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Global In-vehicle Payment Services Market by Mode Of Payment (Credit/Debit Card, App/e-Wallet), by Application (Parking, Food & Coffee) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

  • Report ID: NT-72706
  • Author: Up Market Research
  • Rating: 4.7
  • Total Reviews: 63
  • No. Of Pages: 201
  • Format:
  • Pub. Date: 2021-10-21
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Summary of the Report

Global in-vehicle payments services market was valued at USD 3,097.0million in 2020. It is expected to grow at a compound anual growth rate (CAGR), of 16.3% between 2021 and 2028. In-vehicle payment allows drivers to pay for fuel, food, gas, groceries, parking, tolls, and other items without leaving their vehicle. The market will grow due to the advancements in the Internet of Things (IoT), and the aggressive efforts of various automakers to incorporate advanced infotainment systems into their vehicles models. Market growth will be driven by the growing preference for contactless payments in the wake the COVID-19 pandemic, as well as continued innovation in smart cars.

The global pandemic has had a devastating impact on the global economy. Due to the restrictions and lockdowns imposed by different governments around the world to stop the spread of the virus, supply chains have been disrupted and manufacturing activities have been temporarily suspended at many production sites. COVID-19 had a short-term negative impact on the market. However, the increasing preference for payment to avoid coronavirus exposure and social distancing rules being promoted by different governments are expected to help drive the market growth in in-vehicle payments services in the post-COVID-19 period.

Many payment solutions providers such as PayPal, Visa and MasterCard are working with automakers all over the globe to integrate new payment methods and processes into their vehicles. In May 2017, General Motors Co. partnered with MasterCard to develop and market in-vehicle payments solutions. Visa partnered with SiriusXM in January 2019 to create a vehicle-based payment platform. Other manufacturers such as Ford Motor Co. and Honda Motor Co. Ltd. have also created in-vehicle payment platforms and solutions.

Automobile manufacturers are working hard to develop voice-based controls and built-in systems that allow drivers to shop while they drive. This will not compromise road safety norms. A voice-activated dashboard could distract drivers' attention so they must always consider road safety when shopping while driving. University of Utah research has shown that speech-to text technology can lead to cognitive disruption. It requires more effort to talk to a dashboard than it does to speak to an individual.

The market's growth will be driven by the advancements in connected and self-driving car technology. Market growth is expected to be driven by the increasing adoption of driver support systems. Driver support systems assist drivers in many ways. They allow for hassle-free parking, and they can make purchases directly from the control panel.

Mode of Payment Insights

In 2020, the credit/debit card market accounted for 54% of the total revenue. Credit and debit cards are still the most used payment methods and are widely used to make contactless payments. Market growth is expected to be driven by the increasing preference of card-less transactions, cards, and cash transactions across all age groups. The market share in App/e-wallets was significant in 2020. It is expected to grow at a CAGR of more than 17% between 2021 and 2028.

Individuals are increasingly turning to in-vehicle payments services due to rising demand for digital payment methods. Many apps and wallets are widely used to make payments, including Amazon Pay (Google Pay), AliPay, Apple Pay (Apple Pay), Venmo, Samsung Pay (Venmo), and others. Amazon and Google have connected their intelligent virtual assistants with their respective payment portals. This is part of their efforts to assist consumers in making payments and shopping interactively.

Application Insights

In 2020, the food/coffee category accounted for more than 26% of total revenue. Due to increasing traffic problems around the world, passengers and drivers are increasingly looking for on-the-go beverages. This will drive the demand for in-vehicle payments services to avoid inconvenience and save time.

Parking segment will experience the highest CAGR of 18% between 2021 and 2028. The growth of commercial and passenger vehicles will be a major factor in the future growth of the parking sector. According to OICA data, China's commercial vehicle sales increased by 18.7% in 2020. Parking spaces are in high demand due to the increasing number of commercial and passenger vehicles. Parking spaces that can be adapted to accept in-vehicle payments will reduce the long lines.

Regional Insights

North America had a greater revenue share than 39% in 2020. This region has the highest penetration of connected vehicles. Technology companies such as Apple Inc. and Google Inc. are also based in North America and have entered the automotive market to compete with other companies.

Asia Pacific is expected to experience the fastest CAGR at 18.1% between 2021 and 2028. The region's growth is expected to be driven by the growing population and rising disposable income. The region's growth will be driven by the adoption of new technologies and innovations in payment processing.

