Global Automotive in-Vehicle Payment Market report covers the business areas like the Internet on Vehicle (IoV), freight delivery, shipping, automated toll collection, smart parking, and many others. The report provides detailed analysis of applications and key strategies in the market with driving and restraining factors. It identifies the top key players in the markets with details of existing strategies, profiles, and recent development. The report also covers market opportunities analysis to improve business performance according to market trends.
Several OEMs and payment service providers have collaborated for the expansion and development of in-vehicle payment services to revolutionize the traveling experience. In 2019, Visa and SiriusXM Connected collaborated to offer in-vehicle payment through SiriusXM e-wallet services. This service is broadly adopted by the connected service platform in North America. Visa and SiriusXM are developing a voice-assisted in-car payment system to enhance the in-vehicle payment service experience.
The technology used in the automotive in-vehicle payment service is segmented into Long Range Radio Frequency Identification (RFID) and Bluetooth Low Energy (BLE).
Long Range Radio Frequency Identification (RFID) has dominance in the market and is expected to maintain its dominance in the forecast period.
The government in several region supporting the in-vehicle payment using RFID technology at toll plaza, parking, and other government application. The RFID tags provides access control, vehicle identification, and vehicle tracking, which increases the vehicle security. Growing digitalization and technological development of RFID, is expected to propel the market growth at XX% in the forecasted period. The detailed analysis of RFID segment with vehicle type, market size, region, along with government regulation are covered in the report.
Global Automotive In-Vehicle Payment Market
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The application segment is divided into Fuel Stations, Parking Spaces, Electric Charging Stations, Toll Booths, and Other Applications.
The inclusion of smart devices and internet access in the vehicle creating enormous opportunities for the payment service provider to offer smart solutions to their customers. The vehicle owner uses the in-vehicle payment service in various applications. The toll booth segment has dominance in the market as it uses RFID tags to collect tolls and also serves the purpose of vehicle tracking. Which reduces accountability and reduces the labor cost at the toll booth. Several car rentals and car leasing service provider uses the toll data for better tracking of their vehicles. Several governments make RFID mandatory in vehicles for the toll collection and tracking of vehicles. Growing digitalization in vehicle and transport technology is majorly driving the market.
Global Automotive In-Vehicle Payment Market1
Global Automotive In-Vehicle Payment Market Regional Insights:
Global Automotive In-Vehicle Payment Market2
Asia Pacific is expected to register the highest growthof xx% CAGR in 2019-2027.
The Asia Pacific region is leading the growth in the automotive in-vehicle payment system market, thanks to the increasing number of vehicle production and consumers. Several countries in the region introduced electronic toll collection system, which is expected to drive the adoption of in-vehicle payment technology. India has launched a one nation one tag scheme, which mandates to all four-wheelers must be enabled with the FASTag (RFID tag) from January 1, 2021. In China, RFID chips are mandatory for all new four-wheelers starting from 2019. The government initiatives are expected to propel the market growth in the forecasted period.
The North American in-vehicle payment market is growing through payments services across connected service platform.
The growth in autonomous vehicle and connected vehicle are driving the market in the forecast period. The North America commands about XX% of the market share in the global automotive in-vehicle payment service market. Increasing implementation of services at the food plaza, fuel station, parking station is creating demand for automotive in-vehicle payment service, as the customers enjoy the flexibility of paying from their mobile devices through mobile wallets and on-demand services. The detailed analysis of the region is covered in the report with key insights, size, and share of the market according to countries & key players operating in the market.
The objective of the report is to present a comprehensive analysis of the Global Automotive In-Vehicle Payment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Automotive In-Vehicle Payment Market dynamics, structure by analyzing the market segments and project Global Automotive In-Vehicle Payment Market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Automotive In-Vehicle Payment Market the report investor’s guide.
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Global Automotive In-Vehicle Payment Market, by Application
• Fuel Stations
• Parking Spaces
• Electric Charging Stations
• Toll Booths
• Other Applications
Global Automotive In-Vehicle Payment Market, by Technology Type
• Long Range Radio Frequency Identification (RFID)
• Bluetooth Low Energy (BLE)
Global Automotive In-Vehicle Payment Market, by Component Type
• ECU
• Code Scanner
• Camera
Global Automotive In-Vehicle Payment Market, by Vehicle Type
• Passenger vehicles
• Commercial vehicles
Global Automotive In-Vehicle Payment Market, by Region
• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa
Key players operating in Global Automotive In-Vehicle Payment Market
• BMW AG
• Daimler AG
• Ford Motor Co.
• General Motors
• Honda Motor Co. Ltd.
• Hyundai Motor Co.
• Jaguar Land Rover Automotive PLC
• Volkswagen AG
• ZF Friedrichshafen AG
• Google
• Amazon
• Visa
• MasterCard
• PayPal
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