The automotive NFC market is expected to grow in the coming period owing to the rising penetration of the Internet of Things (IoT), facial recognition, machine learning, big data, and others for upgrading the automotive specifics.
The continuously changing world and the technological enhancement in the field of communication becoming more connected thereby creating the need to boosting 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. Automobile is no longer just a means of transportation but has been embedded with various communication interfaces and devices. Automotive NFC (Near Field Communication) is basically a short range bidirectional communication technology which allows interaction distance of few centimetres at a specified data transfer rate. Automotive NFC is a set of communication practice 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 the short distance of 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. Near-field communication stack for an automobile is a runtime software which implements the NFC protocol stack.
The global automotive NFC market is anticipated to grow at a CAGR of 30.2 percent from 2022 to 2032, reaching US$ 35 billion. In 2022, the market is expected to be worth US$ 3.26 billion, up from US$ 2.5 billion in 2021. The government's increasing rules requiring the use of Advanced Driving Assistance Systems (ADAS) are anticipated to have a favourable impact on the market.
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Automotive NFC Market: Dynamics
Demand for Automotive NFC (Near Field Communication) is estimated to increase over the forecast period due to growing usage of vehicles and increasing preference by end users to have an convenient communication system installed in the vehicle. Automotive NFC consumption is highly dependent on the production and new sales of automobile across the globe. Attributes, such as rising per capita income and increased spending by the general population are expected to increase the sales of automobile in the developing economies which are expected to boost the consumption of Automotive NFC in the long-term scenario. Also, individual preference towards the adoption of new technology and innovative products is also expected to fuel the growth of the Automotive NFC market. Increase in the sales of high-end automobiles life have also increased the market of automotive NFC and anticipated to fuel the growth of Automotive NFC market over the forecast period as well.
Automotive NFC Market: Regional Outlook
Europe, followed by North America, is expected to hold a major share in the global Automotive NFC (Near Field Communication) market and is expected to behold it even in the forecast period. The Asia Pacific is expected to be the fastest growing market in the Automotive NFC market owing to high growth in new vehicle sales in the region. North America and Europe are a mature market and it is expected to hold more than half of the market share of the global Automotive NFC market. Rest of the world is estimated to account for a relatively small share of the Automotive NFC market.
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Automotive NFC Market: Market Participants
Some of the examples of the market participants operating across the value chain of the global Automotive NFC market are:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 20, 2022
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