In-Vehicle Payment System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of In-Vehicle Payment System Market
The In-Vehicle Payment System market size was valued at USD 1.12 billion in 2022, and the market projected to grow from USD 1.53 billion in 2023 to USD 6.18 billion by 2030, exhibiting a CAGR of 22.03% during the forecast period of 2023-2030.
Due to government sanctioned restrictions on movement, less people are using cars or even mate transport during 2020 as a result of COVID 19 pandemic restrictions. The resulting situation has hampered the growth of the In Vehicle Systems (IVS) market because it emulates what was happening in the In Vehicle Payment System market highlighting a global automobile sector downturn In-Vehicle Payment System market growth.
Guidelines of extensive social distancing and worries for safety are propelling the need for touchless payment solutions which in turn accelerate the adoption of in-car payments. Such advancements by key automakers including Mercedes Benz, General Motors Corp., Hyundai Motor Corporation Ltd., and Honda Motor Co Ltd among others should stimulate the market growth In-Vehicle Payment System market share.
The connectivity of automobiles with day to day technologies enhances the capabilities and functionalities such as making payments while driving. The growing uptake and evolution of smart vehicles should help spur global demand for such services. Moreover, such efforts through key players such as Mastercard and Visa among others towards connectivity of automobiles for making payment indicates potential market growth.
Comprehensive Analysis of In-Vehicle Payment System Market
The In-Vehicle Payment System market and Automotives industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Mode of Payment Analysis, by Application Analysis. The Mode of Payment Analysis, credit/debit card, RFID, e-wallet, and QR code. However, the Application Analysis, the market is segmented into fuel/EV charging station, shopping, food and drinks, parking and toll collection.
The North America region lead the In-Vehicle Payment System market by benefitting a market size of USD 0.50 billion in 2022 due to The presence of technological advancements in North America is boost market growth in the region.
The top players in the market play a crucial role in the Automotives industry assuring industrial prospectus growth and setting market standards. These players include, BMW AG (Germany), ZF Friedrichshafen AG (Germany), JAGUAR LAND ROVER AUTOMOTIVE PLC (U.K.), Daimler AG (Germany), General Motors Company (U.S.), Hyundai Motor Group (South Korea), Honda Motor Co. Ltd. (Japan), IBM Corporation (U.S.), Visa Inc. (U.S.), Mastercard Inc. (U.S.), these players provide a level playing competitive landscape.
In May 2023, to capitalize on revenue growth opportunities in the emerging sector. Developing an in-car payment platform for in-vehicle payment purposes was the purpose of collaborating with Vodafone by Summitomo.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 22.03% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Mode of Payment
Credit/Debit Card
RFID
QR Code
e-Wallet
By Application
Fuel/EV Charging Station
Shopping
Food and Drinks
Parking
Toll Collection
By Geography
North America (By Mode of Payment andByApplication)
- U.S. (By Mode of Payment)
- Canada (By Mode of Payment)
- Mexico (By Mode of Payment)
Europe (By Mode of Payment and
By Application)
- UK (By Mode of Payment)
- Germany (By Mode of Payment)
- France (By Mode of Payment)
- Rest of Europe (By Mode of Payment)
Asia Pacific (By Mode of Payment and
By Application)
- China (By Mode of Payment)
- India (By Mode of Payment)
- Japan (By Mode of Payment)
- South Korea (By Mode of Payment)
- Rest of Asia Pacific (By Mode of Payment)
Rest of World ( By Mode of Payment and By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Key Industry Developments - Mergers, Acquisitions & Partnerships
- 4.2. Latest Technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Impact of COVID-19 Pandemic on Global In-vehicle Payment Market
- 5. Global In-vehicle Payment Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Key Findings / Definition
- 5.2. Market Analysis, Insights and Forecast - By Mode of Payment
- 5.2.1. Credit/Debit Cards
- 5.2.2. RFID
- 5.2.3. e-Wallets
- 5.2.4. QR Code
- 5.3. Market Analysis, Insights and Forecast - By Application
- 5.3.1. Fuel/EV Charging Station
- 5.3.2. Shopping
- 5.3.3. Food and Drinks
- 5.3.4. Parking
- 5.3.5. Toll Collection
- 5.4. Market Analysis, Insights and Forecast - By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of the World
- 6. North America In-vehicle Payment Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 6.1.1. Credit/Debit Cards
- 6.1.2. RFID
- 6.1.3. e-Wallets
- 6.1.4. QR Code
- 6.2. Market Analysis, Insights and Forecast - By Application
- 6.2.1. Fuel/EV Charging Station
- 6.2.2. Shopping
- 6.2.3. Food and Drinks
- 6.2.4. Parking
- 6.2.5. Toll Collection
- 6.3. Market Analysis, Insights and Forecast - By Country
- 6.3.1. U.S.
- 6.3.1.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 6.3.2. Canada
- 6.3.2.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 6.3.3. Mexico
- 6.3.3.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 7. Europe In-vehicle Payment Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 7.1.1. Credit/Debit Cards
- 7.1.2. RFID
- 7.1.3. e-Wallets
- 7.1.4. QR Code
- 7.2. Market Analysis, Insights and Forecast - By Application
- 7.2.1. Fuel/EV Charging Station
- 7.2.2. Shopping
- 7.2.3. Food and Drinks
- 7.2.4. Parking
- 7.2.5. Toll Collection
- 7.3. Market Analysis, Insights and Forecast - By Country
- 7.3.1. Germany
- 7.3.1.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 7.3.2. France
- 7.3.2.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 7.3.3. U.K.
