The global in-vehicle payment services market size was valued at USD 4,145.8 million in 2021 and is poised to grow at a significant CAGR of 42.5% during the forecast period 2023-29. The government's widespread social distancing measures in reaction to the pandemic and rising public safety concerns are expected to fuel demand for contactless payment solutions, accelerating the introduction of in-vehicle payment systems. Furthermore, the market is predicted to grow due to major key players such as Mercedes-Benz, General Motors, Honda, Mercedes-Benz, Hyundai, and others focusing on developing contactless connected car payment solutions. Congestion on roadways, gas stations, toll plazas, parking lots, and elsewhere encourages individuals to adopt various payment methods. Global In-Vehicle Payment Services market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In May 2021, Visa signed a partnership agreement with Daimler to integrate biometrics solutions to enable in-vehicle payments.

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The QR Code/RFID segment is expected to account for a larger revenue share, and the market is significantly to grow at a double-digit rate over the forecast years due to increased adoption in various applications such as gas/charging stations, parking, space, toll plaza, and others, which is likely to boost segment growth due to the ability to execute instant payment and transitions using mobile. Moreover, in September 2022, Popular car manufacturers such as Cadillac, GM Motors, and Mercedes adopted QR Codes to Activate vehicle insurance policies, Track inventory, Voice assistants for cars, and Vehicle identification and registration. Furthermore, The Union Government has adopted QR Codes for vehicle registration in India – smart cards with QR Codes and NFC for driving licenses and vehicle registration certificates (RCs) across all states and union territories.

The global in-vehicle payment services market segmentation:

  • By Offering: Solution, Service
  • By Payment Mode: Credit/Debit Card, App/E-Wallet, QR Code/RFID, Others
  • By Vehicle Type: Light Duty Vehicle (LDV), Heavy Duty Vehicle (HDV)
  • By Application: Fuel/Charging Stations, Toll/Parking, Food/ Groceries, Others

North America Leads In-Vehicle Payment Services Market

North America is expected to hold significant market share in the global In-Vehicle Payment Services market and is projected to grow at a prominent growth rate over the forecast years owing to the enormous expenditures made by automakers in auto technology, The supported government measures are also a significant driver of the region's connected car growth. Regional governments are investing in road and communications infrastructure development to let connected automobiles communicate with their surroundings more effectively. North America's well-established automotive sector is favorable affecting demand for in-vehicle payment systems. In jan 2020 Shell Oil Co. will now accept payment for fuel and services through Uconnect Market, an in-car commerce program from Fiat Chrysler Automobiles (FCA).

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Key player’s profiles in the In-Vehicle Payment Services market report are BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Jaguar Land Rover Automotive PLC, Volkswagen AG, ZF Friedrichshafen AG, Google, Amazon, Visa, MasterCard, PayPal.

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