USD 5.09 Billion
Report ID:
SQMIG45D2124 |
Region:
Global |
Published Date: February, 2025
Pages:
196
|Tables:
67
|Figures:
69
Global In-vehicle Payment Services Market size was valued at USD 5.09 Billion in 2023 and is poised to grow from USD 5.91 Billion in 2024 to USD 19.64 Billion by 2032, growing at a CAGR of 16.20% in the forecast period (2025-2032).
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. Advancements 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. Automobile manufacturers are focusing on developing built-in systems, including voice-based controls, which can potentially allow drivers to shop while driving without compromising 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.
Constant research and development in the manufacturing of the cars has led to an integration of advanced and better solutions in terms of infotainment which have provided such features and these features are expected to drive the market growth in the forecast period. These payment processes are provided by different people across the globe like PayPal, visa MasterCard as they have partnered with the vehicle manufacturers. here is a growing demand for the in-vehicle payment services and it is adopted by major manufacturers. As the service is extremely beneficial for the drivers as it is helpful in making instant purchases and provides the benefits of easy parking without making use of any card payments or the use of any other device the market is expected to grow well in the coming years. As the service comes with the voice enabled controls it has a greater potential for driving the market growth in the coming years as it does not compromise with any of the safety norms of driving on the roads.
Market snapshot - (2025-2032)
Global Market Size
USD 5.09 Billion
Largest Segment
Credit/Debit Card
Fastest Growth
App /E-Wallet Based
Growth Rate
16.20% CAGR
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The global in-vehicle payment services market is segmented into mode of payment, application, and region. Based on mode of payment, the market is segmented into credit/debit card, NFC, QR code/RFID, and app /e-wallet based. Based on application, the market is segmented into food & coffee, parking, gas & charging stations, shopping, toll collection, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Analysis by Mode of Payment
Based on mode of payment, the debit/credit card segment is dominating with the largest in-vehicle payment services market share. The debit cards along with the credit cards are used largely in the developed as well as the developing economies as it happens to be the most popular mode for payment. This payment mode is preferred by most of the consumers for the contact list as well as the contact payments. There is an increased preference for the cordless as well as card transactions at the point of sales it is expected to contribute to the growth of the market in the coming years. The debit card and the credit card payment method is preferred by the various people belonging to different age groups as it is extremely convenient to use.
The app/e-wallet based segment is expected to witness significant growth during the forecast period. The rising popularity of digital payment methods and the convenience and ease associated with wallet payments are particularly encouraging individuals to adopt in-vehicle payment services, thereby contributing to the growth of the market. As such, several apps or wallets, including Amazon Pay, Google Pay, AliPay, Apple Pay, Venmo, and Samsung Pay, among others, are being widely used for making payments. Meanwhile, Amazon and Google have linked their intelligent virtual assistants to their respective payment portals and e-wallets as part of the efforts to help consumers in shopping and making payments interactively.
Analysis by Application
Based on application, the food and coffee segment is dominating the in-vehicle payment services market. Food and Coffee segment includes a range of offerings such as in-vehicle ordering systems, integrated coffee, and food delivery services that can be accessed through vehicle infotainment systems or mobile apps. These solutions are aimed at enhancing the travel experience by providing convenience and improving the accessibility of food and beverages during journeys. As consumer expectations for comfort and convenience continue to rise, automakers and service providers are increasingly focusing on integrating such amenities into their vehicles to offer a more enjoyable and personalized travel experience.
As per the in-vehicle services market analysis, the toll collection segment is expected to be the fastest growing segment. Toll Collection segment encompasses various systems and technologies, including electronic toll collection (ETC) systems, which use RFID or DSRC (Dedicated Short-Range Communications) to automatically charge tolls to a pre-registered account as vehicles pass through toll booths or gantries. The integration of such systems offers convenience to drivers by eliminating the need for cash transactions or manual toll booth stops, thereby reducing traffic congestion and improving the efficiency of toll collection processes. This segment is driven by the advancement of communication technologies, increasing adoption of connected vehicles, and growing needs for seamless and automatic payment solutions in transportation infrastructure.
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North America is dominating with the largest in-vehicle payment services market share. The North American region is experiencing a larger adoption of in vehicle payment services because the government in these regions are increasing the amounts invested in the infrastructure of the road as well as the telecom industry. Increased investments in these two sectors will be helpful in increasing the connectivity and communication in the car. It will be able to establish the automotive market in a positive manner. Major companies across the globe are increasing their focus on partnerships as they shall be instrumental in improving the market presence and the product portfolio of these companies.
Asia Pacific is anticipated to witness the fastest growth during in-vehicle payment services market forecast period. Due to the growth in the adoption of connected cars the demand for these services are expected to grow in the coming years. As the population in the Asia Pacific region is expected to grow the demand will continue to grow in this region. There has also been an increase in the disposable income of the people staying in these regions. Constant research and development activities have provided advanced technology and innovative products for making the payments and these shall play an instrumental role in the growth of the market in the coming years.
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Drivers
Increasing Adoption of Mobile Payments
Rising Demand for Contactless Payment
Restraints
Rising Concern for Data Leak
High Expense of System
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Major players in the in-vehicle payment services market are competing for providing advanced features and technologically sophisticated solutions to capture a large market share. For maintaining the competitive edge, they are investing in research and development, partnerships, and acquisitions. The prominent players are also increasing their global presence to enter into new markets and increase their revenue. Moreover, the leading in-vehicle payment services market players are also emphasizing on providing end-to-end solutions that can smoothly integrate with vehicles and provide users with a convenient and secure payment experience. This includes partnerships with automakers, payment gateways, and financial institutions to provide a comprehensive and tailored solution. For improving the user experience and expand their market reach, companies are also exploring emerging technologies like NFC, biometrics, and voice-activated payments.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in-vehicle payments enable drivers to conveniently order & pay for various services such as food, gasoline, parking slots, & tolls without needing to leave their vehicles. The market is poised for growth due to advancements in internet of things (IoT) technology and the proactive efforts of automakers to integrate advanced infotainment solutions into their vehicle models. Automobile manufacturers are actively working on developing integrated systems, such as voice-based controls, that have the potential to help drivers conduct various activities while driving without compromising road safety standards.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 5.09 Billion |
Market size value in 2032 | USD 19.64 Billion |
Growth Rate | 16.20% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the In-vehicle Payment Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the In-vehicle Payment Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the In-vehicle Payment Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the In-vehicle Payment Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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