The global automotive payment market is expected to reach over $580bn by 2030, with this being fueled by 895 million connected vehicles. The market potential will be driven by payments for services such as parking and EV charging (70%), e-commerce platforms for goods and services like food, beverages and entertainment (25%) and additional functionalities (5%)
Pairpoint, a proponent and solution provider for the Economy of Things, has released a market study developed by STL Partners investigating the market potential of in-car payments. Centring on the fundamental role of vehicle connectivity in transforming the automotive industry, Pairpoint’s report, Fuelling the future: the $580 billion in-car payment opportunity, predicts that this market will globally reach $580bn+ by 2030, growing at an annual rate of 130% from 2023 to 2030.
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In-car payments represent one of the key innovations in the sector, allowing drivers to conduct transactions automatically and securely through the vehicle’s software
Additionally, the global connected vehicle market is expected to grow from 430 million to 895 million vehicles over the same period.
This technology aims to redefine the driving experience by enabling a wide range of services, including pay-as-you-drive insurance, remote vehicle monitoring, real-time information for drivers and automatic emergency calls. One of the biggest opportunities and benefits identified is the ability to make payments directly from the car without the need for physical cards or mobile apps, including for fuel, electric vehicle (EV) charging, and parking.
The study anticipates that the potential market will be predominantly represented by payments for automotive services such as parking and EV charging (70%), e-commerce platforms for goods and services like food, beverages, and entertainment (25%), and additional functionalities (5%).
Jorge Bento, Chief Executive Officer of Pairpoint, said: “Advanced connectivity is a catalyst for new ways of interacting with modern vehicles. Adding native payment functionality will allow for more secure, real-time, automatic usage of day-to-day services such as parking, EV charging, re-fuelling and more. At Pairpoint we are dedicated helping lend our technology to help build a robust partner ecosystem, driving both adoption and scalability.”
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