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| In-Vehicle Payment Services Market |
The global In-Vehicle Payment Services Market is estimated to be valued at US$ 6.28 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
In-Vehicle Payment Services allow contactless payments for goods and services
directly through vehicles. It provides convenience to users by enabling them to
pay for tolls, parking fees, gas and food purchases without needing cash or
cards.
Market key trends:
One of the key trends in the In-Vehicle Payment Services Market is the growing
adoption of artificial intelligence. Most major automakers are integrating
artificial intelligence capabilities into their in-car payment systems. This is
allowing users to complete transactions hands-free through voice commands. It
is enhancing convenience and creating a seamless payment experience for
drivers. For example, users will be able to say "pay for gas" or
"pay toll fee" and the AI-powered system will detect their location
and complete the transaction automatically on their behalf. This is boosting
the popularity of in-vehicle payment services.
Segment Analysis
The in-vehicle payment services market is segmented based on type, application,
vehicle type, and region. Based on type, the market is segmented into embedded
services and tethered services. The embedded services segment dominates the
market and is expected to continue its dominance over the forecast period.
Embedded systems provide seamless payment services directly through the vehicle
dashboard or infotainment system, which improves convenience for customers.
Key Takeaways
The global In-Vehicle
Payment Services Market Share is
expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing demand for
seamless payment services directly through vehicle systems.
Regional analysis
North America dominates the global in-vehicle payment services market and is
expected to continue its dominance over the forecast period. High adoption of
advanced technologies and presence of major players in the US and Canada are
contributing to the region's large market share. Asia Pacific is expected to be
the fastest growing region due to rising disposable incomes and increasing
demand for luxury vehicles in emerging economies such as China and India.
Key players
Key players operating in the in-vehicle payment services market are BMW Group,
Mastercard, Daimler Ag, Amazon, Ford Motor Company, Volkswagen Ag, Honda Motor
Co., Ltd., General Motors Company, and Hyundai Motor. The market leaders are
focusing on partnerships and product innovations to strengthen their market
position. For example, in 2022 BMW partnered with Amazon to integrate Amazon
Pay into its vehicles, allowing contactless in-car payments.
Read More,
https://www.insightprobing.com/in-vehicle-payment-services-market-trends-size-and-share-analysis/
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