In-vehicle Payment Services Market by Type and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR43893
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The in-vehicle payment services market has the potential to grow by USD 2.31 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 89.94%.

This in-vehicle payment services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (RFID and Bluetooth) and geography (Europe, North America, APAC, South America, and MEA). The in-vehicle payment services market report also offers information on several market vendors, including BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Gentex Corp., Honda Motor Co. Ltd., Hyundai Motor Co., JAGUAR LAND ROVER AUTOMOTIVE PLC, Volkswagen AG, and ZF Friedrichshafen AG among others.

What will the In-vehicle Payment Services Market Size be in 2021?

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In-vehicle Payment Services Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The high correlation between consumer electronics and connected car solutions is notably driving the in-vehicle payment services market growth, although factors such as design complexity and technological challenges may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the in-vehicle payment systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • The high correlation between consumer electronics and connected car solutions will fuel the growth of the in-vehicle payment services market size.
  • Hardware cost remains a primary consideration for automotive OEMs, and by keeping a close eye on consumer electronics, they can adopt new technology in a cost-effective manner.
  • Basically, when any technology is adopted in the consumer electronics segment, its volume grows, which results in the decline of prices in the market. The automotive segment can also benefit from it.
  • Discussion with OEMs regarding the design of the vehicle interior to make fitment of system efficiency allowed the suppliers to benefit from their consumer electronics development efforts and come up with user interfaces that are easy to use and develop.
  • The reduction in complexity and price of the systems mutually benefits both OEMs and suppliers. This driver will allow new technology such as in-vehicle payment services to gain wide adoption.
  • The rising demand for smartphone integration will drive in-vehicle payment services market growth during the forecast period.
  • The growing demand for in-vehicle connectivity and telematics-based systems has led to technological enrichment, which enhances the overall in-vehicle experience for both passengers and drivers.
  • The evolution of the in-vehicle connected system has resulted in consumers connecting their smartphones and tablets to their vehicles' infotainment systems for the purpose of entertainment and information.
  • To tap the changing demands of consumers, OEMs are collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services.
  • Due to the growing demand for electronic vehicles worldwide, automotive OEMs are developing applications that will allow consumers to connect their smartphones with vehicles and provide real-time status of their vehicle battery. 

This in-vehicle payment services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major In-vehicle Payment Services Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • BMW AG
  • Daimler AG
  • Ford Motor Co.
  • General Motors Co.
  • Gentex Corp.
  • Honda Motor Co. Ltd.
  • Hyundai Motor Co.
  • JAGUAR LAND ROVER AUTOMOTIVE PLC
  • Volkswagen AG
  • ZF Friedrichshafen AG

 

This statistical study of the in-vehicle payment systems market encompasses successful business strategies deployed by the key vendors. The in-vehicle payment services market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The in-vehicle payment services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for In-vehicle Payment Services Market?

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36% of the market’s growth will originate from Europe during the forecast period. Germany, UK, and France are the key markets for in-vehicle payment services in Europe. Market growth in this region will be faster than the growth of the market in MEA and South America.

The rise in penetration of luxury cars and improving economic conditions will facilitate the in-vehicle payment services market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the In-vehicle Payment Services Market?

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The in-vehicle payment services market share growth by the RFID segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the in-vehicle payment services market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this In-vehicle Payment Services Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive in-vehicle payment systems market growth during the next five years
  • Precise estimation of the in-vehicle payment systems market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the in-vehicle payment services industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of in-vehicle payment systems market vendors

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In-vehicle Payment Services Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 89.94%

Market growth 2021-2025

$ 2.31 billion

Market structure

Fragmented

YoY growth (%)

176.65

Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

Europe at 36%

Key consumer countries

US, Germany, UK, China, and France

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Gentex Corp., Honda Motor Co. Ltd., Hyundai Motor Co., JAGUAR LAND ROVER AUTOMOTIVE PLC, Volkswagen AG, and ZF Friedrichshafen AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The in-vehicle payment services market growth will increase by $8212.81 thousand units during 2019-2024.
The in-vehicle payment services market is expected to grow at a CAGR of 34.60% during 2019-2024.
Technavio has segmented the in-vehicle payment services market by product (Car and Van) and geographic (Europe, North America, APAC, South America, and MEA).
BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Gentex Corp., Honda Motor Co. Ltd., Hyundai Motor Co., JAGUAR LAND ROVER AUTOMOTIVE PLC, Volkswagen AG, ZF Friedrichshafen AG are a few of the key vendors in the in-vehicle payment services market.
Europe will register the highest growth rate of 41.44% among the other regions. Therefore, the in-vehicle payment services market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the in-vehicle payment services market growth are:
  • Rising demand for smartphone integration
The in-vehicle payment services market vendors should focus on grabbing business opportunities from the car segment as it accounted for the largest market share in the base year.
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