In-Vehicle Payment Services Market Introduction and Overview
According to SPER Market Research, the Global In-Vehicle Payment Services Market is estimated to reach USD 26.42 billion by 2033 with a CAGR of 18.92%.
The report includes an in-depth analysis of the Global In-Vehicle Payment Services Market, including market size and trends, product mix, distribution channels, and supplier analysis. In-vehicle payment services are a digital payment solution designed to enable drivers to purchase vehicle products directly from their vehicles, eliminating the need for separate payment devices. This technology streamlines fund transactions at fuel stations, leading to increased operational efficiency worldwide. The market is experiencing significant growth due to the rising popularity of credit card payment technology among vehicle users in key Asian markets like China, Japan, and India.
- May 2023: Sumitomo has formed a partnership with Vodafone to create an in-vehicle payment platform, with the intention of tapping into the emerging market of in-car payments. By recognizing the potential for generating additional revenue, the company seeks to seize new growth opportunities in this sector.
- December 2022: Parkopedia has introduced a new in-vehicle feature in partnership with German automaker BMW. This feature enables BMW users in Germany and Austria to access an in-vehicle payment platform for a seamless parking payment experience. Through the vehicle's dashboard screen, drivers can conveniently locate parking spaces and make payments, offering a user-friendly and efficient parking solution.
Market Opportunities and Challenges
- Opportunity:
- Increasing End User Preference for Contactless Payment: The market is experiencing growth due to the rising preference for contactless payment among vehicle users. Increased adoption of contactless payment is driven by its advantages, including cost reduction in cash handling and faster fund transactions. Additionally, the travel and hospitality sectors are rapidly adopting contactless payments for benefits like quicker transactions and enhanced customer experiences at fuel stations.
- An Increase in the Demand for a Simple Payment System at Gas Stations, Toll Plazas and Parking Lots: The worldwide expansion of in-vehicle payment services is propelled by the growing use of digital payment methods (mobile, debit, credit cards), facilitated by high-speed internet at fuel stations. Additionally, increased smartphone adoption and demand for mobile and wearable payments drive market growth.
- Challenge:
- Standardization: For in-vehicle payments, there are no standardised protocols on the market. This can result in problems with compatibility between various automobiles and payment systems.
- Infrastructure Readiness: A strong infrastructure is necessary for widespread adoption, including stable internet access and NFC (Near Field Communication) technologies at petrol stations and parking lots.
Market Competitive Landscape
Enhancing customer experience is a primary focus for brands in the in-vehicle payment services market. Companies leverage strategic partnerships and collaborations to provide customers with seamless in-vehicle payment solutions for various applications. By forging such alliances, companies introduce innovative in-vehicle payment services. For example, in March 2021, ChargePoint and Volvo extended their partnership to introduce an in-car app for EV charging stations, enabling drivers to pay without the need to physically tap or swipe their cards. The key players in the Global In-Vehicle Payment Services market include Amazon, BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Google, Honda Motor Co. Ltd., Hyundai Motor Co., Jaguar Land Rover Automotive PLC, MasterCard, PayPal, Visa, Volkswagen AG, ZF Friedrichshafen AG, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Payment Mode, By Application, By Offering, By Vehicle Type
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| Regions covered | Asia Pacific, Europe, Middle East and Africa, North America, Latin America
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| Companies Covered | Amazon, BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Google, Honda Motor Co. Ltd., Hyundai Motor Co., Jaguar Land Rover Automotive PLC, MasterCard, PayPal, Visa, Volkswagen AG, ZF Friedrichshafen AG, Others
|
COVID-19 Impact on Global In-Vehicle Payment Services Market
The COVID-19 pandemic had a significant impact on major economies, leading to restricted activities, reduced travel, and lockdowns, which affected the use of passenger cars and public transport. Consequently, the global automotive industry and in-vehicle systems experienced disruptions in market growth. However, the market swiftly recovered due to a rising demand for contactless payment solutions worldwide and the easing of lockdown restrictions in subsequent years. To cater to this demand, prominent companies like Mercedes introduced their in-vehicle payment services as contactless solutions.
