The in-vehicle payment market is expected to experience substantial growth, with a projected CAGR of 11.7% from 2023 to 2033. This means that the market as a whole is anticipated to expand from a value of US$ 4,660.6 million in 2023 to reach US$ 14,134.1 million by 2033.
During the COVID-19 epidemic, government-enforced lockdowns prohibited the use of passenger automobiles and public transportation. So, like the global automotive sector, in-vehicle payments systems will see slow market growth in 2020. As demand for contactless payment options grew globally, lockout limitations were eased in the coming years.
Moreover, big corporations started rolling out contactless payment options in-vehicle, resulting in a market recovery. The increased need for contactless payment solutions due to pandemics, for example, led to Mercedes introducing contactless petrol payments in March 2021 in Germany. By the end of 2021, the company plans to spread its fuel & pay service to additional European nations.
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Connected automobiles are vehicles that can interact with other technologies via the user’s daily life. Connected automobiles use their connectivity to allow passengers to pay in-car. As a result, the increasing use of linked automobiles is likely to increase global sales of in-vehicle payments systems. Also, major brands like Mastercard and Visa are investing in linked auto payment technology, which will likely boost market growth in the near future.
On the other hand, the global maturing 5G connection rollout, along with increasing autonomy in autonomous and connected cars, is likely to boost market development. Moreover, the increased use of connected automobiles in emerging markets like China and India is expected to drive demand for in-vehicle payment.
Manufacturers in the in-vehicle payments market get a big platform from which to serve the whole demand for in-vehicle payments. The worldwide sales of in-vehicle payments are seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for in-vehicle payments more accessible to customers.
Key Takeaways from the In Vehicles Payment Market Report:
- Thus, infrastructure expansion for in-car payment is projected to drive market growth in the near future.
- In addition to the convenience of paying via mobile devices and on-demand applications, the increased popularity of digital payment apps such as Google Pay, Apple Pay, and Amazon Pay is likely to fuel sector growth during the projection period.
- The QR code/RFID industry is also predicted to develop rapidly in the future.
- As of 2020, North America led the global market with a USD 1.38 billion market share.
- The Asia Pacific is predicted to grow at a rapid rate in terms of sales of in-vehicle payments.
Competitive Landscape
BMW AG, CarPay Diem Cerence Inc., Daimler AG, General Motors Company, Gentex Corporation, Harman International Industries, Inc., Honda Motor Company, Ltd., Hyundai Motor Company, Jaguar Land Rover Automotive PLC, Mastercard Inc., Telenav Inc., ThinxNet GmbH, Visa Inc., Xevo Inc., and ZF Friedrichshafen AG.
- In January 2019, Visa announced cooperation with SiriusXM Linked Vehicles Services Inc. to improve the in-car customer experience and provide manufacturers that use SiriusXM’s connected vehicle services with a SiriusXM e-wallet. Visa account customers will be able to use these payment services to pay for things like petrol, coffee, parking, movie tickets, and more.
- Parkopedia launched a new multi-domain payment platform in May 2021. Parkopedia introduced its new integrated multi-domain payment platform in May 2021, which will enable all key in-vehicle payments, such as EV charging, parking, tolls, and fuelling.
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In Vehicles Payment Market Segmentation:
By Mode of Payment:
- NFC, QR Code/RFID
- Apple- Wallet
- Credit/Debit Card
By Application:
- Parking, Gas/Charging Stations
- Shopping
- Food/Coffee
- Toll Collection
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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