Automotive NFC Market Insights: 30.2% CAGR Analysis Leading to 2032
Automotive NFC Market Insights: 30.2% CAGR Analysis Leading to 2032
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 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.

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 automotive NFC market is poised for significant growth in the coming years, driven by the integration of cutting-edge technologies like IoT, facial recognition, and big data into vehicles. With the increasing number of Electronic Control Units per vehicle and the expansion of brands into developing nations, the demand for NFC in vehicles is expected to soar, creating ample opportunities for market expansion and innovation.

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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