According to the research report titled ‘In-Vehicle Payment Services Market Size By Mode of Payment (Wallet, and Debit/Credit Card), Application (Fueling/EV Charging, Smart Parking, Automated Toll Payments, E-commerce), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028’, available with MarketStudyReport, global in-vehicle payment services market is anticipated to showcase substantial growth through 2028.

Credible resources cite that growing consumer preference for advanced car infotainment systems, rising adoption of digital payment methods, and emergence of connected cars around the world are the major growth stimulants for in-vehicle payment services market.

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Also, increasing demand for self-driving and connected vehicles equipped with 5G and cutting-edge Wi-Fi technologies, improved initiatives by technology leaders, and the rapid rollout of innovative products has bolstered the industry uptake in the recent years.

On the downside, concerns associated with data privacy & security, alongside problems with connection leading to payment failures are posing as major challenges in the business sphere.

Based on application ambit, the automated toll payments segment is expected to reach a significant valuation by 2028, growing at a CAGR of 45% over the forecast period, owing to growing product adoption so as to reduce long lines at toll plazas.

Geographically, Latin America in-vehicle payment services market size is expected to expand at a CAGR of 50% through 2028, due to rising demand for connected vehicles.

Whereas Middle East & Africa industry is poised to capture a significant revenue share, growing at a CAGR of 50% over the assessment period, because increasing usage of digital payments in the region.

Xevo Inc., Visa Inc., Mastercard Inc., Cerence Inc., ZF Friedrichshafen AG, ThinxNet GmbH, Telenav Inc., Jaguar Land Rover Automotive plc, Hyundai Motor Company, Honda Motor Company Ltd/, Harman International Industries Inc., Gentex Corporation, General Motors Company, Daimler AG, CarPay-Diem, and BMW AG are the leading players in in-vehicle payment services market.