PUBLISHER: yStats.com | PRODUCT CODE: 1316325
PUBLISHER: yStats.com | PRODUCT CODE: 1316325
Global In-Car Payment Market and Trends 2023
"With the growing demand for in-car payment solutions, the forecasted number of in-car payments is set to exceed 4 billion by 2026": new yStats.com report.
The global in-car payments market is forecasted to flourish, driven by several collaborations among different stakeholders
With consumers worldwide shifting towards cashless payments, the demand for in-vehicle solutions has also undergone a change. The comfort and convenience of making purchases while sitting in the car have further boosted the growth of in-car payments, enabling commuters to pay for parking fees, tolls, fuel, and other services directly from their cars. Thus, the direct payment option is integrated into the vehicle, and the driver authorizes the payment through various verification techniques, ranging from fingerprint authorization to iris recognition. According to a new report from yStats.com, the rising adoption of in-car payment solutions is expected to surpass 5 billion transactions by 2026. This growth has also accelerated partnerships among various players, such as tech companies, original equipment manufacturers (OEMs), payment giants, fuel companies, and car parks.
One example of an OEM offering in-car payment is Hyundai, which launched the Ioniq 5 car model, enabling car owners to find and pay for parking from the car. Similarly, Skoda in Europe introduced the Pay to Park system, facilitating drivers to pay for parking fees from the app or the car. Apart from OEMs, tech companies are also exploring the in-car payment market, with Apple offering Apple CarPlay that allows users to make payments via the car dashboard. Currently, Apple CarPlay enables users to pay via in-car payments for EV charging and ordering food at a drive-through. The company has revealed its plans to expand this service to allow users to find a gas station via the app, refill the car through the screen, and pay for the refueling through the car's infotainment system.
The in-car payment market is witnessing different growth patterns across regions, with Europe taking the forefront
The trend towards using a car as a wallet for parking payment, fuel payment, and EV charging payment is rapidly growing in Europe. The European Electronic Toll Service is also taking initiatives to enable toll payments using in-car payments. Several stakeholders, such as payment companies, OEMs, and parking companies, are committed to offering in-car payment solutions. For instance, Apcoa, a car park in Europe, offers its customers the option to use contactless payment solutions via the infotainment screen of the car. Furthermore, BMW has partnered with Parkopedia to allow car owners in Austria and Germany to find and pay for parking via the car navigation screen or the My BMW app, according to the new yStats.com publication. Similarly, Mercedes has partnered with Visa, enabling users to pay for parking fees via in-car payments across 14 European nations.
With the growing adoption of in-car payment solutions, nearly half of surveyed drivers in Germany indicated their willingness to pay directly via the car display as of September 2022. Moreover, close to three-quarters of drivers showed a preference for using in-car payments for parking fee payments and refueling cars or charging EVs during the same time.
Table of Contents
1. Key Takeaways
- Key Takeaways of Mobility Payment Solutions and Trends, June 2023 (1 of 2)
- Key Takeaways of Mobility Payment Solutions and Trends, June 2023 (2 of 2)
2. Management Summary
3. Global
- Overview of In-Car Payment Solutions and Trends, June 2023 (1 of 4)
- Overview of In-Car Payment Solutions and Trends, June 2023 (2 of 4)
- Overview of In-Car Payment Solutions and Trends, June 2023 (3 of 4)
- Overview of In-Car Payment Solutions and Trends, June 2023 (4 of 4)
- Total Value Created By Connected Car Use Cases, in USD billion, 2020 & 2030f
- Number of Connected Cars in Service, in millions, 2023e & 2027f
- Share of OEMs Investing or Planning to Invest in Connected Car Services in the Next 2 Years, in %, May 2022
- Connected Car Penetration Rate, by Countries, in %, Q4 2022
- Connected Car Penetration Rate, in %, Q4 2022
- Share of Motorists Who Value In-Car Integrated Parking Services & Those Who Cite In-Car Payments as a Solution to Inaccurate Parking Information, in %, May 2023
- Share of Respondents Who Value Vehicle Centric In-Car Payments vs Those Who Want Single Sign-on Access Across Providers, in %, May 2023
- Top Activities For Which Respondents Lean Towards In-Car Payments, in % of Respondents, May 2023
- Share of EV Drivers Who Regarded In-Car Activations and Payments for Charging as Important Standalone Features & Share of EV Respondents Preferring Vehicles With Park and Charge Enabling Them to Locate and Pay From the Car in %, May 2023
- Share of Respondents For Whom In-Car Payments is an Important Feature of Connected Cars, in %, Q4 2022
- Share of Potential Users Who Believe In-Car Payment to Be Key Competitive Advantage of Manufacturers, by Selected Countries, in %, February 2022
4. North America
- 4.1. Regional
- Overview of In-Car Payment Solutions and Trends, May 2023 (1 of 2)
- Overview of In-Car Payment Solutions and Trends, May 2023 (2 of 2)
- 4.2. USA
- Overview of In-Car Payment Solutions and Trends, July 2023
- Share of Licensed Drivers Driving a Connected Car, in %, 2026f
- Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
- Top Activities For Which Respondents Lean Towards In-Car Payments, in % of Respondents, May 2023
- Share of EV Respondents That Prefer to Own Vehicles With Park and Charge Functionality Enabling Them to Locate, Navigate, and Pay for it From the Car, in %, May 2023
- Share of Motorists Who Value Vehicle Centric In-Car Commerce vs Those Who Want Single Sign-on Access Across Providers, in %, May 2023
5. Europe
- 5.1. Regional
- Overview of In-Car Payment Solutions and Trends, May 2023 (1 of 3)#
- Overview of In-Car Payment Solutions and Trends, May 2023 (2 of 3)
- Overview of In-Car Payment Solutions and Trends, May 2023 (3 of 3)
- Overview of In-Car Payment Regulatory Environment, July 2023
- 5.2. UK
- Benefits of Connected Cars, in % of Respondents, March 2022
- 5.3. Germany
- Top Benefits and Concerns of Connected Cars Among Respondents, in % of Respondents, March 2022
- Share of Drivers Who Can Imagine Shopping and Paying Directly via Display in the Vehicle, in %, September 2022
- Preferred Car Related Services For Which Drivers Are Willing to Pay Using In-Car Payments, in %, September 2022
- Top Concerns That Respondents Who Rejected In-Car Commerce Have, in % of Respondents, September 2022
- Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
6. Asia-Pacific
- 6.1. Regional
- Overview of In-Car Payment Solutions and Trends, May 2023 (1 of 2)
- Overview of In-Car Payment Solutions and Trends, May 2023 (2 of 2)
- Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
- 6.2. Japan
- Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
- 6.3. South Korea
- Share of Connected Cars, in % of Registered Domestic Cars, April 2023
- 6.4. China
- Penetration Rate of Connected Vehicles, in %, 2030f
- Number of Connected Cars, in millions, 2021-2025f
- Market Size of Intelligent Connected Car Application Services, in CNY billion, 2021-2025f
- Share of Respondents Who Are Open to Using Digital Payments From Car, in %, February 2022
- Level of Consumer Interest in Select Connected Car Features, in % of Respondents, 2022
7. Latin America
- 7.1. Regional
- Overview of In-Car Payment Solutions and Trends, May 2023
