The in vehicles payment market is projected to have a significant CAGR of 11.7% from 2023 to 2033. The overall market is predicted to grow from US$ 4,660.6 million in 2023 to US$ 14,134.1 million by 2033.
Automakers are now able to integrate payment and shopping features into their dashboards owing to the growing need for interactive in-vehicle entertainment systems.
The market is expected to increase due to rising demand from vehicle owners for ordering food and coffee, as well as paying bills at gas stations and restaurants. Also expected to support market demand are technology improvements, such as connected car technologies and the Internet of Things (IoT). Another element driving industry statistics is the growing emphasis on contactless payments.
| Attribute | Details |
|---|---|
| Global In Vehicles Payment Market Valuation in 2022 | US$ 4,233.1 million |
| Estimated Global Market Share in 2023 | US$ 4,660.6 million |
| Forecasted Global Market Size by 2033 | US$ 14,134.1 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 11.7% CAGR |
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The vehicle payment market size, in terms of value, reached US$ 2,928.4 million in 2018. The market grew at a moderate rate of 9.6% per year from 2018 to 2022, culminating in a market worth US$ 4,233.1 million in 2022.
The market recovered fast during the years 2020 and 2021 due to the boom in demand for contactless payment solutions around the world. Furthermore, prominent corporations began to roll out contactless payment solutions for their in-vehicle payment services, resulting in a market resurgence.
Mercedes, for example, launched contactless in-vehicle fuel payment services in Germany in March 2021 to meet the growing need for contactless payment solutions in the face of pandemics. The growing demand among individuals for contactless payments to avoid any potential virus exposure is likely to contribute to the market's growth during the forecast period.
Widespread social distancing measures imposed by the government in response to the pandemic and growing public safety concerns are projected to drive demand for contactless payment solutions, boosting the implementation of in-vehicle payment services.
The market is expected to increase due to the emphasis of key players such as Mercedes-Benz, General Motors, Honda, Mercedes-Benz, Hyundai, and others on creating contactless linked vehicle payment solutions. Congestion on roads, petrol stations, toll plazas, parking spots, and other locations encourages people to use these payment methods.
The adoption of payment technology in apps can save time and make it easy for customers to order and pay. As a result, infrastructural development of these locations for in-car payment compatibility is likely to drive vehicle payment market growth in the forthcoming years.
Principal Consultant
During the projection period, the high cost of embedded systems compared to integrated systems is likely to stifle market growth. Furthermore, cyber-security and vulnerability hazards connected with using in-vehicle payment services, such as security difficulties relating to personal data, card numbers, CVV, PIN, and others, are expected to limit in-vehicle payment system adoption throughout the projected period.
Global demand for in-vehicle payment systems is likely to be fueled by increased digitization in autos, rising usage of IoT, and maturing 5G connection. Furthermore, increased awareness of various in-vehicle services in underdeveloped and developing economies, as well as expanded uses of these services, are expected to drive market expansion throughout the forecast period.
Vehicles having technology integrated into the user's daily life, allowing the vehicle to interface with external technologies, are known as connected automobiles. Connected automobiles use their connectivity to provide passengers with in-vehicle payment options. As a result, the global demand for in-vehicle payment systems is likely to rise as connected automobiles become widely adopted and developed.
Key corporations such as Mastercard, Visa, and others are investing in linked auto payment technology, which is expected to have an impact on in-vehicle payment market growth in the forthcoming years.
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In vehicle payment market is segmented into the mode of payment, application, and region.
Based on the mode of payment, credit/debit card is the leading segment in the in-vehicle payment market, with an anticipated CAGR of 11.6%. The segment's growth is being driven by consumer preference for using credit and debit cards for contactless payments.
The segment's high adoption rate among people of various ages in established and developing economies for safe and quick transactions is expected to fuel growth throughout the forecast period.
The app/e-wallet segment is expected to increase at a fast rate over the forecast period. Due to their high convenience and fast transaction capability, app and e-wallet payment mechanisms have seen a boom in popularity in recent years.
The expanding popularity of digital payment apps and e-wallets, such as Apple Pay, Google Pay, Amazon Pay, and others, as well as the ability to pay via mobile devices and on-demand apps, are likely to propel the segment forward throughout the forecast period.
| Category | By Mode of Payment |
|---|---|
| Top Segment | Credit or Debit Cards |
| Market Share in Percentage | 45.9% |
| Category | By Application |
|---|---|
| Top Segment | Toll Applications |
| Market Share in Percentage | 28.1% |
Based on application, toll collection is the leading segment in the in vehicle payment market, with an anticipated CAGR of 11.2% through 2033. Due to toll plaza infrastructure development to be compatible with many ways of payment and consumer inclination for contactless delivery, toll plazas have become infrastructural.
Increased customer desire for purchasing through multiple online marketplaces for convenience, combined with significant social distancing guidelines during the pandemic, has influenced the shopping segment growth positively.
The food and coffee segment also experienced a significant increase during the predicted period. The segment is expected to rise due to rising demand for on-the-go snacks and beverages among drivers and passengers. Furthermore, if traffic congestion worsens, people are likely to use in-vehicle payment technologies for food and coffee purchases.
The United States is predicted to continue to dominate the global, in comparison to other countries, in the years ahead. The existence of technological advancement in North America is expected to promote the region's market growth.
