According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, North America is anticipated to hold a majority share in the In-Vehicle Payment Services Market. In-Vehicle Payment Services Market size is estimated to register exponential gains led by increasing demand for convenience, luxury, and comfort among consumers across the globe. With the rising adoption of the IoT and continuous developments in connected vehicle technologies, OEMs are increasingly partnering with various retailers and tech-savvy payment companies to offer in-vehicle payment services. For instance, Honda Motor Company Ltd. and Visa, Inc. partnered to offer payment services, infotainment, commerce, and rewards dashboards within the vehicle environment.
In-vehicle payment services refer to vehicle systems embedded with payment technology that will help drivers to view and complete their purchases with various retailers such as fuel pumps, smart parking, and toll gates. In-vehicle payment services enable passengers to purchase from dashboards of cars without pulling out any cards or devices that save drivers’ time and help in getting to destination in safer, faster, and more efficient manner.
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The growing trend of autonomous vehicles is driving the growth of in-vehicle payment services market over the forecast period. The autonomous vehicles are enabled with internet connectivity according to the growing demand for luxury, convenience, and comfort. For instance, by 2019, connected cars are expected to increase by 64 million units. The connected car market is expected to be valued at over USD 50 billion by 2025, growing at a CAGR of 14.8% over the forecast period.
The high cost of embedded systems as compared with integrated systems is hindering the in-vehicle payment services market. The embedded system provides real-time solutions with its own operating system, reducing the chances of payment failures. Personal data and financial information such as card number, PIN, and CVV are at risk in cyberattacks, restraining the growth of the in-vehicle payment services market. For instance, in July 2015, Fiat recalled nearly 1.4 million Chryslers in the U.S. as a technical glitch in its dashboard permitted hackers to disable the vehicle. In September 2016, white hat hackers deployed a malware in Tesla cars.
The parallel growth for Internet Service Providers (ISPs) is anticipated to drive the growth of in-vehicle payment services market. The parallel growth of ISP will influence the connected vehicles market as well as enable payment systems embedded within the car for a hassle-free driving experience. The increase in the demand for driver assistance systems is expected to drive the growth of the in-vehicle payment services market as it will help in hassle-free parking and fuel the purchase from dashboards without requiring any cards or devices to complete the purchase.
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By vehicle type, passenger vehicles are anticipated to hold the largest market share in in-vehicle payments market due to the growing demand for luxury, convenience, and comfort in vehicle environment. With increasing cross-country road trips trend among consumers, the preference for hassle-free, secure, transparent payments at tolls, parking, and fuels without using any cards or devices is increasing the demand for in-vehicle payment services in passenger vehicles, driving the growth of in-vehicle payment services market over the forecast period.
North-America is estimated to hold the largest share in in-vehicle payment services market due to the increased vehicle production by three major key players, Ford Motor Company, General Motor Company, and Fiat-Chrysler Automobiles N.V., and their collaboration with technology-enabled financial giants, Mastercard Inc. and Visa Inc. For instance, General Motors Company collaborated with Visa, Inc. to develop APIs to improve the driving experience by facilitating in-car payment solutions, easing congestion, and reducing emissions. Asia Pacific is expected to grow at a high CAGR in in-vehicle payment services market due to the presence of key automobile manufacturers, fast growing economies, and increasing purchasing power among consumers.
Some of the key market players of the in-vehicle payment services market, which include automotive manufacturers, technology companies, and technology enabled financial companies are Alphabet, Inc., Audi AG, BMW AG, Daimler AG, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Corporation, IBM Corporation, Mastercard, Inc., Tesla, Inc., Toyota Motor Corporation, UBS Group AG, Visa, Inc., Volvo Corporation, and ZF Friedrichshafen AG. These players are constantly entering into strategic partnerships and mergers & acquisitions to gain competitive advantage and become market leaders in in-vehicle payment services market. For instance, IBM Corporation collaborated with ZF Friedrichshafen AG and UBS Group AG to develop blockchain based in-vehicle payment services, which will enable transparent, secure, hassle-free parking, toll, and fuel payments.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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