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What Is the Forecasted Market Size of the In-Vehicle Payment Services Market by 2029?
The in-vehicle payment services market size has grown rapidly in recent years. It will grow from $4.27 billion in 2024 to $4.71 billion in 2025 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to consumer convenience, rise of connected vehicles.
The in-vehicle payment services market size is expected to see rapid growth in the next few years. It will grow to $7.1 billion in 2029 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to continued connectivity advances, increased focus on in-car commerce security enhancements, regulatory support and standardization, integration with smart cities. Major trends in the forecast period include mobile technology advancements, partnerships and collaborations, blockchain for security, collaboration with fintech companies, rise of subscription-based models.
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What Are the Major Growth Drivers for the In-Vehicle Payment Services Market?
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, in June 2024,according to US government, The U.S. current-account deficit rose by $15.9 billion to $237.6 billion in the first quarter of 2024, reflecting a larger goods trade deficit. This increase marked 3.4 percent of current-dollar GDP, up from 3.2 percent in the previous quarter. The revised fourth-quarter deficit was $221.8 billion. Therefore,the increasing prefarences for contactless payments is expected to propel the growth of the in vehicle payment services market going forward
Which Key Segments Are Included in the In-Vehicle Payment Services Market Analysis?
The in-vehicle payment servicesmarket covered in this report is segmented –
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
Subsegments:
1) By QR Code Or RFID: QR Code Payments, RFID Tags
2) By App-Based Or E-Wallet: Mobile Payment Apps, Digital Wallets
3) By Credit Or Debit Card-Based: Contactless Card Payments, Chip And PIN Transactions
4) By Other Modes: Biometric Payments, Cash Payments
Which Future-Ready Trends Are Expected to Influence the In-Vehicle Payment Services Market?
Major companies operating in the in-vehicle payment services market are adopting strategic collaborations and partnerships to introduce advanced in-vehicle payment service solutions and gain a competitive edge in the market. For instance, in July 2023, CarIQ Technologies Pvt. Ltd., a India-based software company, partnered with Visa Inc., a US-based credit card service company, to launch Vehicle Wallet. Car IQ Pay enables vehicles to manage payment accounts and transact with merchants without physical cards. Partnering with Visa, the technology expands in the connected vehicle market, adding personalized payment experiences using vehicle data. Its “Know Your Machine” feature verifies vehicle identity for secure, seamless transactions.
Who Are the Leading Market Participants in the In-Vehicle Payment Services Market?
Major companies operating in the in-vehicle payment services market include Mastercard Inc., The Mercedes-Benz Group AG, Jaguar Land Rover Automotive PLC, Honda Motor Co. Ltd., Hyundai Motor Company, ZF Friedrichshafen AG, Amazon. com Inc., Google LLC, International Business Machines Corporation, Telenav Inc., Xevo Inc., CarPay Diem Cerence Inc., PayPal Holdings Inc., Bayerische Motoren Werke AG, Ford Motor Company, General Motors Company, Volkswagen AG, VISA Inc., Harman International Industries Inc., Audi AG, Panasonic Corporation, CarIQ Technologies Pvt. Ltd., BlackBerry Limited, Parkwhiz, Rivian Automotive Inc., PayByCar
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Which Regions Are Driving the Highest Demand in the In-Vehicle Payment Services Market?
North America was the largest region in the in vehicle payment services market in 2024. The regions covered in the in-vehicle payment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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