Automotive NFC Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The automotive NFC market is expected to register a CAGR of 17.6% during 2023–2031. The evolution of advanced technologies and the introduction of high-end vehicles is likely to remain a key trend in the market.

Automotive NFC Market Analysis

• The rapid growth of smart devices such as smartphones and tablets coupled with the heavy advancements in device communication technologies, burgeoning demands for customized user experiences in automobiles, especially the premium cars segment and growing adoptions of luxury cars in the mid-priced car segments are some of the factors that would drive the growth of automotive NFC market.
• Some of the applications of NFC technology include keyless entry, vehicle authentication, and smartphone integration; the development of digital car keys and contactless payment methods has accelerated the adoption of NFC in the automotive market.

Automotive NFC Market Overview

• The demand for efficient and secure data transmission, a growing demand for connected cars, an increase in government initiatives, and rising automotive safety standards are some of the factors propelling the growth of the global automotive NFC market.
• An important factor propelling the automotive NFC market is the growing demand for smart and connected cars, where NFC improves convenience and user experience.
• Additionally, NFC technology provides for automotive applications, including low power consumption, quick data transfer speeds, and secure communication.
• To meet consumer expectations for advanced connectivity features, automotive manufacturers and tech companies are investing in NFC-enabled solutions.
• NFC tags and chips can be incorporated into dashboards, infotainment systems, and key fobs, among other car components.
• NFC-capable smartphone apps also enhance these functions by enabling users to engage with their cars from a distance, such as opening doors or starting the engine.

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Automotive NFC Market: Strategic Insights

Automotive NFC Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Increasing Automotive Near Field Communication (NFC) Applications

FUTURE TRENDS

• Growing Development in the Automotive Industry

OPPORTUNITIES

• Technological Advancement in Automotive Sector

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• 106 Kbit/s
• 212 Kbit/s
• 424 Kbit/s

Application

• On board Units
• Car Keys

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Automotive NFC Market Drivers and Opportunities

Increasing Automotive Near Field Communication (NFC) Applications to Favor the Market

• The internal market includes ADAS communication interfaces, infotainment systems, engine access, and air conditioning systems.
• NFC technology is employed in a wide range of automotive applications, from high-end cars to affordable cars.
• Not only does NFC technology make communication easier, but it also reduces processing cycles and overall response times.
• The market's growth rate is significantly driven by the growing prevalence of the Internet of Things (IoT) and its application in automobiles.

Technological Advancement in the Automotive Sector

• The need for automotive NFC is anticipated to increase in the near future due to growing vehicle penetration and end-user preference for having a smart communication system installed in the vehicle.
• The use of NFC in automobiles is highly correlated with new car sales and worldwide auto manufacturing. In addition, the rapid advancement of technology will create new market opportunities and accelerate the market's growth rate.
• Additionally, growing new markets and a rise in strategic alliances will serve as market catalysts and increase favorable prospects for the market's growth rate.

Automotive NFC Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive NFC market analysis are type and application.

• Based on type, the automotive NFC market is divided into 106 Kbit/s, 212 Kbit/s, and 424 Kbit/s.
• Based on application, the automotive NFC market is divided into on board units and car keys.

Automotive NFC Market Share Analysis by Geography

• The automotive NFC market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive NFC market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive NFC market in these regions.

Automotive NFC Market Market Report Scope

Automotive NFC Market News and Recent Developments

The automotive NFC market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive NFC market are listed below:

• STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, announces a new platform to accelerate the introduction of digital car keys, giving consumers keyless access to vehicles via their mobile devices. In addition to strengthening security, digital car keys can deliver greater owner conveniences, including customizable usage privileges, while continuing to secure the vehicle. Activities such as car sharing, fleet management, and vehicle rental gain benefits such as easier key issuance, usage controls, and access to valeting and servicing. (Source: STMicroelectronics, Company Website, June 2022)

Automotive NFC Market Report Coverage and Deliverables

The “Automotive NFC Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive NFC market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive NFC market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Automotive NFC market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the automotive NFC market
• Detailed company profiles