- 7.3.3.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 7.3.4. Rest of the Europe
- 7.3.4.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 8. Asia Pacific In-vehicle Payment Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 8.1.1. Credit/Debit Cards
- 8.1.2. RFID
- 8.1.3. e-Wallets
- 8.1.4. QR Code
- 8.2. Market Analysis, Insights and Forecast - By Application
- 8.2.1. Fuel/EV Charging Station
- 8.2.2. Shopping
- 8.2.3. Food and Drinks
- 8.2.4. Parking
- 8.2.5. Toll Collection
- 8.3. Market Analysis, Insights and Forecast - By Country
- 8.3.1. China
- 8.3.1.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 8.3.2. Japan
- 8.3.2.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 8.3.3. India
- 8.3.3.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 8.3.4. South Korea
- 8.3.4.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 8.3.5. Rest of APAC
- 8.3.5.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 9. Rest of the World In-vehicle Payment Market Analysis, Insights and Forecast, 2019-2030
- 9.1. Market Analysis, Insights and Forecast - By Mode of Payment
- 9.1.1. Credit/Debit Cards
- 9.1.2. RFID
- 9.1.3. e-Wallets
- 9.1.4. QR Code
- 9.2. Market Analysis, Insights and Forecast - By Application
- 9.2.1. Fuel/EV Charging Station
- 9.2.2. Shopping
- 9.2.3. Food and Drinks
- 9.2.4. Parking
- 9.2.5. Toll Collection
- 10. Competitive Analysis
- 10.1. Key Industry Developments
- 10.2. Global Market Rank Analysis (2022)
- 10.3. Competitive Dashboard
- 10.4. Comparative Analysis - Major Players
- 10.5. Company Profiles (Overview, Products & Services, SWOT Analysis, Recent Developments, Strategies, Financials (Based on Availability)
- 10.5.1. ZF Friedrichshafen AG (Friedrichshafen, Germany)
- 10.5.1.1. Overview,
- 10.5.1.2. Products & Services,
- 10.5.1.3. SWOT Analysis,
- 10.5.1.4. Recent Developments,
- 10.5.1.5. Strategies,
- 10.5.1.6. Financials (Based on Availability)
- 10.5.2. BMW AG (Munich, Germany)
- 10.5.2.1. Overview,
- 10.5.2.2. Products & Services,
- 10.5.2.3. SWOT Analysis,
- 10.5.2.4. Recent Developments,
- 10.5.2.5. Strategies,
- 10.5.2.6. Financials (Based on Availability)
- 10.5.3. Daimler AG (Stuttgart, Germany)
- 10.5.3.1. Overview,
- 10.5.3.2. Products & Services,
- 10.5.3.3. SWOT Analysis,
- 10.5.3.4. Recent Developments,
- 10.5.3.5. Strategies,
- 10.5.3.6. Financials (Based on Availability)
- 10.5.4. JAGUAR LAND ROVER AUTOMOTIVE PLC (Coventry, U.K.)
- 10.5.4.1. Overview,
- 10.5.4.2. Products & Services,
- 10.5.4.3. SWOT Analysis,
- 10.5.4.4. Recent Developments,
- 10.5.4.5. Strategies,
- 10.5.4.6. Financials (Based on Availability)
- 10.5.5. General Motors Company (Michigan, U.S.)
- 10.5.5.1. Overview,
- 10.5.5.2. Products & Services,
- 10.5.5.3. SWOT Analysis,
- 10.5.5.4. Recent Developments,
- 10.5.5.5. Strategies,
- 10.5.5.6. Financials (Based on Availability)
- 10.5.6. Honda Motor Co. Ltd. (Tokyo, Japan)
- 10.5.6.1. Overview,
- 10.5.6.2. Products & Services,
- 10.5.6.3. SWOT Analysis,
- 10.5.6.4. Recent Developments,
- 10.5.6.5. Strategies,
- 10.5.6.6. Financials (Based on Availability)
- 10.5.7. Hyundai Motor Group (Seoul, South Korea)
- 10.5.7.1. Overview,
- 10.5.7.2. Products & Services,
- 10.5.7.3. SWOT Analysis,
- 10.5.7.4. Recent Developments,
- 10.5.7.5. Strategies,
- 10.5.7.6. Financials (Based on Availability)
- 10.5.8. IBM Corporation (New York, U.S.)
- 10.5.8.1. Overview,
- 10.5.8.2. Products & Services,
- 10.5.8.3. SWOT Analysis,
- 10.5.8.4. Recent Developments,
- 10.5.8.5. Strategies,
- 10.5.8.6. Financials (Based on Availability)
- 10.5.9. Mastercard Inc. (New York, U.S.)
- 10.5.9.1. Overview,
- 10.5.9.2. Products & Services,
- 10.5.9.3. SWOT Analysis,
- 10.5.9.4. Recent Developments,
- 10.5.9.5. Strategies,
- 10.5.9.6. Financials (Based on Availability)
- 10.5.10. Visa Inc. (California, U.S.)
- 10.5.10.1. Overview,
- 10.5.10.2. Products & Services,
- 10.5.10.3. SWOT Analysis,
- 10.5.10.4. Recent Developments,
- 10.5.10.5. Strategies,
- 10.5.10.6. Financials (Based on Availability)
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