Market Share Insights & Key Companies

Market leaders are placing a strong focus on the development of payment solutions in collaboration and partnership with different payment solution providers. Amazon and Google have introduced devices that can be connected to the vehicle console via voice control. This allows for navigation and shopping as well as payment through various payment gateways. The following are some of the key players in the in-vehicle payments services market:

  • 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

Up Market Research published a new report titled “In-vehicle Payment Services Market research report which is segmented by Mode Of Payment (Credit/Debit Card, App/e-Wallet), by Application (Parking, Food & Coffee), By Players/Companies Volkswagen AG, among others, Honda Motor Co Ltd, Ford Motor Co, General Motors Co”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.


Report Scope

Report AttributesReport Details
Report TitleIn-vehicle Payment Services Market Research Report
By Mode Of PaymentCredit/Debit Card, App/e-Wallet
By ApplicationParking, Food & Coffee
By CompaniesVolkswagen AG, among others, Honda Motor Co Ltd, Ford Motor Co, General Motors Co
Regions CoveredNorth America, Europe, APAC, Latin America, MEA
Base Year2020
Historical Year2018 to 2019 (Data from 2010 can be provided as per availability)
Forecast Year2028
Number of Pages201
Number of Tables & Figures141
Customization AvailableYes, the report can be customized as per your need.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.


Global In-vehicle Payment Services Industry Outlook

Global In-vehicle Payment Services Market Report Segments:

The market is segmented by Mode Of Payment (Credit/Debit Card, App/e-Wallet), by Application (Parking, Food & Coffee).

In-vehicle Payment Services Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.


Key Benefits for Industry Participants & Stakeholders:

  • Industry drivers, restraints, and opportunities covered in the study
  • Neutral perspective on the market performance
  • Recent industry trends and developments
  • Competitive landscape & strategies of key players
  • Potential & niche segments and regions exhibiting promising growth covered
  • Historical, current, and projected market size, in terms of value
  • In-depth analysis of the In-vehicle Payment Services Market

Overview of the regional outlook of the In-vehicle Payment Services Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.


In-vehicle Payment Services Market Overview

Highlights of The In-vehicle Payment Services Market Report:

  1. The market structure and projections for the coming years.
  2. Drivers, restraints, opportunities, and current trends of In-vehicle Payment Services Market.
  3. Historical data and forecast.
  4. Estimations for the forecast period 2028.
  5. Developments and trends in the market.
        6. By Mode Of Payment:

                1. Credit/Debit Card

                2. App/e-Wallet

        7. By Application:

                1. Parking

                2. Food & Coffee

  1. Market scenario by region, sub-region, and country.
  2. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
  3. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
  4. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the In-vehicle Payment Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.


How you may use our products:

  • Correctly Positioning New Products
  • Market Entry Strategies
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In-vehicle Payment Services Market Trends

Reasons to Purchase the In-vehicle Payment Services Market Report:

  • The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
  • Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
  • Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
  • The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
  • Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 In-vehicle Payment Services Market Overview
   4.1 Introduction 
      4.1.1 Market Taxonomy 
      4.1.2 Market Definition 
      4.1.3 Macro-Economic Factors Impacting the Market Growth 
   4.2 In-vehicle Payment Services Market Dynamics 
      4.2.1 Market Drivers 
      4.2.2 Market Restraints 
      4.2.3 Market Opportunity 
   4.3 In-vehicle Payment Services Market - Supply Chain Analysis 
      4.3.1 List of Key Suppliers 
      4.3.2 List of Key Distributors 
      4.3.3 List of Key Consumers 
   4.4 Key Forces Shaping the In-vehicle Payment Services Market 
      4.4.1 Bargaining Power of Suppliers 
      4.4.2 Bargaining Power of Buyers 
      4.4.3 Threat of Substitution 
      4.4.4 Threat of New Entrants 
      4.4.5 Competitive Rivalry 
   4.5 Global In-vehicle Payment Services Market Size & Forecast, 2018-2028 
      4.5.1 In-vehicle Payment Services Market Size and Y-o-Y Growth 
      4.5.2 In-vehicle Payment Services Market Absolute $ Opportunity 


Chapter 5 Global In-vehicle Payment Services Market Analysis and Forecast by Mode Of Payment
   5.1 Introduction
      5.1.1 Key Market Trends & Growth Opportunities by Mode Of Payment
      5.1.2 Basis Point Share (BPS) Analysis by Mode Of Payment
      5.1.3 Absolute $ Opportunity Assessment by Mode Of Payment
   5.2 In-vehicle Payment Services Market Size Forecast by Mode Of Payment
      5.2.1 Credit/Debit Card
      5.2.2 App/e-Wallet
   5.3 Market Attractiveness Analysis by Mode Of Payment

Chapter 6 Global In-vehicle Payment Services Market Analysis and Forecast by Application
   6.1 Introduction
      6.1.1 Key Market Trends & Growth Opportunities by Application
      6.1.2 Basis Point Share (BPS) Analysis by Application
      6.1.3 Absolute $ Opportunity Assessment by Application
   6.2 In-vehicle Payment Services Market Size Forecast by Application
      6.2.1 Parking
      6.2.2 Food & Coffee
   6.3 Market Attractiveness Analysis by Application

Chapter 7 Global In-vehicle Payment Services Market Analysis and Forecast by Region
   7.1 Introduction
      7.1.1 Key Market Trends & Growth Opportunities by Region
      7.1.2 Basis Point Share (BPS) Analysis by Region
      7.1.3 Absolute $ Opportunity Assessment by Region
   7.2 In-vehicle Payment Services Market Size Forecast by Region
      7.2.1 North America
      7.2.2 Europe
      7.2.3 Asia Pacific
      7.2.4 Latin America
      7.2.5 Middle East & Africa (MEA)
   7.3 Market Attractiveness Analysis by Region

Chapter 8 Coronavirus Disease (COVID-19) Impact 
   8.1 Introduction 
   8.2 Current & Future Impact Analysis 
   8.3 Economic Impact Analysis 
   8.4 Government Policies 
   8.5 Investment Scenario

Chapter 9 North America In-vehicle Payment Services Analysis and Forecast
   9.1 Introduction
   9.2 North America In-vehicle Payment Services Market Size Forecast by Country
      9.2.1 U.S.
      9.2.2 Canada
   9.3 Basis Point Share (BPS) Analysis by Country
   9.4 Absolute $ Opportunity Assessment by Country
   9.5 Market Attractiveness Analysis by Country
   9.6 North America In-vehicle Payment Services Market Size Forecast by Mode Of Payment
      9.6.1 Credit/Debit Card
      9.6.2 App/e-Wallet
   9.7 Basis Point Share (BPS) Analysis by Mode Of Payment 
   9.8 Absolute $ Opportunity Assessment by Mode Of Payment 
   9.9 Market Attractiveness Analysis by Mode Of Payment
   9.10 North America In-vehicle Payment Services Market Size Forecast by Application
      9.10.1 Parking
      9.10.2 Food & Coffee
   9.11 Basis Point Share (BPS) Analysis by Application 
   9.12 Absolute $ Opportunity Assessment by Application 
   9.13 Market Attractiveness Analysis by Application

Chapter 10 Europe In-vehicle Payment Services Analysis and Forecast
   10.1 Introduction
   10.2 Europe In-vehicle Payment Services Market Size Forecast by Country
      10.2.1 Germany
      10.2.2 France
      10.2.3 Italy
      10.2.4 U.K.
      10.2.5 Spain
      10.2.6 Russia
      10.2.7 Rest of Europe
   10.3 Basis Point Share (BPS) Analysis by Country
   10.4 Absolute $ Opportunity Assessment by Country
   10.5 Market Attractiveness Analysis by Country
   10.6 Europe In-vehicle Payment Services Market Size Forecast by Mode Of Payment
      10.6.1 Credit/Debit Card
      10.6.2 App/e-Wallet
   10.7 Basis Point Share (BPS) Analysis by Mode Of Payment 
   10.8 Absolute $ Opportunity Assessment by Mode Of Payment 
   10.9 Market Attractiveness Analysis by Mode Of Payment
   10.10 Europe In-vehicle Payment Services Market Size Forecast by Application
      10.10.1 Parking
      10.10.2 Food & Coffee
   10.11 Basis Point Share (BPS) Analysis by Application 
   10.12 Absolute $ Opportunity Assessment by Application 
   10.13 Market Attractiveness Analysis by Application

Chapter 11 Asia Pacific In-vehicle Payment Services Analysis and Forecast
   11.1 Introduction
   11.2 Asia Pacific In-vehicle Payment Services Market Size Forecast by Country
      11.2.1 China
      11.2.2 Japan
      11.2.3 South Korea
      11.2.4 India
      11.2.5 Australia
      11.2.6 South East Asia (SEA)
      11.2.7 Rest of Asia Pacific (APAC)
   11.3 Basis Point Share (BPS) Analysis by Country
   11.4 Absolute $ Opportunity Assessment by Country
   11.5 Market Attractiveness Analysis by Country
   11.6 Asia Pacific In-vehicle Payment Services Market Size Forecast by Mode Of Payment
      11.6.1 Credit/Debit Card
      11.6.2 App/e-Wallet
   11.7 Basis Point Share (BPS) Analysis by Mode Of Payment 
   11.8 Absolute $ Opportunity Assessment by Mode Of Payment 
   11.9 Market Attractiveness Analysis by Mode Of Payment
   11.10 Asia Pacific In-vehicle Payment Services Market Size Forecast by Application
      11.10.1 Parking
      11.10.2 Food & Coffee
   11.11 Basis Point Share (BPS) Analysis by Application 
   11.12 Absolute $ Opportunity Assessment by Application 
   11.13 Market Attractiveness Analysis by Application

Chapter 12 Latin America In-vehicle Payment Services Analysis and Forecast
   12.1 Introduction
   12.2 Latin America In-vehicle Payment Services Market Size Forecast by Country
      12.2.1 Brazil
      12.2.2 Mexico
      12.2.3 Rest of Latin America (LATAM)
   12.3 Basis Point Share (BPS) Analysis by Country
   12.4 Absolute $ Opportunity Assessment by Country
   12.5 Market Attractiveness Analysis by Country
   12.6 Latin America In-vehicle Payment Services Market Size Forecast by Mode Of Payment
      12.6.1 Credit/Debit Card
      12.6.2 App/e-Wallet
   12.7 Basis Point Share (BPS) Analysis by Mode Of Payment 
   12.8 Absolute $ Opportunity Assessment by Mode Of Payment 
   12.9 Market Attractiveness Analysis by Mode Of Payment
   12.10 Latin America In-vehicle Payment Services Market Size Forecast by Application
      12.10.1 Parking
      12.10.2 Food & Coffee
   12.11 Basis Point Share (BPS) Analysis by Application 
   12.12 Absolute $ Opportunity Assessment by Application 
   12.13 Market Attractiveness Analysis by Application

Chapter 13 Middle East & Africa (MEA) In-vehicle Payment Services Analysis and Forecast
   13.1 Introduction
   13.2 Middle East & Africa (MEA) In-vehicle Payment Services Market Size Forecast by Country
      13.2.1 Saudi Arabia
      13.2.2 South Africa
      13.2.3 UAE
      13.2.4 Rest of Middle East & Africa (MEA)
   13.3 Basis Point Share (BPS) Analysis by Country
   13.4 Absolute $ Opportunity Assessment by Country
   13.5 Market Attractiveness Analysis by Country
   13.6 Middle East & Africa (MEA) In-vehicle Payment Services Market Size Forecast by Mode Of Payment
      13.6.1 Credit/Debit Card
      13.6.2 App/e-Wallet
   13.7 Basis Point Share (BPS) Analysis by Mode Of Payment 
   13.8 Absolute $ Opportunity Assessment by Mode Of Payment 
   13.9 Market Attractiveness Analysis by Mode Of Payment
   13.10 Middle East & Africa (MEA) In-vehicle Payment Services Market Size Forecast by Application
      13.10.1 Parking
      13.10.2 Food & Coffee
   13.11 Basis Point Share (BPS) Analysis by Application 
   13.12 Absolute $ Opportunity Assessment by Application 
   13.13 Market Attractiveness Analysis by Application

Chapter 14 Competition Landscape 
   14.1 In-vehicle Payment Services Market: Competitive Dashboard
   14.2 Global In-vehicle Payment Services Market: Market Share Analysis, 2019
   14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy) 
      14.3.1 Volkswagen AG
      14.3.2 among others
      14.3.3 Honda Motor Co Ltd
      14.3.4 Ford Motor Co
      14.3.5 General Motors Co
Segments Covered in the Report
The global In-vehicle Payment Services market has been segmented based on

By Mode Of Payment
  • Credit/Debit Card
  • App/e-Wallet
By Application
  • Parking
  • Food & Coffee
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Volkswagen AG
  • among others
  • Honda Motor Co Ltd
  • Ford Motor Co
  • General Motors Co

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