In Vehicle Payment Services Market Size, Share & Trends 2031
In Vehicle Payment Services Market Size, Share & Trends 2031
Segments - In Vehicle Payment Services Market by Mode of Payment (App/e-wallet, NFC, Credit/Debit Card, and QR Code/RFID), Application (Shopping, Parking, Food/Coffee, Gas/Charging Stations, Toll Collection, and Others), Vehicle Type (Passenger Vehicles and Commercial Vehicles), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-2167
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Report Description
The global in-vehicle payment services market size was USD 2.90 Bn in 2022 and is likely to reach USD 15.72 Bn by 2031, expanding at a CAGR of 18.8% during 2023–2031. The market growth 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 enable 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 are expected to enable drivers to shop without striking the balance of safety norms on the roads.
The dashboards that are voice-based are expected to distract the driver’s attention while driving resulting in always prioritizing safety on road over the need for 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 market report finds that the COVID-19 pandemic had an adverse impact on various industries and shattered the global economy due to emergency lockdowns, quarantines, social distancing, and other regulations imposed by local governments across various parts of the world.
However, the pandemic had a positive impact on the car-in payment services market, owing to the rising preference for 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.
In-Vehicle Payment Services Market Dynamics
The global in-vehicle payment services market report has up-to-date insights that help in formulating a strategic roadmap about the estimated market scenario and performance during 2023 to 2031.
Drivers
Increasing the acquisition of driver support systems that benefit the driver in several ways including enabling purchasing and hassle-free parking is expected to fuel the market growth. As the service is extremely beneficial to the drivers as it helps make instant purchases and provides easy parking without using any card payments or any other device, which is expected to propel the growth of the market during the forecast period.
Growing traffic congestion is expected to drive the growth of the car-in payment services market. Roads, gas stations, toll plazas, parking spaces, and other places influence the population to adopt payment services. The growing influence of digital payment methods and their ease of use is anticipated to propel the market growth over the forecast period.
Restraints
Rising online thefts, frauds, and cyber-attacks are key challenges that can restrain the market growth during the forecast period. Hackers locate and track the payment information that causes financial loss to the user, which is hindering the growth of the market. However, the high cost of embedded systems as compared to integrated systems is anticipated to hamper the growth of the market.
Opportunities
Increasing technological advancements and research & development programs to implement these in the products are projected to present key opportunities for the market growth. However, the accelerating trend of autonomous vehicles that are self-driven is estimated to boost the market expansion in the coming years.
Scope of In-Vehicle Payment Services Market Report
The global in-vehicle payment services market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
In-vehicle Payment Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2020–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Mode of Payment (App/e-wallet, NFC, Credit/Debit Card, and QR Code/RFID), Application (Shopping, Parking, Food/Coffee, Gas/Charging Stations, Toll Collection, and Others), and Vehicle Type (Passenger Vehicles and Commercial Vehicles) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Mastercard.; Ford Motor Company; Mercedes-Benz Group AG; General Motors; Hyundai Motor Company; Honda Motor Co., Ltd.; Volkswagen AG; JAGUAR LAND ROVER AUTOMOTIVE PLC; ZF Friedrichshafen AG; Amazon.com, Inc.; Google Inc.; and PayPal Holdings, Inc. |
In-Vehicle Payment Services Market Segment Insights
Based on mode 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 is expected to expand at a significant growth rate during the projection period, owing to the preference for cardless transactions among several age groups.
The app/e-wallet segment is anticipated 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
On the basis of application, the market is divided into shopping, parking, food/coffee, gas/charging stations, toll collection, and others. The food/coffee segment is projected to register a considerable CAGR during the forecast period, due 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.
The parking segment is anticipated to grow at a rapid pace, due to the rising number of commercial and passenger vehicles. The increasing adoption of in-vehicle payment in the parking services is helping to reduce the long queues at the parking spaces.
