The global in-vehicle payment services market size is expected to reach USD 11.03 billion by 2027, registering a CAGR of 19.9% from 2020 to 2027, according to a new report by Grand View Research, Inc. The increasing spending on convenience related to vehicles, rising disposable incomes, and the adoption of contactless payments are the key factors driving growth. Growing technological advancements and the adoption of mobile contactless payments are anticipated to further fuel the growth.
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In-vehicle payment services are gaining adoption owing to the ease and convenience offered by various modes of payment services to the drivers and passengers. Automakers such as BMW, Mercedes, Ford, Honda, General Motors, and Jaguar Land Rover, have established services and solutions integrated into their vehicle models. With the increasing penetration of connected cars and advanced infotainment, the in-vehicle payment services are expected to flourish in the coming years. Currently, vehicle users are continually looking for a hassle-free experience in their busy schedules and an upgraded lifestyle. Thus, the ability to shop, order, and pay on the go without actually using card and cash transactions helps in reducing the time consumed and allows the commuters to travel safely. Hence, payment service providers such as MasterCard, Visa, PayPal are actively engaged in partnerships and collaborations with the OEMs to deliver efficiently in-vehicle payment services platforms.
The OEMs are designing and developing an ecosystem for payments in such a way that the driver and passenger may not need to get out of the vehicle and receives the desired services such as gasoline, parking spaces, and its payments, charging, toll collection booth, ordering food and coffee and others. However, the majority of parking systems, gas stations, toll collection booths have been incorporated with the mobile payment technology. E-wallet is gaining major attraction across the globe owing to convenience and ease of payment. Leading players such as Google-Google Pay, Amazon-Amazon Pay, and Apple Pay are gaining widespread adoption and are expected to be heavily adopted until 2027. The COVID-19 pandemic has already flourished the demand for contactless payments.
Key suggestions from the report:
- The parking application segment is anticipated to register the fastest CAGR of over 20% during the forecast period
- The credit/debit card-based payments emerged as the largest segment in 2019. The segment is estimated to generate revenue of over USD 5.77 billion by 2027
- North America held the largest revenue share in 2019. Rising disposable income and the adoption of technological innovation related to vehicles in the region are anticipated to drive the growth.
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For this report, Grand View Research has segmented the global in-vehicle payment services market based on the mode of payment, application, and region:
In-vehicle Payment Services Mode Of Payment Outlook (Revenue, USD Billion, 2017 - 2027)
- QR Code/ RFID
- Credit/Debit Card-based
In-vehicle Payment Services Application Outlook (Revenue, USD Billion, 2017 - 2027)
- Gas/Charging Stations
- Toll Collection
In-vehicle Payment Services Regional Outlook (Revenue, USD Billion, 2017 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Some prominent players in the in-vehicle payment services market include:
- BMW AG
- Honda Motor Co. Ltd.
- Hyundai Motor Co.
- Ford Motor
- General Motors
- Jaguar Land Rover Automotive Plc
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
Real-Time Payments Market - The global Real-Time Payments (RTP) market size was valued at USD 6.90 billion in 2018 and is projected to expand at a CAGR of 29.3% from 2019 to 2025.
Digital Payment Market - The global digital payment market size was valued at USD 43.5 billion in 2018 and is expected to register a CAGR of 17.6% from 2019 to 2025.
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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