In-vehicle payment services enable driver's and passengers to make secure payments directly from their vehicle using technologies like Near Field Communication (NFC), Bluetooth or GPS. These services facilitate contactless payment for transportation services, food orders, tolls and parking without the need to stop the vehicle or handle cash. The convenience of contactless payments is driving greater adoption of in-vehicle payment solutions.
The global In-Vehicle Payment Services Market is estimated to be valued at US$ 7.24 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for contactless payment solutions from commuters and tech-savvy drivers is a major trend fueling the growth of in-vehicle payment services market. Contactless payments allow for a swift transaction experience without physical cards or cash which is highly valued especially in high traffic areas. Leading automobile manufacturers and payment service providers are collaborating to embed payment solutions directly into vehicle dashboards for an integrated user experience. Additionally, technologies like Bluetooth, NFC and GPS enable secure and seamless authorization of in-car payments without the added step of mobile apps or internet connection on driver's smart devices.
Segment Analysis
The global in-vehicle payment services market is dominated by the embedded segment which holds around 65% share of the market. Most luxury and premium vehicles come pre-installed with embedded payment systems that allow contactless payment for goods and services directly from the vehicle's dashboard. The technology is gaining popularity due to the convenience offered to drivers who can pay for fuel, parking charges, tolls and drive-thrus without having to stop and use physical cards or cash.
Key Takeaways
Global In-Vehicle Payment Services Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising demand for enhanced driving experience and increasing vehicle connectivity.
Regional analysis shows that North America currently dominates the market due to strong presence of tech-giants and early adoption of new technologies among consumers. The US accounts for over 40% share supported by widespread availability of advanced automotive technologies.
Key players operating in the in-vehicle payment services market are Apple Inc., Amazon Renewed, Samsung Electronics, Best Buy Co., Inc., Gazelle (a subsidiary of ecoATM Gazelle LLC), Newegg Inc., Decluttr, Back Market, HP Inc., GameStop Corp., Swappa, BuyBackWorld, eBay Inc., Renewgoo, Music Magpie.
Get More Insights on this Topic- https://www.dailyprbulletin.com/in-vehicle-payment-services-market-size-demand-and-outlook/
Comments
0 comment