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In-Vehicle Payment Services Market Growth, Size, Trends, Demand, Challenges and Future Outlook

Global In-Vehicle Payment Services Market Size- By Payment Mode, By Application, By Offering, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

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Global In-Vehicle Payment Services Market Size- By Payment Mode, By Application, By Offering, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
Published: Jul 2023 Report ID: IACT23137 Pages: 1 - 239 Formats*:     
Category : Information & Communications Technology
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.
In-Vehicle Payment Services Market
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.
In-Vehicle Payment Services Market


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 coveredBy Payment Mode, By Application, By Offering, By Vehicle Type
 Regions coveredAsia Pacific, Europe, Middle East and Africa, North America, Latin America
 Companies CoveredAmazon, 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:
By Payment Mode:
  • App/E-Wallet
  • Credit/Debit Card
  • QR Code/RFID
  • Others
    		•
    By Application:
  • Food/ Groceries
  • Fuel/Charging Stations
  • Toll/Parking
  • Others
    		•
    By Offering:
  • Service
  • Managed Services
  • Professional Services
  • Solution
    		•
    By Vehicle Type:
  • Heavy Duty Vehicle (HDV)
  • Light Duty Vehicle (LDV)
    		•
    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

    SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

    The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3

    Frequently Asked Questions About This Report
    In-Vehicle Payment Services Market is projected to reach USD 26.42 billion by 2033, growing at a CAGR of 18.92% during the forecast period.
    In-Vehicle Payment Services Market grew in market size from 2022. The Market is expected to reach USD 26.42 billion by 2033, at a CAGR of 18.92% during the forecast period.
    In-Vehicle Payment Services Market CAGR of 18.92% during the forecast period.
    You can get the sample pages by clicking the link - Click Here
    In-Vehicle Payment Services Market size is USD 26.42 billion from 2023 to 2033.
    In-Vehicle Payment Services Market Segment is covered By Payment Mode, By Application, By Offering, By Vehicle Type.
    The North America is anticipated to have the highest market share in the In-Vehicle Payment Services Market.
    "The key players in the market include 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. "
    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.
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