Las Vegas, NV, January 4, 2023 - BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled “In-Vehicle Payments Market - A Global and Regional Analysis” to coincide with the CES 2023 show.
According to the study, the global in-vehicle payments market, valued at $4.9 billion in 2021, is projected to reach $25.9 billion by 2031.
A detailed table of the report is available here: https://bisresearch.com/requestsample?id=1426&type=toc
The following factors are responsible for this 5x increase in demand for in-vehicle payments:
· Shift in OEM focus toward developing in-car payment services
· Increased demand for contactless payment solutions
· Growing demand for connected vehicles
· Increase in production of autonomous vehicles across the globe
Request a FREE sample of this report here: https://bisresearch.com/requestsample?id=1426&type=download
Connected car tech big at CES 2023
This year’s CES show in Las Vegas – running January 4-8th – is concentrating on the connected car and adjacent vehicle tech, like in-car payments.
The rate of digital payment innovation is driving a cost reduction that is expected to double the compound annual growth rate of thein-vehicle payments market, said Faisal Ahmad, Founder and CEO of BIS Research, about the report.
“The emergence of new players results in new business models and a more competitive environment. Some examples of innovations are contactless payments, and QR codes, among others.” Ahmad said.
“Subscription and mobility as a service are on the rise, and automakers must learn how to balance these new business models to ensure they continue to enhance customer experience and meet their revenue sales goals.”
Contactless payments are gaining popularity, he added. “Proliferating demand for EV infrastructure and autonomous vehicles will significantly augment the demand for in-vehicle payments in the coming years,” he said.
“The in-car payments market is not new. Various solutions have popped up here and there over the years,” said Evgeny Klochikhin, CEO and Founder of Sheeva.AI, an in-car payments firm that is profiled in the report.
He said the recent exponential growth of digital payments after Covid, as well as renewed focus on user convenience, makes the current market “much better positioned to embrace this new industry at scale.”
“This study by BIS Research shows consumers are ripe to try out these new approaches and make their driving lives easier once and for all,” Klochikhin added.
Sheeva.AI is at the CES 2023 event as well, in the LVCC, North Hall, Booth #9575. They noted the focus on connected cars this year.
“We are honored to be featured in this study being one of only a handful in-car payments technologies that uses unique connected vehicle features inaccessible to smartphone and other portable device manufacturers today,” said Klochikhin.
“Sheeva.AI creates a fully digital, automated payments environment using precise car location at the gas pump, EV charging spot, parking space or retail location to trigger transactions with only one touch from the user. Thus, absolutely no new infrastructure or mobile apps are ever necessary to attract new customers.”
Passenger cars driving the growth
According to the study conducted by BIS Research, passenger vehicles are currently credited with the highest share of the demand for in-vehicle payments.
Some key factors that have enabled the technical acceptance of these vehicles are high demand, higher registration of passenger cars, and less operating difficulty as compared to commercial vehicles.
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
Want to learn more about the latest trends in connected vehicles? Speak to our analysts
Exclusive DeepTechTM MAP on Automotive by BIS Research:
Sheeva.AI has developed an in-car payments and commerce solution that introduces vehicle location-based services to monetize the driver experience.
Sheeva’s patented precise geolocation technology allows drivers to seamlessly pay for and receive services such as fueling, electric vehicle charging, parking, curbside pickup and drive-through without leaving the comfort of their vehicle.
The Sheeva technology automatically detects the vehicle at the specific gas pump, parking spot, electric vehicle charging space, or drive-through lane and enables payments right on the in-vehicle infotainment screen or in the OEM mobile app.
Our demo video loop (9 mins, but really five 90sec use-case demos):
More information at www.sheeva.ai
Director of Partnerships, Sheeva.AI
BIS Research Inc.