Based on vehicle type, the market is segregated into passenger vehicles and commercial vehicles. The passenger vehicles segment is expected to register a robust growth rate during the forecast period, due to the demand for heavy and luxury vehicles. However, the increased population, disposable income, and urbanization have significantly increased passenger vehicle production.
In terms of region, the global in-vehicle payment services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, owing to the massive penetration of connected cars in the region.
The Asia Pacific is estimated to exhibit 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.
Segments
The global in-vehicle payment services market has been segmented on the basis of
Mode of Payment
- App/e-wallet
- NFC
- Credit/Debit Card
- QR Code/RFID
Application
- Shopping
- Parking
- Food/Coffee
- Gas/Charging Stations
- Toll Collection
- Others
Vehicle Type
- Passenger Vehicle
- Commercial Vehicles
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Mastercard
- Ford Motor Company
- Mercedes-Benz Group AG
- General Motors
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- Volkswagen AG
- JAGUAR LAND ROVER AUTOMOTIVE PLC
- ZF Friedrichshafen AG
- Amazon.com, Inc.
- Google Inc.
- PayPal Holdings, Inc.
Competitive Landscape
Key players competing in the global in-vehicle payment services market are Mastercard.; Ford Motor Company; Mercedes-Benz Group AG; General Motors; Hyundai Motor Company; Honda Motor Co., Ltd.; Volkswagen AG; JAGUAR LAND ROVER AUTOMOTIVE PLC; ZF Friedrichshafen AG; Amazon.com, Inc.; and Google Inc.; PayPal Holdings, Inc.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide.
- In November 2021, Visa signed an agreement with Daimler Mobility to integrate biometrics solutions to enable car-in payments. This partnership helps the company to offer innovative solutions to customers and acquire a competitive position in the market.
Frequently Asked Questions
Some of the key global in-vehicle payment services market players are Mastercard.; Ford Motor Company; Mercedes-Benz Group AG; General Motors; Hyundai Motor Company; Honda Motor Co., Ltd.; Volkswagen AG; JAGUAR LAND ROVER AUTOMOTIVE PLC; ZF Friedrichshafen AG; Amazon.com, Inc.; Google Inc.; and PayPal Holdings, Inc.
For region analysis, North America dominates the global in-vehicle payment services market during the forecast period.
The global in-vehicle payment services market is estimated to register a compound annual growth rate (CAGR) of around 18.8% during the forecast period.
The global in-vehicle payment services market size was valued at around USD 2.90 billion in 2022 and is likely to reach USD 15.72 billion by 2031.
Table Of Content
1. Executive Summary2. 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
5.3.2. Parking
5.3.3. Food/Coffee
5.3.4. Gas/Charging Stations
5.3.5. Toll Collection
5.3.6. 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
7.4.2. Parking
7.4.3. Food/Coffee
7.4.4. Gas/Charging Stations
7.4.5. Toll Collection
7.4.6. 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
8.4.2. Parking
8.4.3. Food/Coffee
8.4.4. Gas/Charging Stations
8.4.5. Toll Collection
8.4.6. 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
9.4.2. Parking
9.4.3. Food/Coffee
9.4.4. Gas/Charging Stations
9.4.5. Toll Collection
9.4.6. 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
10.4.2. Parking
10.4.3. Food/Coffee
10.4.4. Gas/Charging Stations
10.4.5. Toll Collection
10.4.6. 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
11.4.2. Parking
11.4.3. Food/Coffee
11.4.4. Gas/Charging Stations
11.4.5. Toll Collection
11.4.6. 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. Mastercard
12.4.2. Ford Motor Company
12.4.3. Mercedes-Benz Group AG
12.4.4. General Motors
12.4.5. Hyundai Motor Company
12.4.6. Honda Motor Co., Ltd.
12.4.7. Volkswagen AG
12.4.8. JAGUAR LAND ROVER AUTOMOTIVE PLC
12.4.9. ZF Friedrichshafen AG
12.4.10. Amazon.com, Inc.
12.4.11. Google Inc.
12.4.12. PayPal Holdings, Inc.
Methodology
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