Key Target Audience
- Automotive Manufacturers
- Commercial Fleets
- Commuters
- Delivery Drivers
- Food and Beverage Services
- Mobile Payment Users
- Ride-hailing and Taxi Services
- Safety-Conscious Consumers
- Tech-Savvy Consumers
- Tourism and Travelers
- Others
Our in-depth analysis of the In-Vehicle Payment Services Market includes the following segments:
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By Payment Mode:
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App/E-Wallet
Credit/Debit Card
QR Code/RFID
Others
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By Application:
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Food/ Groceries
Fuel/Charging Stations
Toll/Parking
Others
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By Offering:
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Service
Managed Services
Professional Services
Solution
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By Vehicle Type:
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Heavy Duty Vehicle (HDV)
Light Duty Vehicle (LDV)
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Key Topics Covered in the Report
- Global In-Vehicle Payment Services Market Size (FY’2023-FY’2033)
- Overview of Global In-Vehicle Payment Services Market
- Segmentation of Global In-Vehicle Payment Services Market By Payment Mode (App/E-Wallet, Credit/Debit Card, QR Code/RFID, Others)
- Segmentation of Global In-Vehicle Payment Services Market By Application (Food/ Groceries, Fuel/Charging Stations, Toll/Parking, Others)
- Segmentation of Global In-Vehicle Payment Services Market By Offering (Service, Solution)
- Segmentation of Global In-Vehicle Payment Services Market By Vehicle Type (Heavy Duty Vehicle, Light Duty Vehicle)
- Statistical Snap of Global In-Vehicle Payment Services Market
- Expansion Analysis of Global In-Vehicle Payment Services Market
- Problems and Obstacles in Global In-Vehicle Payment Services Market
- Competitive Landscape in the Global In-Vehicle Payment Services Market
- Impact of COVID-19 and Demonetization on Global In-Vehicle Payment Services Market
- Details on Current Investment in Global In-Vehicle Payment Services Market
- Competitive Analysis of Global In-Vehicle Payment Services Market
- Prominent Players in the Global In-Vehicle Payment Services Market
- SWOT Analysis of Global In-Vehicle Payment Services Market
- Global In-Vehicle Payment Services Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global In-Vehicle Payment Services Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global In-Vehicle Payment Services Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global In-Vehicle Payment Services Market
7. Global In-Vehicle Payment Services Market, By Payment Mode (USD Million)
7.1. Global In-Vehicle Payment Services Market Value Share and Forecast, By Payment Mode, 2023-2033
7.2. App/E-Wallet
7.3. Credit/Debit Card
7.4. QR Code/RFID
7.5. Others
8. Global In-Vehicle Payment Services Market, By Application (USD Million)
8.1. Global In-Vehicle Payment Services Market Value Share and Forecast, By Application, 2023-2033
8.2. Food/ Groceries
8.3. Fuel/Charging Stations
8.4. Toll/Parking
8.5. Others
9. Global In-Vehicle Payment Services Market, By Offering (USD Million)
9.1. Global In-Vehicle Payment Services Market Value Share and Forecast, By Offering, 2023-2033
9.2. Service
9.2.1. Managed Services
9.2.2. Professional Services
9.3. Solution
10. Global In-Vehicle Payment Services Market, By Vehicle Type (USD Million)
10.1. Global In-Vehicle Payment Services Market Value Share and Forecast, By Vehicle Type, 2023-2033
10.2. Heavy Duty Vehicle (HDV)
10.3. Light Duty Vehicle (LDV)
11. Global In-Vehicle Payment Services Market Forecast, 2019-2033 (USD Million)
11.1. Global In-Vehicle Payment Services Market Size and Market Share
12. Global In-Vehicle Payment Services Market, By Payment Mode, 2019-2033 (USD Million)
12.1. Global In-Vehicle Payment Services Market Size and Market Share By Payment Mode (2019-2026)
12.2. Global In-Vehicle Payment Services Market Size and Market Share By Payment Mode (2027-2033)
13. Global In-Vehicle Payment Services Market, By Application, 2019-2033 (USD Million)
13.1. Global In-Vehicle Payment Services Market Size and Market Share By Application (2019-2026)
13.2. Global In-Vehicle Payment Services Market Size and Market Share By Application (2027-2033)
14. Global In-Vehicle Payment Services Market, By Offering, 2019-2033 (USD Million)
14.1. Global In-Vehicle Payment Services Market Size and Market Share By Offering (2019-2026)
14.2. Global In-Vehicle Payment Services Market Size and Market Share By Offering (2027-2033)
15. Global In-Vehicle Payment Services Market, By Vehicle Type, 2019-2033 (USD Million)
15.1. Global In-Vehicle Payment Services Market Size and Market Share By Vehicle Type (2019-2026)
15.2. Global In-Vehicle Payment Services Market Size and Market Share By Vehicle Type (2027-2033)
16. Global In-Vehicle Payment Services Market, By Region, 2019-2033 (USD Million)
16.1. Global In-Vehicle Payment Services Market Size and Market Share By Region (2019-2026)
16.2. Global In-Vehicle Payment Services Market Size and Market Share By Region (2027-2033)
16.3. Asia-Pacific
16.3.1. Australia
16.3.2. China
16.3.3. India
16.3.4. Japan
16.3.5. South Korea
16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France
16.4.2. Germany
16.4.3. Italy
16.4.4. Spain
16.4.5. United Kingdom
16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia
16.5.2. United Arab Emirates
16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada
16.6.2. Mexico
16.6.3. United States
16.7. Latin America
16.7.1. Argentina
16.7.2. Brazil
16.7.3. Rest of Latin America
17. Company Profile
17.1. Amazon
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. BMW AG
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. Daimler AG
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. Ford Motor Co.
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. General Motors Co.
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. Google
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. Honda Motor Co. Ltd.
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. Hyundai Motor Co.
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. Jaguar Land Rover Automotive PLC
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. MasterCard
17.10.1. Company details
17.10.2. Financial outlook
17.10.3. Product summary
17.10.4. Recent developments
17.11. PayPal
17.11.1. Company details
17.11.2. Financial outlook
17.11.3. Product summary
17.11.4. Recent developments
17.12. Visa
17.12.1. Company details
17.12.2. Financial outlook
17.12.3. Product summary
17.12.4. Recent developments
17.13. Volkswagen AG
17.13.1. Company details
17.13.2. Financial outlook
17.13.3. Product summary
17.13.4. Recent developments
17.14. ZF Friedrichshafen AG
17.14.1. Company details
17.14.2. Financial outlook
17.14.3. Product summary
17.14.4. Recent developments
17.15. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope