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 US$ 4,660.6 million in 2023 to US$ 14,134.1 million by 2033.
Sales of in-vehicle payments are expected to rise significantly. In addition to this, sales of in-vehicle payments are rising, accounting for US$ 6.5 Bn by 2026. Increasing sales of in-vehicle payments are also projected to contribute to the growth of the in-vehicle payments market share.
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 payment systems will see slow market growth in 2020. As demand for contactless payment options grew globally, lockout limitations were eased in the coming years.
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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.
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:
- 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.
Recent Developments by the In Vehicles Payment Service Providers:
- Mercedes-Benz and Visa announced a global cooperation in November 2021 to provide in-vehicle payment services that include a secure fingerprint scanner for safe contactless transactions.
- Honda and Visa partnered in January 2019 to launch Honda Dream Drive, a fully integrated in-car experience.
- In August 2018, GM announced cooperation with Shell, a Dutch oil company, to roll out embedded, in-dash fuel payment systems.
- Visa and SiriusXM Linked Vehicles Services Inc. established cooperation in January 2019 to improve the in-car customer experience and offer the SiriusXM e-wallet to manufacturers who use SiriusXM’s connected vehicle services.
Leading Key Players in the Market:
- BMW AG
- Daimler AG
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co. Ltd.
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In Vehicles Payment Market Segmentation:
By Mode of Payment:
- NFC, QR Code, or RFID
- Digital-wallet
- Credit or Debit Card
By Application:
- Parking, Gas, or Charging Stations
- Shopping
- Food or Coffee Outlets
- Toll Collection
- Other Applications
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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