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 USD 4,660.6 million in 2023 to USD 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 | USD 4,233.1 million |
Estimated Global Market Share in 2023 | USD 4,660.6 million |
Forecasted Global Market Size by 2033 | USD 14,134.1 million |
Projected Global Market Growth Rate from 2023 to 2033 | 11.7% CAGR |
The vehicle payment market size, in terms of value, reached USD 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 USD 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.
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.
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
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 4: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 5: North America Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 6: North America Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 8: Latin America Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 9: Latin America Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 10: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 11: Europe Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 12: Europe Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 13: South Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 14: South Asia Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 15: South Asia Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 16: East Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 17: East Asia Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 18: East Asia Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 19: Oceania Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 20: Oceania Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 21: Oceania Market Value (US$ Million) Forecast by Application, 2018 to 2033
Table 22: MEA Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 23: MEA Market Value (US$ Million) Forecast by Mode of Payment, 2018 to 2033
Table 24: MEA Market Value (US$ Million) Forecast by Application, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by Application, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 7: Global Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 8: Global Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 9: Global Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 10: Global Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 11: Global Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 12: Global Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 13: Global Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 14: Global Market Attractiveness by Application, 2023 to 2033
Figure 15: Global Market Attractiveness by Region, 2023 to 2033
Figure 16: North America Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 17: North America Market Value (US$ Million) by Application, 2023 to 2033
Figure 18: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 22: North America Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 23: North America Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 24: North America Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 25: North America Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 26: North America Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 27: North America Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 28: North America Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 29: North America Market Attractiveness by Application, 2023 to 2033
Figure 30: North America Market Attractiveness by Country, 2023 to 2033
Figure 31: Latin America Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 32: Latin America Market Value (US$ Million) by Application, 2023 to 2033
Figure 33: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 37: Latin America Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 40: Latin America Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 41: Latin America Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 43: Latin America Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 44: Latin America Market Attractiveness by Application, 2023 to 2033
Figure 45: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 46: Europe Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 47: Europe Market Value (US$ Million) by Application, 2023 to 2033
Figure 48: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 49: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 50: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 51: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 52: Europe Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 53: Europe Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 54: Europe Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 55: Europe Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 56: Europe Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 57: Europe Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 58: Europe Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 59: Europe Market Attractiveness by Application, 2023 to 2033
Figure 60: Europe Market Attractiveness by Country, 2023 to 2033
Figure 61: South Asia Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 62: South Asia Market Value (US$ Million) by Application, 2023 to 2033
Figure 63: South Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 64: South Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 65: South Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 66: South Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 67: South Asia Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 68: South Asia Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 69: South Asia Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 70: South Asia Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 71: South Asia Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 72: South Asia Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 73: South Asia Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 74: South Asia Market Attractiveness by Application, 2023 to 2033
Figure 75: South Asia Market Attractiveness by Country, 2023 to 2033
Figure 76: East Asia Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 77: East Asia Market Value (US$ Million) by Application, 2023 to 2033
Figure 78: East Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 79: East Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 80: East Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 81: East Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 82: East Asia Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 83: East Asia Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 84: East Asia Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 85: East Asia Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 86: East Asia Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 87: East Asia Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 88: East Asia Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 89: East Asia Market Attractiveness by Application, 2023 to 2033
Figure 90: East Asia Market Attractiveness by Country, 2023 to 2033
Figure 91: Oceania Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 92: Oceania Market Value (US$ Million) by Application, 2023 to 2033
Figure 93: Oceania Market Value (US$ Million) by Country, 2023 to 2033
Figure 94: Oceania Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 95: Oceania Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 96: Oceania Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 97: Oceania Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 98: Oceania Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 99: Oceania Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 100: Oceania Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 101: Oceania Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 102: Oceania Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 103: Oceania Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 104: Oceania Market Attractiveness by Application, 2023 to 2033
Figure 105: Oceania Market Attractiveness by Country, 2023 to 2033
Figure 106: MEA Market Value (US$ Million) by Mode of Payment, 2023 to 2033
Figure 107: MEA Market Value (US$ Million) by Application, 2023 to 2033
Figure 108: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 109: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 110: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 111: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 112: MEA Market Value (US$ Million) Analysis by Mode of Payment, 2018 to 2033
Figure 113: MEA Market Value Share (%) and BPS Analysis by Mode of Payment, 2023 to 2033
Figure 114: MEA Market Y-o-Y Growth (%) Projections by Mode of Payment, 2023 to 2033
Figure 115: MEA Market Value (US$ Million) Analysis by Application, 2018 to 2033
Figure 116: MEA Market Value Share (%) and BPS Analysis by Application, 2023 to 2033
Figure 117: MEA Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033
Figure 118: MEA Market Attractiveness by Mode of Payment, 2023 to 2033
Figure 119: MEA Market Attractiveness by Application, 2023 to 2033
Figure 120: MEA Market Attractiveness by Country, 2023 to 2033
The revenue of the market by 2033 is expected to be USD 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 USD 4,660.6 million in 2023.
North America is growing fast due to the increasing popularity of connected cars.
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