The market is primarily driven by the rising penetration of connected automobiles in the United States of America. Furthermore, the presence of the leading payment service providers, such as Mastercard, Visa, and others, as well as their collaboration with automakers like General Motors, Honda, and others to create in-vehicle payment systems, is projected to drive market expansion throughout the projection period.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| The United States | 17.6% |
| Germany | 7.3% |
| Japan | 2.8% |
| Australia | 1.8% |
| North America | 27.1% |
| Europe | 21.7% |
The market is expected to increase due to the presence of a robust automotive sector and the increasing penetration of next-generation connected vehicles during the projected period. France, Germany, and the United Kingdom have a high penetration of linked automobiles in Europe.
Manufacturers' efforts to roll out in-vehicle payment facilities in key nations of Europe are expected to boost vehicle payment market growth. Mercedes, for example, announced ambitions to expand its vehicle payment services across Europe in 2021.
| Regions | CAGR (2023 to 2033) |
|---|---|
| The United Kingdom | 11.6% |
| China | 11.9% |
| India | 15.6% |
The players are concentrating their efforts on building payment solutions in association with a variety of payment solution suppliers. Meanwhile, Google and Amazon have created gadgets that can be connected to a vehicle's console and used with voice commands to assist with shopping, navigation, and other chores.
Recent Developments by the In Vehicles Payment Service Providers
The revenue of the market by 2033 is expected to be US$ 14,134.1 million.
The market CAGR for 2033 is projected to be 11.7%.
Qualcomm, Continental, and NXP Semiconductors are the three key players in the market.
The market is estimated to secure a valuation of US$ 4,660.6 million in 2023.
North America is growing fast due to the increasing popularity of connected cars.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mode of Payment
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Mode of Payment, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Mode of Payment, 2023 to 2033
5.3.1. NFC, QR Code/RFID
5.3.2. Apple- Wallet
5.3.3. Credit/Debit Card
5.4. Y-o-Y Growth Trend Analysis By Mode of Payment, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Mode of Payment, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Parking, Gas/Charging Stations
6.3.2. Shopping
6.3.3. Food/Coffee
6.3.4. Toll Collection
6.3.5. Others
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. South Asia
7.3.5. East Asia
7.3.6. Oceania
7.3.7. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. The USA
8.2.1.2. Canada
8.2.2. By Mode of Payment
8.2.3. By Application
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Mode of Payment
8.3.3. By Application
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Mode of Payment
9.2.3. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Mode of Payment
9.3.3. By Application
9.4. Key Takeaways
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Mode of Payment
10.2.3. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Mode of Payment
10.3.3. By Application
10.4. Key Takeaways
11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. India
11.2.1.2. Malaysia
11.2.1.3. Singapore
11.2.1.4. Thailand
11.2.1.5. Rest of South Asia
11.2.2. By Mode of Payment
11.2.3. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Mode of Payment
11.3.3. By Application
11.4. Key Takeaways
12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.2. By Mode of Payment
12.2.3. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Mode of Payment
12.3.3. By Application
12.4. Key Takeaways
13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By Mode of Payment
13.2.3. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Mode of Payment
13.3.3. By Application
13.4. Key Takeaways
14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Mode of Payment
14.2.3. By Application
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Mode of Payment
14.3.3. By Application
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Mode of Payment
15.1.2.2. By Application
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Mode of Payment
15.2.2.2. By Application
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Mode of Payment
15.3.2.2. By Application
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Mode of Payment
15.4.2.2. By Application
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Mode of Payment
15.5.2.2. By Application
15.6. United Kingdom
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Mode of Payment
15.6.2.2. By Application
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Mode of Payment
15.7.2.2. By Application
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Mode of Payment
15.8.2.2. By Application
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Mode of Payment
15.9.2.2. By Application
15.10. India
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Mode of Payment
15.10.2.2. By Application
15.11. Malaysia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Mode of Payment
15.11.2.2. By Application
15.12. Singapore
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Mode of Payment
15.12.2.2. By Application
15.13. Thailand
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Mode of Payment
15.13.2.2. By Application
15.14. China
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Mode of Payment
15.14.2.2. By Application
15.15. Japan
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Mode of Payment
15.15.2.2. By Application
15.16. South Korea
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Mode of Payment
15.16.2.2. By Application
15.17. Australia
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Mode of Payment
15.17.2.2. By Application
15.18. New Zealand
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Mode of Payment
15.18.2.2. By Application
15.19. GCC Countries
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Mode of Payment
15.19.2.2. By Application
15.20. South Africa
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Mode of Payment
15.20.2.2. By Application
15.21. Israel
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Mode of Payment
15.21.2.2. By Application
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Mode of Payment
16.3.3. By Application
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. BMW AG
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Daimler AG
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Ford Motor Co.
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. General Motors Co.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Honda Motor Co. Ltd.
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Hyundai Motor Co.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Jaguar Land Rover Automotive PLC
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Volkswagen AG
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. ZF Friedrichshafen AG
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Google
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.11. Amazon
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
17.1.12. Visa
17.1.12.1. Overview
17.1.12.2. Product Portfolio
17.1.12.3. Profitability by Market Segments
17.1.12.4. Sales Footprint
17.1.12.5. Strategy Overview
17.1.12.5.1. Marketing Strategy
17.1.13. MasterCard
17.1.13.1. Overview
17.1.13.2. Product Portfolio
17.1.13.3. Profitability by Market Segments
17.1.13.4. Sales Footprint
17.1.13.5. Strategy Overview
17.1.13.5.1. Marketing Strategy
17.1.14. PayPal
17.1.14.1. Overview
17.1.14.2. Product Portfolio
17.1.14.3. Profitability by Market Segments
17.1.14.4. Sales Footprint
17.1.14.5. Strategy Overview
17.1.14.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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In Vehicles Payment Market
