In-Vehicle Payment Services Market Size Worth $16.57 Billion By 2032 | CAGR: 12.0%

The global in-vehicle payment services market size is expected to reach USD 16.57 billion by 2032, according to a new study by Polaris Market Research. The report “In-Vehicle Payment Services Market Share, Size, Trends, Industry Analysis Report, By Mode Of Payment (NFC, QR Code/RFID, App/E-wallet, Credit/Debit Card), By Application (Parking, Shopping, Others), By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The substantial investments made by automakers to facilitate in-vehicle payments and transaction authentication, combined with increasing disposable income, particularly in developed economies, and the growing preference for contactless payments, are anticipated to propel market growth in the foreseeable future.

Increasingly hectic schedules are driving drivers to seek convenient experiences. The capability to shop, order, and pay on the go, without the need for cash transactions or credit/debit card swiping, enables commuters to save time and ensures a convenient commute. It provides drivers & passengers the convenience payments through various modes directly from the vehicle. These services are anticipated to rise in tandem with the proliferation of connected cars & growing adoption of the new-age infotainment systems over the forecast period.

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The inclination towards contactless payments is on the rise, particularly in response to the COVID-19 pandemic. Many parking systems, gas stations, & toll collection booths have already integrated payment technology. The increasing popularity of the e-wallets is attributed to the convenience & ease they provide for the payments. Digital wallet and online payment platforms like Google Pay, Amazon Pay, & Apple Pay are gaining widespread popularity, and their adoption is anticipated to surge significantly in the forecast period.

Automotive original equipment manufacturers (OEMs) are actively working on creating a payment ecosystem that enables drivers and passengers to access and pay for various services, including refueling or charging electric cars, reserving and paying for parking spaces, settling toll fees at toll booths, and ordering food and coffee, all without the need to exit the vehicle. Consequently, the market for in-vehicle payment services is anticipated to experience substantial growth throughout the forecast period.

Automakers like BMW AG, Mercedes-Benz, Ford Motor, Honda Motor, General Motors & Jaguar have initiated the integration of the payment services & solutions into their models. Simultaneously, payment service providers such as MasterCard, Visa, & PayPal are actively forming strategic partnerships with the automotive OEMs to deliver the effective in-vehicle payment platforms.

In-Vehicle Payment Services Market Report Highlights

• Gas & charging stations segment dominated the market, on account of rising adoption of autonomous vehicles, and growing popularity of contact-less payments
• Credit/Debit cards segment held the largest share, as they have largest chunk of payment services, being used for several years
• North America dominated the market, owing to presence of high-net-worth individuals seeking autonomous luxurious vehicles

• The global players BMW, Daimler, Ford Motor, General Motors, Honda Motor, Google, Amazon, Visa, MasterCard, and PayPal.

Polaris Market Research has segmented the In-Vehicle Payment Services market report based on mode of payment, application, and region:

In-Vehicle Payment Services, Mode of Payment Outlook (Revenue - USD Billion, 2019 - 2032)

• NFC
• QR Code/RFID
• App/E-wallet Based
• Credit/Debit Card Based

In-Vehicle Payment Services, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Parking
• Gas & Charging Stations
• Shopping
• Food & Coffee
• Toll Collection
• Others

In-Vehicle Payment Services, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

In-Vehicle Payment Services Market Report Scope