In-vehicle payment services enable contactless payment solutions inside vehicles for fuel purchases, parking, tolls, drive-through restaurants and other on-the-go services. The payments can be made by linking debit or credit cards to the vehicle's electronic system and making payments directly through the central console while driving. The rising demand for convenience and safety while driving has boosted the adoption of these digital payment interfaces inside vehicles. The global In-vehicle payment services Market is estimated to be valued at US$ 6.28 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity The growing adoption of digital payments and demand for contactless experiences even while driving presents a major opportunity for the expansion of in-vehicle payment services. As more consumers rely on digital modes of transactions in their daily lives, the ability to access the same seamlessly from inside one's vehicle would drive greater acceptance of these payment solutions. Service providers can capitalize on this opportunity by collaborating with automakers to embed these payment interfaces directly into new vehicle models and fleet, making the entire payment process fully integrated and hands-free. This could help achieve higher penetration rates in the coming years. Porter's Analysis Threat of new entrants: The in-vehicle payment services market has moderate threat of new entrants due to the presence of large players dominating the market. However, new players can enter the market by offering innovative payment solutions. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several players offering various in-vehicle payment services. Buyers can negotiate on prices and switch between service providers based on offerings. Bargaining power of suppliers: The market sees low bargaining power of suppliers since raw materials required are commodity products and suppliers have no control over prices. Threat of new substitutes: Threat of substitutes is low as there are no close substitutes that can replace in-vehicle payment services. Competitive rivalry: The market sees high competitive rivalry among the top players to gain major market share through partnerships and innovation in technologies. SWOT Analysis Strength: In-vehicle payment services provide convenience to drivers by allowing payments directly from vehicles. They allow hands-free operation for safer driving experience. Weakness: Security and privacy concerns persist regarding storage of payment and personal data in connected vehicles. High set-up and maintenance costs act as barriers for small players. Opportunity: Growth of autonomous vehicles and digital technologies provide opportunities to integrate advanced payment solutions. Partnerships with automakers can help expand market reach. Threats: Stricter data privacy regulations can increase compliance costs. Economic downturns may reduce discretionary spending on premium in-vehicle services. Key Takeaways Global In-Vehicle Payment Services Market Size is expected to witness high growth during the forecast period of 2023 to 2030. Regional Analysis: The North America region currently dominates the market due to high vehicle ownership and presence of major auto manufacturers. Key players related content comprises 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. Get More Insights On This Topic: https://www.newsanalyticspro.com/in-vehicle-payment-services-market-analysis/
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December 2023
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