In-vehicle Payment Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : ICT

The global In-vehicle Payment Services market size is expected to be worth around US$ 11.04 billion by 2027, according to a new report by Vision Research Reports.

The global In-vehicle Payment Services market size was valued at US$ 1.97 billion in 2019 and is anticipated to grow at a CAGR of 19.8% during forecast period 2020 to 2027.

Growth Factors

The increasing spending on convenience related to vehicles, rising disposable incomes, and the adoption of are the key factors driving growth. Growing technological advancements and the adoption of mobile contactless payments are anticipated to further fuel the growth.

In-vehicle payment services are gaining adoption owing to the ease and convenience offered by various modes of payment services to the drivers and passengers. Automakers such as BMW, Mercedes, Ford, Honda, General Motors, and Jaguar Land Rover, have established services and solutions integrated into their vehicle models. With the increasing penetration of connected cars and advanced infotainment, the in-vehicle payment services are expected to flourish in the coming years. Currently, vehicle users are continually looking for a hassle-free experience in their busy schedules and an upgraded lifestyle. Thus, the ability to shop, order, and pay on the go without actually using card and cash transactions helps in reducing the time consumed and allows the commuters to travel safely. Hence, payment service providers such as MasterCard, Visa, PayPal are actively engaged in partnerships and collaborations with the OEMs to deliver efficiently in-vehicle payment services platforms.

The OEMs are designing and developing an ecosystem for payments in such a way that the driver and passenger may not need to get out of the vehicle and receives the desired services such as gasoline, parking spaces, and its payments, charging, toll collection booth, ordering food and coffee and others. However, the majority of parking systems, gas stations, toll collection booths have been incorporated with the mobile payment technology. E-wallet is gaining major attraction across the globe owing to convenience and ease of payment. Leading players such as Google-Google Pay, Amazon-Amazon Pay, and Apple Pay are gaining widespread adoption and are expected to be heavily adopted until 2027. The COVID-19 pandemic has already flourished the demand for contactless payments.

Report Highlights

The credit or debit card-based payment method segment accounted for the largest revenue share of around 54.01% in 2019. Credit and debit card transactions are the most popular and widely used transaction method in contact and contactless payments. Post cash transactions, card-present, and card-not-present transactions are widely used by people of every age group across the globe.

The app-based/e-wallet segment accounted for a significant share and is thus expected to expand at a CAGR of 20.7% from 2020 to 2027. The growing popularity of digital payment techniques and ease and convenience provided by wallet payments has gained vast attraction from the consumers and drivers. However, it is expected that wallets or apps such as Google Pay, Amazon Pay, Apple Pay, Samsung Pay, Venmo, and AliPay, are the widely used mobile wallets for payments. Meanwhile, Google and Amazon have integrated their intelligent virtual assistants to shop interactively and pay through their e-wallets or payment methods.

The food and coffee ordering application segment accounted for the largest revenue share of around 26.01% in 2019. Currently, many drivers and passengers prefer ordering food and coffee on their way to offices and workplaces, or when they go to a destination. However, increasing traffic lowers the probability of waiting for and buying food and coffee, thus ordering food through the vehicle, and picking up the same on the way reduces the total time taken, further increasing the popularity.

The gas stations segment is expected to register a significant CAGR of 20.7% from 2020 to 2027. The gas station is a crucial requirement of any vehicle. However, payment methods such as e-wallet, NFC, and QR code save the time taken on payments. For instance, Visa and Honda demonstrated a new in-vehicle payment system they have been working on, in collaboration with the smart parking meter and gas pump manufacturers. Honda drivers will be alerted when they pull up to a beacon-equipped smart meter or fuel pump, and they can pay just by touching a button on the dash.

The in-vehicle payment services market in the Asia Pacific region is anticipated to grow at the highest compound annual growth rate of 21.7% from 2020 to 2027, owing to the growing population and rising disposable income. Technological proliferation and innovations in the payment industry are expected to drive demand over the forecast period.

Key Players

  • BMW AG

  • Daimler AG

  • Ford Motor Co.

  • General Motors

  • Honda Motor Co. Ltd.

  • Hyundai Motor Co.

  • Jaguar Land Rover Automotive PLC

  • Volkswagen AG

  • ZF Friedrichshafen AG

  • Google

  • Amazon

  • Visa

  • MasterCard

  • PayPal

Market Segmentation

  • Mode Of Payment Outlook 

    • NFC

    • QR Code/RFID

    • App-based/e-wallet

    • Credit/Debit Card-based

  • Application Outlook 

    • Parking

    • Gas/Charging Stations

    • Shopping

    • Food/Coffee

    • Toll Collection

    • Others

  • Regional Outlook 

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

The In-vehicle Payment Services market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of In-vehicle Payment Services market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global In-vehicle Payment Services market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the In-vehicle Payment Services market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted In-vehicle Payment Services market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the In-vehicle Payment Services capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of In-vehicle Payment Services by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global In-vehicle Payment Services market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major In-vehicle Payment Services market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of In-vehicle Payment Services market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the In-vehicle Payment Services industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The In-vehicle Payment Services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to In-vehicle Payment Services market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of In-vehicle Payment Services market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new In-vehicle Payment Services market. These factors have benefited the growth of the global market for In-vehicle Payment Services. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for In-vehicle Payment Services. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of In-vehicle Payment Services are as follows:

  • Historic Year: 2016-2019
  • Base Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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