In-vehicle Payment Services Market to Grow at 13.2% CAGR During the Forecast Period 2022-2030

Posted on 2023-03-15 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Mar 15, 2023 — /EPR Network/ —

In-vehicle Payment Services Industry Overview

The global in-vehicle payment services market size was valued at USD 4.23 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.2% from 2022 to 2030.

In-vehicle payment services allow drivers to order and pay for food, coffee, gasoline, groceries, parking slots, and tolls without having to step out of the vehicle. Advances in the Internet of Things (IoT) technology and the efforts being pursued aggressively by various automakers to integrate new, advanced infotainment solutions in their vehicle models are expected to drive the growth of the market over the forecast period. The growing preference for contactless payment methods in the wake of the outbreak of the COVID-19 pandemic and continued innovations in smart vehicles also bode well for the growth of the market.

Various payment solution providers, including MasterCard, Visa, and PayPal, are partnering with automakers around the world to develop and integrate new payment processes and methods in vehicles. For instance, in May 2017, General Motors Co. announced a partnership with MasterCard to design and develop in-vehicle payment solutions. Similarly, in January 2019, Visa announced a collaboration with SiriusXM, to introduce a vehicle-based payments platform. Several other manufacturers such as Volkswagen AG, Honda Motor Co. Ltd., and Ford Motor Co. have also developed in-vehicle payment solutions and platforms. The outbreak of the COVID-19 pandemic has taken a severe toll on the global economy. Supply chains have got disrupted and manufacturing activity at several production facilities has been suspended temporarily owing to the lockdowns and other restrictions imposed by various governments in different parts of the world as part of the efforts to contain the spread of coronavirus. Nevertheless, the social distancing norms being advocated by various governments and the growing preference among individuals for contactless payments to avoid any potential coronavirus exposure are expected to contribute to the growth of the market over the forecast period.

Gather more insights about the market drivers, restraints and growth of the Global In-vehicle Payment Services Market

Automobile manufacturers are focusing on developing built-in systems, including voice-based controls, which can potentially allow drivers to shop while driving without compromising with road safety norms. Given that a voice-activated dashboard can divert the driver’s attention, drivers have to always prioritize road safety if they are catering to their shopping needs while driving. A study conducted at the University of Utah has already revealed that speech-to-text technology can cause a high level of cognitive disruption since extra effort is required to chat with a dashboard than speaking to an individual. At this juncture, advances in self-driven and connected car technologies would play a vital role in driving the growth of the market over the forecast period.

The growing adoption of driver support systems is also projected to drive the growth of the in-vehicle payment services market over the forecast period. Driver support systems help drivers in various ways, including hassle-free parking and making purchases from the control panel without having to use any other devices or cards to complete the purchase.

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In-vehicle Payment Services Market Segmentation

Grand View Research has segmented the global in-vehicle payment services market based on mode of payment, application, and region:

In-vehicle Payment Services Mode of Payment Outlook (Revenue, USD Million, 2018 – 2030)

NFC
QR Code/RFID
App/e-wallet
Credit/Debit Card

In-vehicle Payment Services Application Outlook (Revenue, USD Million, 2018 – 2030)

Parking
Gas/Charging Stations
Shopping
Food/Coffee
Toll Collection
Others

In-vehicle Payment Services Regional Outlook (Revenue, USD Million, 2018 – 2030)

North America
Europe
Asia Pacific
Latin America
MEA

Key Companies profiled:

Some prominent players in the global In-vehicle Payment Services market include

BMW AG
Daimler AG
Ford Motor Co.
General Motors Co.
Honda Motor Co. Ltd.
Hyundai Motor Co.
Jaguar Land Rover Automotive PLC
Volkswagen AG
ZF Friedrichshafen AG
Google
Amazon
Visa
MasterCard
PayPal

Order a free sample PDF of the In-vehicle Payment Services Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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