Strategic Analysis of the Global Automotive In-Vehicle Payment System Market, Forecast To 2027

 

Global Automotive In-vehicle Payment System: Introduction

• The automotive in-vehicle payment system market enables drivers to pay for goods and services such as refilling at gas station, movie tickets, toll tickets, smart parking, order ahead for pickup, and also share their location with their families
• Several OEMs in the automobile industry are partnering with card companies, such as VISA and MasterCard, to integrate in-car payment systems in their vehicles. This technology virtually converts the vehicle into a wallet, and the driver doesn’t need to get out of the vehicle to pay for fuel or parking space. This eliminates the need for the driver or vehicle owner to carry cash in his or her wallet. A majority of fuel pumps has adopted card and mobile payment technology; however, the in-vehicle payment system eliminates the need to carry cash in the wallet.

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Key drivers of global automotive in-vehicle payment system market

• Currently, significant crowds are witnessed at every toll plaza, fuel pump, and parking place and the in-vehicle payment system can play a vital role to avoid such crowds and save valuable time. The in-vehicle payment system enables passengers to purchase from the dashboards of their vehicles without using cash or card.
• Advancements in technology, such as Internet of Things and connected vehicle technologies, have prompted OEMs to tie up with various retailers and payment companies to offer in-vehicle payment services
• Rising trend toward autonomous vehicles is propelling the automotive in vehicle payment market. All the payment system at toll plazas or fuel pumps are controlled by artificial intelligence integrated into the vehicle.

Asia Pacific to hold prominent share of global automotive in-vehicle payment system market

• Several free-trade agreements between Europe-Asia and UAS-Asia have resulted in economic development of counties such as India, China, Malaysia, and South Korea, in Asia Pacific, which has boosted the disposable income and living standards of the population in the region. This, in turn, is shifting consumer preference toward owning a vehicle that has an in-vehicle payment system.
• Legislations enacted by governments and organizations of various countries are compelling automakers to increase integration of various payment merchants

Key players operating in global automotive in-vehicle payment system market

The global automotive in-vehicle payment market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive in vehicle payment market are:

• Mercedes Pvt Ltd.
• Hyundai Motor Company
• VISA Inc.
• XEVO Inc.
• Tantalum Corporation
• Harman International
• P97 Networks Inc.
• General Motors Ltd.
• Honda Motors Co. Ltd.

Global Automotive In-Vehicle Payment System Market: Research Scope

Global Automotive In-vehicle Payment System Market, by Vehicle Type

• Passenger
• Commercial

Global Automotive In-Vehicle Payment System Market, by System

• Software System
• Hardware System
  • Integrated System
  • Embedded System

Global Automotive In-Vehicle Payment System Market, by Connectivity

• Wi-Fi
• 4G
• 5G
• Bluetooth

Global Automotive In-Vehicle Payment System Market, by Technology

• Radio Frequency Identification(RFID)
• Bluetooth Low Energy

Global Automotive In-Vehicle Payment System Market, by Application

• Toll Plaza
• Electric Charging Station
• Fuel Pump
• Parking Places

Global Automotive In-Vehicle Payment System Market, by Sales Channel

• OEMs
• Aftermarket

Global Automotive In-Vehicle Payment System Market, by Component

• Camera
• Code Scanner
• ECU

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

• Customer Experience Maps
• Insights and Tools based on data-driven research
• Actionable Results to meet all the business priorities
• Strategic Frameworks to boost the growth journey

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