Global Automotive In-vehicle Payment System: Introduction
- The automotive in-vehicle payment system 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.
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Global Automotive In-Vehicle Payment System Market: Research Scope
Global Automotive In-vehicle Payment System Market, by Vehicle Type
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
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
Global Automotive In-Vehicle Payment System Market, by Component
- Code Scanner
Global Automotive In-Vehicle Payment System Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.