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| Global In-Vehicle Payment Services Market Size |
In-vehicle payment services provide secure and convenient payment options for
drivers at fuel stations, parking lots, drive-thrus and toll roads without
needing to stop the vehicle or handle cash. Features like integration with
digital wallets and contactless payments reduce transaction time and enhance
customer experience.
The global
In-vehicle Payment Services Market is estimated to be valued at US$ 6.28 Bn in 2023 and is expected to
exhibit a CAGR of 5.6% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
Adoption of digital payments has accelerated significantly over the past few
years driven by factors like convenience, security and transparency. This shift
towards digital and contactless modes of payment has also positively impacted
the in-vehicle payment services market. Leading service providers are focusing
on integrating popular digital wallets and payment apps within vehicle
infotainment systems to facilitate seamless payment processes. For example,
inclusion of popular wallets like Google Pay, Apple Pay, etc. enables drivers
to complete transactions with a simple tap directly from the vehicle dashboard.
This trend is expected to further drive market growth over the forecast period.
Segment
Analysis
The global in-vehicle payment services market is dominated by the embedded
segment which is expected to have a market share of over 65% in 2023. Embedded
payment services provide convenience to users by allowing contactless payment
directly from vehicle's dashboard without needing a smartphone. This has
increased adoption rate among users.
Key Takeaways
Global
In-Vehicle Payment Services Market Size is expected to witness high
growth over the forecast period of 2023 to 2030 supported by rising demand for
contactless payment solutions from tech-savvy users and growing in-vehicle
infotainment applications.
Regional
analysis reveals that North America region currently dominates the market owing
to highly developed automotive industry and presence of leading OEMs. However,
Asia Pacific region is anticipated to register highest CAGR during the forecast
period due to increasing vehicle production and sales coupled with rising
disposable income in countries like China and India.
Key players operating in the in-vehicle payment services market are Medibank
Private Limited, Petplan, Oneplan Insurance, Dotsure.co.za (Hollard), Healthy
Paws Pet Insurance LLC, Figo Pet Insurance LLC, Embrace Pet Insurance Agency
LLC, Anicom Holdings Inc., Oriental Insurance Company Ltd., MetLife Services
and Solutions LLC (PetFirst Healthcare LLC), and Crum & Forster Pet
Insurance Group (Hartville Pet Insurance Group), among others.
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