The global in-vehicle payment services market was valued at USD 3,090.0 million in 2020 and is anticipated to reach a value of USD 12.10 billion in 2028, expanding at a CAGR of 16.1% over the forecast period, 2021-2028. The growth of the market is attributed to the increasing number of commercial and passenger vehicles worldwide as they result in propelling the demand for parking spaces.
In-vehicle payment services enables an individual to put an order and pay for gasoline, food, groceries, coffee, tolls, and parking slots without the need of stepping out of the vehicle. The current focus of manufacturers is to develop built-in systems that include voice-based controls which is expected to enable the drivers to shop without striking the balance of safety norms of the roads. The dashboards that are voice-based are expected to distract the driver’s attention while driving resulting to always prioritize safety on road over the need of shopping as driving as dashboards need the requirement to chat. However, the University of Utah conducted a study that states that huge cognitive disruption can be caused by using speech-to-text technology, as an extra effort is needed to chat with a dashboard when compared to speaking to an individual.
The COVID-19 pandemic had adverse impact on various industries and shattered the global economy due to emergency lockdown, quarantines, social distancing, and other regulations imposed by the local governments across the various parts of the world. However, the pandemic had a positive impact on the in-vehicle payment services market owing to the rising preference of contactless payments among individuals to avoid human interaction resulting to stop the further spread of the virus. Hence increasing adoption of in-vehicle payment services is expected to drive the global market amid the pandemic.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing acquisition of driver support systems that benefits the driver in several ways including enabling purchasing and hassle-free parking is expected to fuel the market growth.
- The growing influence of digital payment methods and their ease of use is anticipated to propel the market growth over the forecast period.
- Accelerating trend of autonomous vehicles that are self-driven is estimated to boost the market expansion in the coming years.
- Rising online thefts, frauds, and cyber attacks are key challenges that can restrain the market growth during the forecast period.
- Technological advancements and increasing research & development programs to implement these in the products is projected to present key opportunities for the market growth.
Key Players
- PayPal
- MasterCard
- Visa
- BMW AG
- Ford Motor Co.
- Daimler AG
- General Motors Co.
- Hyundai Motor Co.
- Honda Motor Co. Ltd.
- Volkswagen AG
- Jaguar Land Rover Automotive PLC
- ZF Friedrichshafen AG
- Amazon
Competitive Landscape
Key players competing in the global in-vehicle payment services market are PayPal; MasterCard; Visa; BMW AG; Ford Motor Co.; Daimler AG; General Motors Co.; Hyundai Motor Co.; Honda Motor Co. Ltd.; Volkswagen AG; Jaguar Land Rover Automotive PLC; ZF Friedrichshafen AG; Amazon; and Google. Many of these players have adopted business strategies such as introducing new technology, launching new products, collaborations, partnerships, alliances, acquisitions, and mergers in order to increase their operation expansion, consumer base, and market position globally.
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