In-vehicle Payment Services Market

In-vehicle Payment Services Market by Modes of Payment (App/e-wallet, NFC, Credit/Debit Card, and QR Code/RFID), Applications (Shopping, Parking, Food/Coffee, Gas/Charging Stations, Toll Collection, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021-2028

  • Report ID: ICT-SE-2167
  • Author: Growth Market Reports
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  • No. Of Pages: 165
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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 Market Key Takeaways

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.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing acquisition of driver support systems that benefits the driver in several ways including enabling purchasing and hassle-free parking is expected to fuel the market growth.
  • The growing influence of digital payment methods and their ease of use is anticipated to propel the market growth over the forecast period.
  • Accelerating trend of autonomous vehicles that are self-driven is estimated to boost the market expansion in the coming years.
  • Rising online thefts, frauds, and cyber attacks are key challenges that can restrain the market growth during the forecast period.
  • Technological advancements and increasing research & development programs to implement these in the products is projected to present key opportunities for the market growth.

Scope of the Report

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

Market Segment Insights

App/e-wallet segment is expected to expand at a fast CAGR

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.

In-vehicle Payment Services Market By Modes of Payment

Parking segment is anticipated to grow at a rapid pace

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-vehicle Payment Services Market By Applications

Asia Pacific market is estimated to exhibit a robust growth

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.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. In-vehicle Payment Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. In-vehicle Payment Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. In-vehicle Payment Services Market - Supply Chain
  4.5. Global In-vehicle Payment Services Market Forecast
     4.5.1. In-vehicle Payment Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. In-vehicle Payment Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. In-vehicle Payment Services Market Absolute $ Opportunity
5. Global In-vehicle Payment Services Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. In-vehicle Payment Services Market Size and Volume Forecast by Applications
     5.3.1. Shopping Parking Food/Coffee Gas/Charging Stations Toll Collection Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global In-vehicle Payment Services Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. In-vehicle Payment Services Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global In-vehicle Payment Services Demand Share Forecast, 2019-2026
7. North America In-vehicle Payment Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America In-vehicle Payment Services Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America In-vehicle Payment Services Market Size and Volume Forecast by Applications
     7.4.1. Shopping Parking Food/Coffee Gas/Charging Stations Toll Collection Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America In-vehicle Payment Services Demand Share Forecast, 2019-2026
8. Latin America In-vehicle Payment Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America In-vehicle Payment Services Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America In-vehicle Payment Services Market Size and Volume Forecast by Applications
     8.4.1. Shopping Parking Food/Coffee Gas/Charging Stations Toll Collection Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America In-vehicle Payment Services Demand Share Forecast, 2019-2026
9. Europe In-vehicle Payment Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe In-vehicle Payment Services Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe In-vehicle Payment Services Market Size and Volume Forecast by Applications
     9.4.1. Shopping Parking Food/Coffee Gas/Charging Stations Toll Collection Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe In-vehicle Payment Services Demand Share Forecast, 2019-2026
10. Asia Pacific In-vehicle Payment Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific In-vehicle Payment Services Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific In-vehicle Payment Services Market Size and Volume Forecast by Applications
     10.4.1. Shopping Parking Food/Coffee Gas/Charging Stations Toll Collection Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific In-vehicle Payment Services Demand Share Forecast, 2019-2026
11. Middle East & Africa In-vehicle Payment Services Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa In-vehicle Payment Services Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa In-vehicle Payment Services Market Size and Volume Forecast by Applications
     11.4.1. Shopping Parking Food/Coffee Gas/Charging Stations Toll Collection Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa In-vehicle Payment Services Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global In-vehicle Payment Services Market: Market Share Analysis
  12.2. In-vehicle Payment Services Distributors and Customers
  12.3. In-vehicle Payment Services Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. PayPal MasterCard Visa BMW AG Ford Motor Co. Daimler AG Gener
Segments Covered in the Report
The global in-vehicle payment services market has been segmented on the basis of

Modes of Payment
  • App/e-wallet
  • NFC
  • Credit/Debit Card
  • QR Code/RFID
Applications
  • Shopping
  • Parking
  • Food/Coffee
  • Gas/Charging Stations
  • Toll Collection
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • 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
  • Google

Key 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.

In-vehicle Payment Services Market By Key Players

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