Global In-Vehicle Payment Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global In-Vehicle Payment Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Continuous advances in the connected vehicle technologies and IoT has led to the movement of mobile wallets to the dashboards as OEMs are now partnering with the card networks and various retailers to equip their vehicle offerings with in-vehicle payment technology. This technology enables the driver to pay for certain services and products without even having to get down from the car, which include payment for parking services, fuel, various drive-thru restaurants, and many others. In addition, tech giants such as Amazon and Google are bringing their popular voice assistants in vehicles, which further facilitates the driver to buy products while they are behind the wheels.

Market Overview:

The latest research study on the global In-Vehicle Payment Services market finds that the global In-Vehicle Payment Services market reached a value of USD 42926.53 million in 2022. It’s expected that the market will achieve USD 65508.97 million by 2028, exhibiting a CAGR of 7.3% during the forecast period.

Security performance upgrade

Security elements are one of the most important factors in In-Vehicle Payment Services. The security of In-Vehicle Payment Services involves the security involved in all important aspects of the transaction: security communication, secure boot, vehicle identity authentication, secure payment, security audit, secure OTA, sensitive data encryption and decryption, etc. The service provider is required to take all application environments into consideration and to consider other fast payment methods to achieve, for example, the security level of mobile payment.

The continuous development of the automotive industry

The continuous development of the automotive industry has led to an increase in the per capita car ownership in all regions. In the current era of efficiency, traffic congestion has become a major issue in urban development. If car payment is used to improve efficiency, it has positive significance in alleviating traffic congestion and improving driver safety. For example, the ETC (non-stop electronic toll collection system), which is gradually popularized, is an example to realize inductive charging, which greatly improves the traffic efficiency of high-speed toll stations. Therefore, In-Vehicle Payment Services will have more room for development in the future.

Region Overview:

Geographically, United States held the largest market share – 31.56% in 2022.

Company Overview:

Visa is one of the major players operating in the In-Vehicle Payment Services market, holding a share of 5.2% in 2022.

Visa

Visa Inc. operates as a payment’s technology company worldwide. The company facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants. The company also offers gateway services for merchants to accept, process, and reconcile payments; manage fraud; and safeguard payment security online, as well as processing services for participating issuers of visa debit, prepaid and so on.

MasterCard

Mastercard, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. It facilitates the processing of payment transactions, including authorization, clearing, and settlement, as well as delivers related products and services. The company also offers value-added services, such as safety and security products, loyalty and reward programs, information and consulting services, issuer and acquirer processing solutions, and payment and mobile gateways. In addition, it provides various integrated products and services for account holders, merchants, financial institutions, businesses, governments and so on.

Segmentation Overview:

As for product types, the APP based segment held the largest market share in 2022.

Application Overview:

In the In-Vehicle Payment Services market, 48.08% of the total value was generated through the Parking Management segment by application in 2021.

Key Companies in the global In-Vehicle Payment Services market covered in Chapter 3:

Ford Motor
Alibaba
PS Group
Daimler
Saic Motor
Royal Dutch Shell
Xevo
Visa
Honda Motor
ZF Group
Volkswagen
Gilbarco Veeder-Root
General Motors
MasterCard
Hyundai
Jaguar Land Rover

In Chapter 4 and Chapter 14.2, on the basis of types, the In-Vehicle Payment Services market from 2018 to 2029 is primarily split into:

NFC based
APP based
QR code based
Credit Card based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the In-Vehicle Payment Services market from 2018 to 2029 covers:

Parking Management
Drive-through Purchasing
Toll Collection

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)