Pune, India, February 16, 2022 (GLOBE NEWSWIRE) — The world embedded payment systems market the size is expected to increase from USD 3.32 billion in 2021 to USD 12.50 billion in 2028, showing a CAGR of 20.9% during the forecast period. Growing traffic congestions and high demand for contactless payments to drive market progress. A keen interest in efficient and contactless exchanges and an expanding center around in-vehicle installment creation are valued to support the development of the market.
- November 2021: Mercedes-Benz has partnered with Visa to offer in-car payments using fingerprints.
- Historical years: 2017-2019
- Reference year: 2020
- Forecast period: 2021-2028
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Market Growth Factors:
- In-vehicle payment systems are equipped with in-car payment options. It allows drivers to transact with multiple organizations at charging stations, gas stations, smart parking, and toll gates.
- The growing demand for efficient and contactless payments can drive the adoption of the digital payment system. Moreover, the growing emphasis on the development of in-vehicle payment systems is expected to support the development of the in-vehicle payment system market over the forecast period.
- Rapid technological developments and growing demand for contactless payment options are expected to facilitate in-vehicle payment systems. Additionally, the increasing attention paid by Hyundai, Honda, General Motors, and Mercedes to the development of digital payments is expected to drive the market growth.
- In addition, increasing traffic congestion at toll plazas, roads, parking lots and gas stations is expected to boost product adoption. Additionally, increasing technological developments in developing countries are expected to drive the growth of the in-vehicle payment systems market.
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Payment method, application and region are investigated
By payment method, the in-vehicle payment system market is segmented into NFC, QR/RFID code, e-wallet/app, and credit/debit card. Based on the app, it is categorized into parking, gas station/charging station, shopping, food and coffee, and toll.
The debit card/Visa remittance portion held about 55% of the in-vehicle remittance administration pie in Canada in 2021, driven by credit card/Mastercard notoriety and widespread use for making payments. contactless payments. Dynamic automakers focus on associations; General Motors cooperating with Mastercard and IBM, Honda Motors cooperating with Mastercard Visa and PayPal.
The food/coffee section accounted for the highest revenue share of over 26% in 2020. Interest in different beverages and pressed food sources is growing among travelers and drivers due to increasing traffic issues worldwide.
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Rapid technological advancements to drive market growth in North America
North America is expected to lead the in-vehicle payment systems market share due to increasing technological advancements. The North America market was worth USD 1.38 billion in 2020 and is expected to grow rapidly in the coming years.
In Europe, the increasing penetration and the presence of a strong automobile industry could support the growth of the market. Moreover, the increasing adoption of next-generation vehicles is expected to drive the growth of the industry.
Asia-Pacific provincial market is expected to register the fastest CAGR of 18.1% from 2021 to 2028. Developing population and increasing degrees of additional money are expected to contribute to the development of the local in-vehicle payment system market .
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Strategic collaborations between companies to fuel competition
Outstanding organizations working in the market design key joint efforts to fuel the competition. For example, in May 2021, Parkopedia said its coordinated multi-space installment phase would work with significant vehicle slices, including power, cost, departures, and EV charging. This achievement could allow the organization to support its brand image and fuel rivalry. Additionally, organizations are undertaking innovative works, extensions, consolidations, and obtaining techniques to support their position in the market.
Top Key Players Covered in Embedded Payment System Market:
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- BMW AG (Munich, Germany)
- Daimler AG (Stuttgart, Germany)
- JAGUAR LAND ROVER AUTOMOTIVE PLC (Coventry, UK)
- General Motors Company (Michigan, USA)
- Honda Motor Co.Ltd. (Tokyo, Japan)
- Hyundai Motor Group (Seoul, South Korea)
- IBM Corporation (New York, USA)
- Mastercard Inc. (New York, USA)
- Visa Inc. (California, USA)
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