicle payment services. Furthermore, major key players such as Mercedes, General Motors, Honda, Hyundai, and others are expected to drive market growth by developing contactless connected vehicle payment solutions. In 2021, the Contactless Payment Services Market was estimated to be worth US$ 1.34 trillion. During the forecast period, the Contactless Payment Services Market is expected to grow at a CSGR of 20.3%.
In-Vehicle Payment System Market Segmentation:
According to Payment Mode, the credit/debit card segment held the largest market share of 56.65% in 2021 and is expected to continue to dominate the market throughout the forecast period. Consumer preference for using credit and debit cards for contactless payments is driving the segment's growth. Furthermore, the growing popularity of safe and convenient transactions among people of all ages in developing economies is expected to fuel segment growth during the forecast period.
During the forecast period, the app/e-wallet segment is expected to grow at the fastest CAGR. Because of their convenience and transaction speed, app and e-wallet payment methods have grown in popularity in recent years.
By way of example, The gas/charging station segment held the largest market share in 2021 and is expected to continue to dominate the market throughout the forecast period. Rising road and gas/charging station traffic is expected to boost segment growth during the forecast period.
Furthermore, as government emission control standards change, the increasing adoption of next-generation electric vehicles is expected to have an impact on segment growth. Additionally, automakers' efforts to roll out in-vehicle fuel payment services for customer convenience, as well as increased global connected vehicle sales, are expected to accelerate market growth during the forecast period.
In-Vehicle Payment System Market Key Players:
ZF Friedrichshafen AG (Friedrichshafen, Germany)
BMW AG (Munich, Germany)
Daimler AG (Stuttgart, Germany)
JAGUAR LAND ROVER AUTOMOTIVE PLC (Coventry, UK)
General Motors Company (Michigan, U.S.).
Honda Motor Co. Ltd. (Tokyo, Japan)
Hyundai Motor Group (Seoul, South Korea)
IBM Corporation (New York US)
Mastercard Inc. (New York, U.S.)
Visa Inc. (California US)
CarPay Diem (Koerich, Luxembourg)
Cerence Inc (Massachusetts, United States)
Daimler AG (Stuttgart, Germany)
Gentex Corporation (Zeeland, United States)
Harman International Industries, Inc. (Connecticut, United States)
Key Questions answered in the In-Vehicle Payment System Market Report are:
- What is In-Vehicle Payment System Market?
- Who is the top In-Vehicle Payment System Market players?
- What was the In-Vehicle Payment System Market size in 2021?
- What is the expected In-Vehicle Payment System Market size by 2029?
- What will be the CAGR of the In-Vehicle Payment System market during the forecast period?
- Which region held the largest market share in the In-Vehicle Payment System Market?
- Which regional In-Vehicle Payment System market is expected to grow at a high rate during the forecast period?
Key offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis of segments and sub-segments
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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