In-Vehicle Payment Services Market Trends, Analysis & Forecast, 2028

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In-Vehicle Payment Services Market 2028 Top
Vendors Analysis, Growth Drivers and Geographical
Analysis
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• Industry Insights

• As per a recent research report, Global
  in-vehicle payment services market size is poised
  to surpass USD 10 billion by 2028
• The growing trend of digitalization has paved way
  for a pool of innovations across the in-vehicle
  payment services market. The increased product
  penetration can be attributed to a series of
  advancements comprising connectivity, autonomy,
  and electrification across the automotive sector.
• Numerous industry players are, therefore, helping
  to drive this transformational change given that
  cars and other automobiles have been speculated
  to play a crucial role in the new era of
  connected devices. As opined by experts, in the
  years to come, consumers will be capable of
  turning their vehicles into autonomous
  ride-hailing taxis.

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• The industry has recorded an increase in
  investment activities by several VC firms,
  further propelling the development of new
  products.
• For instance, in September 2021, BP Ventures, the
  investing arm of oil and gas giant BP, announced
  an investment of 10 million in German in-car
  digital payments provider, Ryd. The capital
  infusion will help the company in the expansion
  of its service into international markets and the
  development of its offering.
• According to studies, in-car payment services
  constitute one of the major human-machine-interfac
  e developments in the mobility sector. Over the
  coming years, these solutions are expected to
  record an increased demand following the rise in
  5G penetration and the improvement of Wi-Fi
  connectivity across various regions.
• Moreover, connected car technology provides
  several advantages such as connection with secure
  commerce opportunities, allowing customers to pay
  for fuel, fast food, groceries, and other
  convenience store items via their in-app or
  dashboard.
• In a nutshell, the growing penetration of
  smartphones and a subsequent increase in
  awareness regarding modern vehicle communication
  technologies are expected to augment in-vehicle
  payment services market share through the ensuing
  years.

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• Regional Analysis

• The APAC in-vehicle payment services industry is
  expected to record substantial expansion over the
  estimated period owing to the rollout of
  contactless services by several regional players.
  Quoting an example, in June 2021, BMW India
  announced the launch of Contactless Service for
  enabling vehicle servicing, eliminating the need
  for dealership visits by customers.
• Under the service, the manufacturer will be
  handling everything including pick up, online
  payment, as well as virtual service consultation.
  Furthermore, the service also allows customers in
  reviewing service-related quotations, booking
  vehicle service, and making payments online via
  bmw-contactless.in.

• Competitive Analysis

• BMW AG
• CarPay Diem Cerence Inc.
• Daimler AG
• General Motors Company
• Gentex Corporation
• Harman International IndustriesInc.
• Honda Motor Company

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