The global automotive NFC market is set to experience substantial growth, with a projected CAGR of 30.2% from 2022 to 2032. Valued at USD 3.26 billion in 2022, the market is expected to reach USD 35 billion by 2032. This growth trajectory reflects a significant increase from the market valuation of USD 2.5 billion in 2021. The expansion is largely driven by supportive government regulations mandating the use of Advanced Driving Assistance Systems (ADAS), which positively impact market dynamics.
Among the different NFC types, the 212 Kbit/s automotive NFC segment is anticipated to lead and experience exceptional growth throughout the forecast period. This is due to its high data transmission speeds, which are well-suited for high-end and mid-range vehicles. Conversely, the 106 Kbit/s NFC segment is also expected to be lucrative, particularly for lower-end automobiles where lower data transmission speeds are sufficient.
The mid-range vehicle segment is projected to attract significant attention, driven by the increasing incorporation of luxury features in these vehicles. The relatively low power consumption of NFC technology supports its integration into mid-range vehicles. Automotive manufacturers are enhancing consumer experiences by incorporating NFC technology for personalized features such as infotainment systems, lighting, air conditioning, and navigation settings. For example, Nio’s launch of the ES7 electric SUV in June 2022 included NFC support for alternative access methods like smart keys and cards. Such innovations are likely to further propel market growth during the forecast period.
Discover How Rising Demand from Key Industries and Robust Growth in Automotive are Driving Automotive Sales. Request Your Sample Report Now to Stay Ahead in this Dynamic Market!
Key Takeaways
- The automotive NFC market is predicted to surge phenomenally over the coming years due to the rising penetration of the Internet of Things (IoT), facial recognition, machine learning, big data, and others for upgrading the automotive specifics.
- Integration of modern technologies within automobiles is anticipated to broaden the market size. This is possible by offering growth opportunities to the industry. Such initiatives by key players in the market have surged the number of Electronic Control Units (ECUs) per vehicle.
- According to the calculations, there are about 70 ECUs integrated into advanced vehicles, and the number is expected to increase to 500 in the coming time, which is higher than a rocket or space shuttle.
- The widespread expansion of the brand in developing countries has been known as a crucial opportunity for market growth. In June 2022, the French Car manufacturer announced the launch of its first mass-market vehicle ‘The C3’ in the Indian market on July 20, 2022. The vehicle features a digital driver’s display and a 10-inch touchscreen infotainment system with Android Auto and Apple CarPlay as standard. Such initiatives are anticipated to positively impact the demand for NFC in the forecast period. Therefore, strengthening the automotive NFC market.
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 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.
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.
Ready to make an informed decision? Contact our sales team to secure your copy of this report and stay ahead of the competition.
Key Segmentations
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
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
