The global in-vehicle payment services market was valued at USD 3,090.0 million in 2020 and is anticipated to reach a value of USD 12.10 billion in 2028, expanding at a CAGR of 16.1% over the forecast period, 2021-2028. The growth of the market is attributed to the increasing number of commercial and passenger vehicles worldwide as they result in propelling the demand for parking spaces.
In-vehicle payment services enables an individual to put an order and pay for gasoline, food, groceries, coffee, tolls, and parking slots without the need of stepping out of the vehicle. The current focus of manufacturers is to develop built-in systems that include voice-based controls which is expected to enable the drivers to shop without striking the balance of safety norms of the roads.
The dashboards that are voice-based are expected to distract the driver’s attention while driving resulting to always prioritize safety on road over the need of shopping as driving as dashboards need the requirement to chat. However, the University of Utah conducted a study that states that huge cognitive disruption can be caused by using speech-to-text technology, as an extra effort is needed to chat with a dashboard when compared to speaking to an individual.
The COVID-19 pandemic had adverse impact on various industries and shattered the global economy due to emergency lockdown, quarantines, social distancing, and other regulations imposed by the local governments across the various parts of the world. However, the pandemic had a positive impact on the in-vehicle payment services market owing to the rising preference of contactless payments among individuals to avoid human interaction resulting to stop the further spread of the virus. Hence increasing adoption of in-vehicle payment services is expected to drive the global market amid the pandemic.
The report on the global in-vehicle payment services market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
In-vehicle Payment Services Market – Global Industry Analysis, Growth, Share, Size, Trends, And Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Modes of Payment (App/e-wallet, NFC, Credit/Debit Card, and QR Code/RFID) and Applications (Shopping, Parking, Food/Coffee, Gas/Charging Stations, Toll Collection, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
PayPal; MasterCard; Visa; BMW AG; Ford Motor Co.; Daimler AG; General Motors Co.; Hyundai Motor Co.; Honda Motor Co. Ltd.; Volkswagen AG; Jaguar Land Rover Automotive PLC; ZF Friedrichshafen AG; Amazon; and Google |
On the basis of modes of payment, the in-vehicle payment services market is segmented into app/e-wallet, NFC, credit/debit card, and QR code/RFID. The credit/debit card segment dominated the market in 2020 and is anticipated to continue its dominance owing to the preference for card-less transactions among the several age groups. However, the app/e-wallet segment is expected to expand at a fast CAGR attributed to the escalating popularity of digital payment methods as they provide an easy and convenient way for making payments.
Based on applications, the market is divided into shopping, parking, food/coffee, gas/charging stations, toll collection, and others. The food/coffee segment held a key share of the market attributed to the growing demand for on-the-go foods and beverages as a result of increasing traffic issues worldwide. The in-vehicle payment services help to avoid inconvenience and save time.
On the other hand, the parking segment is anticipated to grow at a rapid pace due to the rising number of commercial and passenger vehicles.
In terms of regions, the in-vehicle payment services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America held a major share of the market owing to the massive penetration of connected cars in the region. On the other hand, the market in Asia Pacific is estimated to exhibit a robust growth attributed to the increasing disposable income and rising population. The further regional market growth is attributed to the rising adoption of the advanced and latest technology.
The global in-vehicle payment services market has been segmented on the basis of
Modes of PaymentKey players competing in the global in-vehicle payment services market are PayPal; MasterCard; Visa; BMW AG; Ford Motor Co.; Daimler AG; General Motors Co.; Hyundai Motor Co.; Honda Motor Co. Ltd.; Volkswagen AG; Jaguar Land Rover Automotive PLC; ZF Friedrichshafen AG; Amazon; and Google. Many of these players have adopted business strategies such as introducing new technology, launching new products, collaborations, partnerships, alliances, acquisitions, and mergers in order to increase their operation expansion, consumer base, and market position globally.
The global in-vehicle payment services market has been segmented on the basis of
Modes of PaymentKey players competing in the global in-vehicle payment services market are PayPal; MasterCard; Visa; BMW AG; Ford Motor Co.; Daimler AG; General Motors Co.; Hyundai Motor Co.; Honda Motor Co. Ltd.; Volkswagen AG; Jaguar Land Rover Automotive PLC; ZF Friedrichshafen AG; Amazon; and Google. Many of these players have adopted business strategies such as introducing new technology, launching new products, collaborations, partnerships, alliances, acquisitions, and mergers in order to increase their operation expansion, consumer base, and market position globally.
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