In-Vehicle Payment Services Global Market Report 2023

Description

“In-Vehicle Payment Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on in-vehicle payment services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
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Where is the largest and fastest growing market for in-vehicle payment services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The in-vehicle payment services market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Mode of Payment: QR Code or RFID; App-Based or e-Wallet; Credit or Debit Card-Based; Other Modes

2) By Form Factor: Embedded System; Tethered System; Integrated System

3) By Vehicle Type: Passenger Cars; Light Commercial Vehicles (LCVs); Heavy Commercial Vehicles (HCVs); Automated Guided Vehicles

4) By Application: Shopping; Gas or Charging Stations; Food and Beverages; Toll Collection; Parking; Other Applications

Companies Mentioned: MasterCard; The Mercedes-Benz Group; Jaguar Land Rover Automotive PLC; Honda Global; Hyundai Motor Company

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery Format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the in-vehicle payment services market are: MasterCard, The Mercedes-Benz Group, Jaguar Land Rover Automotive PLC, Honda Global, Hyundai Motor Company, ZF Friedrichshafen AG, Amazon, Google, International Business Machines Corporation, Telenav Inc., Xevo Inc., CarPay Diem Cerence Inc., and Gentex Corporation.

The global in-vehicle payment services market grew from $3.49 billion in 2022 to $3.87 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The in-vehicle payment services market is expected to grow to $5.55 billion in 2027 at a CAGR of 9.4%.

The in-vehicle payment services market includes revenues earned by entities by RFID and BLE technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

In-vehicle payment services allow car owners to make purchases directly from their dashboards, eliminating the need for a smartphone or other device, as the vehicle handles the transactions. The in-vehicle payment services enable payments from the vehicles.

North America was the largest region in the in-vehicle payment service market in 2022. The regions covered in the in-vehicle payment service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main modes of payment in in-vehicle payment services are QR code or RFID, app-based or e-wallet, credit or debit card-based, and others. QR codes or RFID tags are used for paying through scanning the QR codes or RFID tags. Radio waves are used by RFID tags to communicate the data they contain and make payments. The different forms include embedded systems, tethered systems, and integrated systems and involve various vehicle types such as passenger cars, light commercial vehicles (LCVS), heavy commercial vehicles (HCVS), and automated guided vehicles. The several applications include shopping, gas or charging stations, food and beverages, toll collection, parking, and other applications.

The growing preference for contactless payments is significantly driving the growth of the in-vehicle payment services market. Due to the COVID pandemic, there was a huge shift towards contactless payments, which was further supported by the advanced and flawless support from the payment systems. For instance, according to UK Finance, in November 2021, the total value of contactless transactions reached £17.7 billion (USD 19.96 billion), up from £9.9 billion (USD 11.84 billion) and 155.3% higher than £6.9 billion (USD 7.6 billion) in November 2019. Therefore, the increasing preference for contactless payments is expected to propel the growth of the in-vehicle payments market going forward.

Technological advancements have emerged as the key trend gaining popularity in the in-vehicle payment services market. Major companies operating in the in-vehicle payments market are focused on bringing advancements in technologies to strengthen their position. For instance, in May 2021, Hyundai, a South Korea-based automotive manufacturer, developed an in-car payment system that would debut in its upcoming all-electric Ioniq 5 crossover, allowing drivers to find and pay for electric vehicle charging, parking, and food. This advanced payment system, which combines the benefits of electric car charging with normal in-vehicle purchases, aids in the development of new revenue streams and provides users with features typically associated with smartphones.

In September 2021, JP Morgan, a US-based financial services organization, acquired Volkswagen's payments business for an undisclosed amount. Through this acquisition, JPMorgan plans to rename and invest in the payments company, as well as grow its mobility-focused payment operations. Volkswagen Payment Systems GmbH is a Germany-based company that creates and coordinates payment solutions for parking, car sharing, tolls, and fuel.

The countries covered in the in-vehicle payment service market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The in-vehicle payment services market research report is one of a series of new reports from The Business Research Company that provides in-vehicle payment services market statistics, including in-vehicle payment services industry global market size, regional shares, competitors with an in-vehicle payment services market share, detailed in-vehicle payment services market segments, market trends and opportunities, and any further data you may need to thrive in the in-vehicle payment services industry. This in-vehicle payment services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Product Code: r3993

1. Executive Summary

2. In-Vehicle Payment Services Market Characteristics

3. In-Vehicle Payment Services Market Trends And Strategies

4. In-Vehicle Payment Services Market - Macro Economic Scenario

4.1. COVID-19 Impact On In-Vehicle Payment Services Market
4.2. Ukraine-Russia War Impact On In-Vehicle Payment Services Market
4.3. Impact Of High Inflation On In-Vehicle Payment Services Market

5. In-Vehicle Payment Services Market Size And Growth

5.1. Global In-Vehicle Payment Services Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
5.2. Global In-Vehicle Payment Services Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market

