Home > Technology > In-Vehicle Payment Services Market Trends, Share, Size, Growth, Forecast 2030
Straits Research

In-Vehicle Payment Services Market

In-Vehicle Payment Services Market: Information by Mode of Payment (NFC, QR Code/RFID), Application (Parking, Gas Stations & Charging Stations), and Region- Forecast till 2030

Table of Content Download Sample

Market Overview

The global in-vehicle payment services market size was valued at USD 4930 million in 2021 and is estimated to reach an expected value of USD 19500 million at a CAGR of 16.5% during the forecast period (2022–2030).

Increasing contactless payment post-COVID outbreak trends, growing customer base to achieve convenience in vehicles, and growing technology innovation are the major factors driving the market. The in-vehicle payment services permit the driver of the vehicle to simultaneously shop for groceries, order food and Coffee, and pay tolls & parking and at the gas stations for the vital commodity. The automotive industry is continuously evolving around the Internet of Things (IoT), and automotive manufacturers are increasingly integrating new technologies for innovative infotainment solutions.

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2020-2030
: 16.5 %
Fastest Growing Market
: Europe
Largest Market
: North America
Market Size
: USD 19500 million
Get more information on this report Download Sample Report

Market Dynamics

Global In-Vehicle Payment Services Market Drivers

Growing Mobile Payments Adoption

Currently, the upgradation of regular payment infrastructures is in progress. The payments industry is going through a movement of infrastructure transformation that is essential to compete efficiently with nonbank trendsetters and address progressing customer requirements. More than 15 countries have modernized their payments infrastructures in the last few years, and many others are scheduling to upgrade. As the infrastructure renovations are costly for both the system and bank levels, banks need to find ways to build products and services on top of the infrastructure that provides value to end-users and accelerate the cash transactions to recover these investments as rapidly as possible.

Digital disruption in the money transfer ecosystem, combined with the rise in the need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost.

Increasing Technological Innovation in Automotive

General Motors partnered with MasterCard to develop a solution for in-vehicle payment. Visa, in collaboration with SiriusXM, has announced to launch a vehicle-based payments platform. Other manufacturers such as Honda, Volkswagen, and Ford have developed their in-vehicle payment platforms and solutions. Manufacturers are developing inbuilt systems such as voice-based control, enabling shopping on the road with safety for the drivers. Drivers need to keep their eyes and hands focused on the streets and highways while accomplishing their purchasing needs. The voice-activated dashboard can distract the driver. According to a study conducted at the University of Utah, speech-to-text technology causes a higher cognitive distraction level than any other activity since more effort is required to talk to the dashboard than talking to a real person. However, the connected and self-driven car's growth is expected to fuel the market growth in the coming years.

Global In-Vehicle Payment Services Market Restraint

Security of Driver And Payment Data

With the growing adoption of connected cars and in-vehicle payment services, the primary concern is data storage and security. The automotive industry, including connected cars and electric vehicles, contributes to the maximum data generation. Hackers can locate and track the payment information causing significant financial losses. However, cloud storage resolves the issues of data storage and management.

Segmental Analysis

By mode of payment, the global in-vehicle payment services market is segmented into NFC, QR Code/RFID, App/Wallet Based, and Credit /Debit Card based. The Credit /Debit Card based segment accounted for the largest market share and is estimated to grow at a CAGR of 15.9% during the forecast period. Credit and debit card transactions are the most popular and widely used transaction method in contact and contactless payments. Post cash transactions, card-present, and card-not-present transactions are widely used by people of every age group worldwide.

By application, the global in-vehicle payment services market is segmented into parking, gas stations & charging stations, shopping, food & coffee, toll collection, others. The gas stations & charging stations segment accounted for the largest market share and is estimated to grow at a CAGR of 17.4% during the forecast period. The gas station is a crucial requirement of any vehicle. However, payment methods such as e-wallet, NFC, and QR code save the time taken on payments. For instance, Visa and Honda demonstrated a new in-vehicle payment system they have been working on, in collaboration with the smart parking meter and gas pump manufacturers. Honda drivers will be alerted when they pull up to a beacon-equipped smart meter or fuel pump, and they can pay just by touching a button on the dash.

Regional Analysis

By region, global in-vehicle payment services market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

North America accounted for the largest market share and is estimated to grow at a CAGR of 15.9% during the forecast period. The region has the highest penetration of connected cars. Also, technological giants such as Google Inc. and Apple Inc. have entered the automotive market to develop innovative capabilities and cultural changes to compete with those that are based out of the region.

Europe is the second largest region. It is estimated to reach an expected value of USD 3395 million at a CAGR of 16.4% during the forecast period.

Asia Pacific is the third largest region. The in-vehicle payment services market in the Asia Pacific region is anticipated to grow at the highest compound annual growth rate owing to the growing population and rising disposable income. Technological proliferation and innovations in the payment industry are expected to drive demand over the forecast period.

In-Vehicle Payment Services Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of In-Vehicle Payment Services Market

  1. BMW Group
  2. Ford Motor Company
  3. Daimler AG
  4. Honda Motor Co.
  5. Hyundai Motor
  6. General Motors Company
  7. Volkswagen AG
  8. Amazon
  9. Mastercard
  10. Visa
  11. Google
  12. IBM

Report Scope

Report Metric Details
CAGR 16.5%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Mode of Payment
    1. NFC
    2. QR Code/RFID
    3. App/Wallet Based
    4. Credit /Debit Card based
  2. By Application
    1. Parking
    2. Gas Stations & Charging Stations
    3. Shopping
    4. Food & Coffee
    5. Toll Collection
    6. Others
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

In-Vehicle Payment Services Market Segmentation

By Mode of Payment

  • NFC
  • QR Code/RFID
  • App/Wallet Based
  • Credit /Debit Card based

By Application

  • Parking
  • Gas Stations & Charging Stations
  • Shopping
  • Food & Coffee
  • Toll Collection
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Frequently Asked Questions (FAQs)

What is the growth rate for the In-Vehicle Payment Services Market?
In-Vehicle Payment Services Market size will grow at approx. CAGR of 16.5% during the forecast period.
Some of the top industry players in In-Vehicle Payment Services Market are, BMW Group, Ford Motor Company, Daimler AG, Honda Motor Co., Hyundai Motor, General Motors Company, Volkswagen AG, Amazon, Mastercard, Visa, Google, IBM, etc.
North America has held a dominant position in the In-Vehicle Payment Services Market, with the largest market share.
The Europe region has experienced the highest growth rate in the In-Vehicle Payment Services Market.
The global In-Vehicle Payment Services Market report is segmented as follows: By Mode of Payment, By Application
Price Starts From
USD 995

Purchase Benefits

  • Eligible for a free updated report next year
  • Completely customizable scope
  • 30% discount on your next purchase
  • Dedicated account manager
  • Query resolution within 24 hours
  • Permission to print the report
Want to learn more about recent trends and data ?
They Already Trust Us :
Samsung Electronics
Need Assistance?
+1 646 905 0080 (U.S.)
+44 203 695 0070 (U.K.)

Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Market in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Report Snapshot
Looking For Custom Report ?
Check Our License Options :

As featured on :

Trusted by Fortune 500
Over 30000+ subscribers