Automotive NFC Market Projected to Reach USD 35 Billion by 2032 with 30.2% CAGR

The global automotive NFC market is anticipated to create an absolute dollar opportunity over the forecast period by displaying a CAGR of 30.2% from 2022 to 2032. The global market was valued at USD 3.26 Billion in 2022 and is estimated to reach USD 35 Billion by 2032. According to the historic analysis, the global automotive NFC market registered a valuation of USD 2.5 Billion in 2021.

The continuously changing world and the technological enhancement in the field of communication becoming more connected thereby creating the need to boost the technology in an automobile at a faster pace- automotive radar, NFC (Near Field Communication), cellular connectivity, and wireless power are now integrated into the mid and high-end automobile. The automobile is no longer just a means of transportation but has been embedded with various communication interfaces and devices.

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Automotive NFC (Near Field Communication) is basically a short-range bidirectional communication technology that allows interaction distance of a few centimeters at a specified data transfer rate. Automotive NFC is a set of communication practices that allows two electronic equipment, among which is usually one is a portable device such as a smartphone, to establish communication by bringing them within a short distance of each other which is fixed to the part.

A subset of NFC, RFID appears to expand beyond mobile phones to automobile applications. This can be seen as a differentiating factor for many new in-car functions for the customers and also can simplify the existing in-car functions. The near-field communication stack for an automobile is a runtime software that implements the NFC protocol stack.

Nio ES7 introduced another electric Vehicle in June 2022 along with the introduction of ES7. Smart keys and cards as well as other alternative vehicle access ways, such as NFC, are supported by the vehicle. During the forecast period, these efforts are anticipated to help the market.

Key Takeaways from the Automotive NFC Market Report:

  • The market for automotive NFC is expected to grow exceptionally in the upcoming years as a result of the increasing adoption of the Internet of Things (IoT), facial recognition, machine learning, big data, and other technologies for updating the specifics of the automotive industry.
  • The market size is expected to increase as a result of the incorporation of contemporary technologies into cars. By providing the business with growth opportunities, this is made possible. The quantity of Electronic Control Units (ECUs) per vehicle has increased as a result of such market leaders’ initiatives.
  • Calculations indicate that there are currently about 70 ECUs incorporated into advanced vehicles, and that number is projected to rise to 500 shortly, surpassing that of a rocket or space shuttle.
  • The widespread brand development in developing nations has long been recognized as a significant window of opportunity for market expansion. The French automaker revealed in June 2022 that the C3, its first mass-market vehicle, would go on sale in India on July 20, 2022. The car has a 10-inch touchscreen infotainment system with Android Auto and Apple CarPlay as standard equipment, as well as a digital driver’s monitor. During the forecast period, it is anticipated that such efforts will have a favorable effect on NFC demand. strengthening the market for vehicle NFC as a result.

Competitive Landscape:
Prominent players in the global automotive NFC market are focusing on introducing new platforms to accelerate their introduction of digital car keys. This offers consumers keyless access through their mobile devices. Such supportive factors are expected to benefit the industry’s growth in the coming years.

Leading Key Players:

  • Sony Corporation
  • NXP Semiconductors N.V.
  • Broadcom Inc.
  • Samsung Electronics Co. Ltd.
  • STMicroelectronics N.V.
  • Panasonic Corporation
  • Alpine Electronics Inc.
  • Avery Dennison
  • PREMO S.A.

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More Insights into the Automotive NFC Market:
The European region is anticipated to dominate the global NFC market over the projection period. The growth of this market is attributed to the presence of key OEMs in the region along with the massive production of vehicles in the region. Furthermore, the presence of high-tech infotainment systems in Europe like Robert Bosch GmbH is anticipated to drive the regional market in the forecast period.

According to the analysis, the Asia Pacific (APAC) region is expected to showcase promising growth opportunities over the assessment period. The growth in the APAC region is attributed to the presence of developing nations that have various untapped markets. Besides, the surging disposable income owing to the rapid economic development along with the ongoing development in the automobile sector is expected to widen the market size in the coming time.

Automotive NFC Market Segmentation:

By Type:

  • 106 Kbit/S
  • 212 Kbit/S
  • 424 Kbit/S

By Vehicle Type:

  • Passenger Cars
  • Compact
  • Mid-Size
  • Premium
  • Luxury
  • SUV
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)

By Application:

  • Board Units
  • Car Keys
  • Other Applications

By Sales Channel:

  • Aftermarket
  • OEMs

By Region:

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

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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