6. In-Vehicle Payment Services Market Segmentation

6.1. Global In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
QR Code or RFID
App-Based or e-Wallet
Credit or Debit Card-Based
Other Modes
6.2. Global In-Vehicle Payment Services Market, Segmentation By Form Factor, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
Embedded System
Tethered System
Integrated System
6.3. Global In-Vehicle Payment Services Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
Passenger Cars
Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)
Automated Guided Vehicles
6.4. Global In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
Shopping
Gas or Charging Stations
Food and Beverages
Toll Collection
Parking
Other Applications

7. In-Vehicle Payment Services Market Regional And Country Analysis

7.1. Global In-Vehicle Payment Services Market, Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
7.2. Global In-Vehicle Payment Services Market, Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

8. Asia-Pacific In-Vehicle Payment Services Market

8.1. Asia-Pacific In-Vehicle Payment Services Market Overview
Region Information, Impact Of COVID_19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
8.3. Asia-Pacific In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

9. China In-Vehicle Payment Services Market

9.1. China In-Vehicle Payment Services Market Overview
9.2. China In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F,$ Billion
9.3. China In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F,$ Billion

10. India In-Vehicle Payment Services Market

10.1. India In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
10.2. India In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

11. Japan In-Vehicle Payment Services Market

11.1. Japan In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
11.2. Japan In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

12. Australia In-Vehicle Payment Services Market

12.1. Australia In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
12.2. Australia In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

13. Indonesia In-Vehicle Payment Services Market

13.1. Indonesia In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
13.2. Indonesia In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

14. South Korea In-Vehicle Payment Services Market

14.1. South Korea In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
14.2. South Korea In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

15. Western Europe In-Vehicle Payment Services Market

15.1. Western Europe In-Vehicle Payment Services Market Overview
15.2. Western Europe In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
15.3. Western Europe In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

16. UK In-Vehicle Payment Services Market

16.1. UK In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
16.2. UK In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

17. Germany In-Vehicle Payment Services Market

17.1. Germany In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
17.2. Germany In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

18. France In-Vehicle Payment Services Market

18.1. France In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
18.2. France In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

19. Eastern Europe In-Vehicle Payment Services Market

19.1. Eastern Europe In-Vehicle Payment Services Market Overview
19.2. Eastern Europe In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
19.3. Eastern Europe In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

20. Russia In-Vehicle Payment Services Market

20.1. Russia In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
20.2. Russia In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

21. North America In-Vehicle Payment Services Market

21.1. North America In-Vehicle Payment Services Market Overview
21.2. North America In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
21.3. North America In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

22. USA In-Vehicle Payment Services Market

22.1. USA In-Vehicle Payment Services Market Overview
22.2. USA In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
22.3. USA In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

23. South America In-Vehicle Payment Services Market

23.1. South America In-Vehicle Payment Services Market Overview
23.2. South America In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
23.3. South America In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

24. Brazil In-Vehicle Payment Services Market

24.1. Brazil In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
24.2. Brazil In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

25. Middle East In-Vehicle Payment Services Market

25.1. Middle East In-Vehicle Payment Services Market Overview
25.2. Middle East In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
25.3. Middle East In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

26. Africa In-Vehicle Payment Services Market

26.1. Africa In-Vehicle Payment Services Market Overview
26.2. Africa In-Vehicle Payment Services Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
26.3. Africa In-Vehicle Payment Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

27. In-Vehicle Payment Services Market Competitive Landscape And Company Profiles

27.1. In-Vehicle Payment Services Market Competitive Landscape
27.2. In-Vehicle Payment Services Market Company Profiles
- 27.2.1. MasterCard
  - 27.2.1.1. Overview
  - 27.2.1.2. Products and Services
  - 27.2.1.3. Strategy
  - 27.2.1.4. Financial Performance
- 27.2.2. The Mercedes-Benz Group
  - 27.2.2.1. Overview
  - 27.2.2.2. Products and Services
  - 27.2.2.3. Strategy
  - 27.2.2.4. Financial Performance
- 27.2.3. Jaguar Land Rover Automotive PLC
  - 27.2.3.1. Overview
  - 27.2.3.2. Products and Services
  - 27.2.3.3. Strategy
  - 27.2.3.4. Financial Performance
- 27.2.4. Honda Global
  - 27.2.4.1. Overview
  - 27.2.4.2. Products and Services
  - 27.2.4.3. Strategy
  - 27.2.4.4. Financial Performance
- 27.2.5. Hyundai Motor Company
  - 27.2.5.1. Overview
  - 27.2.5.2. Products and Services
  - 27.2.5.3. Strategy
  - 27.2.5.4. Financial Performance

28. Key Mergers And Acquisitions In The In-Vehicle Payment Services Market

29. In-Vehicle Payment Services Market Future Outlook and Potential Analysis

30. Appendix

30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. The Business Research Company
30.6. Copyright And Disclaimer