The global automotive NFC market size 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 US$ 3.26 Billion in 2022 and is estimated to reach US$ 35 Billion by 2032. According to the historic analysis, the global automotive NFC market registered a valuation of US$ 2.5 Billion in 2021.
Automotive NFC (Near Field Communication) is a technology that allows for wireless communication between devices within close proximity. In the automotive industry, NFC technology is being used to create a range of innovative applications that improve the driving experience and enhance vehicle security.
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One of the most common uses of automotive NFC is for contactless payments at gas stations or toll booths. By using an NFC-enabled smartphone or credit card, drivers can easily make payments without the need for physical cash or cards.
Due to the increasing adoption of the Internet of Things (IoT), facial recognition, machine learning, big data, and other technologies for updating car specifics, the automotive NFC market is anticipated to expand in the upcoming years. The incorporation of contemporary technologies into cars is likely to increase market size by providing opportunities for industry expansion.
Overall, automotive NFC technology is helping to transform the driving experience by making it more convenient, secure, and connected. As this technology continues to evolve, we can expect to see even more innovative applications in the automotive industry in the years to come.
Key Takeaways
- 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 opportunities for growth, 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 in the near future, 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 favourable effect on NFC demand. strengthening the market for vehicle NFC as a result.
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Competitive Landscape
Prominent players in the global automotive NFC market are focusing on introducing new platforms in order 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.
Key Companies Profiled
- 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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Key Segments Profiled in the Global Automotive NFC Market Report
Automotive NFC Market by Type:
- 106 Kbit/S Automotive NFC
- 212 Kbit/S Automotive NFC
- 424 Kbit/S Automotive NFC
Automotive NFC Market by Vehicle Type:
- Automotive NFC for Passenger Cars
- Compact
- Mid-Size
- Premium
- Luxury
- SUV
- Automotive NFC for Light Commercial Vehicles (LCV)
- Automotive NFC for Heavy Commercial Vehicles (HCV)
Automotive NFC Market by Application:
- On Board Automotive NFC Units
- Automotive NFC for Car Keys
- Automotive NFC for Other Applications
Automotive NFC Market by Sales Channel:
- Automotive NFC Sales via Aftermarket
- Automotive NFC Sales via OEMs
Automotive NFC Market by Region:
- North America Automotive NFC Market
- Latin America Automotive NFC Market
- Europe Automotive NFC Market
- Asia Pacific Automotive NFC Market
- Middle East & Africa Automotive NFC Market
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.
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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