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
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.
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.
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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 |
2020 |
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Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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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) |
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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, and Trends, and Revenue Forecast |
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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.
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.
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.
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
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
- Shopping
- Parking
- Food/Coffee
- Gas/Charging Stations
- Toll Collection
- Others
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- 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
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.
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