The global in-vehicle payment services market size is expected to reach USD 14.43 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.2% from 2022 to 2030. The aggressive spending by automakers on enabling drivers to make payments and authenticate transactions from the vehicle itself coupled with the rising levels of disposable income, especially in the developed economies, and the growing preference for contactless payments are expected to drive the growth of the market over the forecast period.
In-vehicle Payment Services Market Report Highlights
- The food/coffee segment held a significant revenue share of over 27% in 2021, attributed to the high preference for ordering food and coffee on the go
- The credit/debit card segment dominated the market for in-vehicle payment services in 2020 and is estimated to generate a revenue of over USD 7.36 billion by 2030
- North America accounted for the largest revenue share in 2021. Continued integration of the latest technologies in automobiles and the rising levels of disposable income are anticipated to drive the growth of the regional market
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In-vehicle Payment Services Market Report
Busy schedules are prompting drivers to look forward to hassle-free experiences as part of an upgraded lifestyle. At this juncture, the ability to shop, order, and pay on the go without performing any cash transactions for swiping credit/debit cards would allow commuters to save time and ensure a convenient commute. In-vehicle payment services offer drivers and passengers the convenience of making payments through various payment modes from the vehicle itself. The demand for In-vehicle payment services is expected to increase over the forecast period in line with the proliferation of connected cars and the growing preference for advanced infotainment.
Automakers, such as BMW AG, Mercedes-Benz, Ford Motor Co., Honda Motor Co. Ltd., General Motors Co., and Jaguar Land Rover Automotive PLC, have already started integrating in-vehicle payment services and solutions into their vehicle models. Payment service providers, such as MasterCard, Visa, and PayPal, are also striking strategic partnerships and collaborations with automotive OEMs to deliver efficient in-vehicle payment platforms.
The preference for contactless payments is growing in the wake of the outbreak of the COVID-19 pandemic. As such, the majority of the parking systems, gas stations, and toll collection booths have already incorporated mobile payment technology. The popularity of e-wallets is rising owing to the convenience and ease of payment e-wallets can offer. Digital wallet and online payment platforms, such as Google Pay, Amazon Pay, and Apple Pay, are also getting immensely popular and their adoption is expected to increase significantly over the forecast period.
However, automotive OEMs are looking forward to designing and developing a payment ecosystem that would allow drivers and passengers to avail and pay for all the desired services, such as filling gasoline or charging electric cars, booking and paying for parking slots, paying tolls at toll booths, and ordering food and coffee, among others, without having to get out of the vehicle. Hence, the market for in-vehicle payment services is expected to grow significantly over the forecast period.
In-vehicle Payment Services Market Share By Geographical Region
North America accounted for a market share of around 39%, as the region has the maximum penetration of connected cars. The Asia Pacific regional market is projected to register the highest growth. The growing population and the rising levels of disposable income are expected to contribute to the growth. Adoption of the latest, advanced technologies and continued innovations in the way payments are made and processed would also play a vital role in driving the growth over the forecast period.
Industry Analysis By Major Companies
Key players are putting a strong emphasis on developing payment solutions in partnership and collaboration with various payment solution providers. Some of the prominent players operating in the global in-vehicle payment services market are:
- BMW AG
- Daimler AG
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co. Ltd.
- Hyundai Motor Co.
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In-vehicle Payment Services Market Segmentation
Grand View Research has segmented the global in-vehicle payment services market based on mode of payment, application, and region:
- In-vehicle Payment Services Mode of Payment Outlook (Revenue, USD Million, 2018 – 2030)
- In-vehicle Payment Services Application Outlook (Revenue, USD Million, 2018 – 2030)
- In-vehicle Payment Services Regional Outlook (Revenue, USD Million, 2018 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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