GVR Report cover In-vehicle Payment Services Market Size, Share & Trends Report

In-vehicle Payment Services Market Size, Share & Trends Analysis Report By Mode Of Payment (App/e-Wallet, Credit/Debit Card), By Application (Food & Coffee, Parking), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jul, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-072-8
  • Format: Electronic (PDF)
  • Historical Data: 2018 - 2019
  • Number of Pages: 120

Report Overview

The global in-vehicle payment services market size was valued at USD 3,097.0 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2021 to 2028. 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. Advances 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. The growing preference for contactless payment methods in the wake of the COVID-19 pandemic and continued innovations in smart vehicles also bode well for the growth of the market.

North America in-vehicle payment services market size, by mode of payment, 2018 - 2028 (USD Million)

The global pandemic has taken a severe toll on the global economy. Supply chains have got disrupted and manufacturing activities at several production facilities have been suspended temporarily owing to the lockdowns and other restrictions imposed by governments in different parts of the world as part of the efforts to contain the spread of the virus. As such, COVID-19 impacted the market negatively in the short term. Nevertheless, the social distancing norms being advocated by various governments and the growing preference among individuals for contactless payments to avoid any potential exposure to coronavirus are expected to contribute to the growth of the in-vehicle payment services market in the post-COVID-19 era.

Various payment solution providers, including MasterCard, Visa, and PayPal, are partnering with automakers around the world to develop and integrate new payment processes and methods in vehicles. For instance, in May 2017, General Motors Co. formed a partnership with MasterCard to design and develop in-vehicle payment solutions. In January 2019, Visa collaborated with SiriusXM, to introduce a vehicle-based payments platform. Several other manufacturers, such as Volkswagen AG, Honda Motor Co. Ltd., and Ford Motor Co., have also developed in-vehicle payment solutions and platforms.

Automobile manufacturers are focusing on developing built-in systems, including voice-based controls, which can potentially allow drivers to shop while driving without compromising with 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. A study conducted at the University of Utah has already revealed that speech-to-text technology can cause a high level of cognitive disruption since extra effort is required to chat with a dashboard than speaking to an individual.

At this juncture, advances in self-driven and connected car technologies would play a vital role in driving the growth of the market over the forecast period. The growing adoption of driver support systems is also projected to drive the market growth over the forecast period. Driver support systems help drivers in various ways, including hassle-free parking and making purchases from the control panel without having to use any other devices or cards to complete the purchase.

Mode Of Payment Insights

The credit/debit card segment accounted for the largest revenue share of around 54% in 2020. Debit and credit cards remain the most popular payment modes and are used extensively to make contactless payments. The growing preference for cards and card-less transactions and post cash transactions among various age groups is expected to contribute to the growth of the market over the forecast period. The App/e-wallet segment accounted for a significant share of the market in 2020 and is anticipated to register the fastest CAGR of over 17% from 2021 to 2028.

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 segment. 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. 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 make payments interactively.

Application Insights

The food/coffee segment accounted for the highest revenue share of more than 26% in 2020. The demand for various on-the-go beverages and foods is growing among passengers and drivers due to rising traffic issues across the globe. This, in turn, is projected to drive demand for in-vehicle payment services to save time and avoid any inconvenience.

Global in-vehicle payment services market share, by application, 2020 (%)

The parking segment is projected to register the fastest CAGR of more than 18% from 2021 to 2028. The growing number of passenger and commercial vehicles is particularly expected to contribute to the growth of the parking segment over the forecast period. The data published by OICA revealed that the sales of commercial vehicles in China increased 18.7% over the year in 2020. The increasing number of passenger and commercial vehicles drive the demand for parking spaces. Adapting in-vehicle payment services in the parking spaces will assist in reducing long queues at these spaces.

Regional Insights

North America accounted for the largest revenue share of more than 39% in 2020. The region has the maximum penetration of connected cars. Moreover, technology companies, including Apple Inc. and Google Inc., which are based in North America, have also entered the automotive market with their capabilities to innovate and compete with the automotive companies.

The Asia Pacific regional market is projected to register the fastest CAGR of 18.1% from 2021 to 2028. The growing population and the rising levels of disposable income are expected to contribute to the growth of the regional market. Adoption of the latest, advanced technologies and continued innovations in the way payments are made and processed would also play a vital role in driving the growth of the regional market over the forecast period.

Key Companies & Market Share Insights

Key market players are putting a strong emphasis on developing payment solutions in partnership and collaboration with various payment solution providers. Google and Amazon have also introduced devices that can be coupled with the vehicle console using voice control to help in shopping, navigation, accomplishing other tasks, and paying for various services through different payment gateways. Some of the major players in the global in-vehicle payment services market include:

  • BMW AG

  • Daimler AG

  • Ford Motor Co.

  • General Motors Co.

  • Honda Motor Co. Ltd.

  • Hyundai Motor Co.

  • Jaguar Land Rover Automotive PLC

  • Volkswagen AG

  • ZF Friedrichshafen AG

  • Google

  • Amazon

  • Visa

  • MasterCard

  • PayPal

In-vehicle Payment Services Market Report Scope

Report Attribute


Market size value in 2021

USD 4.23 billion

Revenue forecast in 2028

USD 12.16 billion

Growth rate

CAGR of 16.3% from 2021 to 2028

Base year for estimation


Historical data

2018 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Mode of payment, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope


Key companies profiled

BMW AG; Daimler AG; Ford Motor Co.; General Motors Co.; Honda Motor Co. Ltd.; Hyundai Motor Co.; Jaguar Land Rover Automotive PLC; Volkswagen AG; ZF Friedrichshafen AG; Google; Amazon; Visa; MasterCard; PayPal

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For the purpose of this study, Grand View Research has segmented the global in-vehicle payment services market report on the basis of mode of payment, application, and region:

  • Mode of Payment Outlook (Revenue, USD Million, 2018 - 2028)

    • NFC

    • QR Code/RFID

    • App/e-wallet

    • Credit/Debit card

  • Application Outlook (Revenue, USD Million, 2018 - 2028)

    • Parking

    • Gas/Charging Stations

    • Shopping

    • Food/Coffee

    • Toll Collection

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2028)

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

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