February 14, 2020
According to the research report titled ‘Automotive NFC Market Size By Type (106 Kbit/S, 212 Kbit/S, 424 Kbit/S), By Vehicle Type (Low-End, Mid-Range, High-End), By Application (Interior, Exterior), Industry Outlook, Regional Analysis (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Australia, China, India, Japan, South Korea, Brazil, Mexico, GCC, South Africa), Application Development, Competitive Landscape & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the global automotive NFC market is expected to surpass USD 6 billion by the year 2025.
Rising adoption of smartphones is a major factor driving the growth of automotive NFC market. The ability to integrate smartphone devices with automobile infotainment systems enhances driving experience and offer easy access to various in-car applications, from accessing vehicle doors to accessing navigation systems in automobiles. This factor along with increasing utilization of ADAS (Advanced Driving Assistance Systems) and IoT in automobiles is further aiding the market expansion. Also, rising adoption of customized luxury cars and growing demand for information associated with traffic delays, destination routes, weather forecasts, and radio channels are fostering the demand for NFC components in automobiles.
As per type, 428 Kbit/s NFC component segment is expected to hold 60% market share by the year 2025. Growing demand for high communication range and fast data connectivity speed is fueling the segmental growth. Favorable ISO standards for NFC communication systems are also stimulating the industry outlook. On the other hand, 212 Kbit/s NFC components segment is presumed to expand with a CAGR of 30% during the period of 2019-2025.
In terms of vehicle type, the high-end vehicles segment held 50% share of automotive NFC industry in the year 2018. Growing preference for customized driving experience, rising adoption of vehicle infotainment systems, and integration of in-car applications with navigation systems are favoring the market outlook. Whereas, mid-range vehicles segment is expected to grow with a CAGR of 37% between 2019 and 2025.
Based on the application spectrum, the interior application segment held 70% share of automotive NFC industry in the year 2018. Surging need for accurate and cost-effective wireless communication technology is a prime factor facilitating the business scenario. On the other hand, automotive NFC market from exterior application segment is predicted to expand with a CAGR of 36% through 2025.
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As per regional analysis, the report states that Europe automotive NFC market held 35% share in the year 2018 and is expected to register consistent growth during the estimated timeframe. Factors such as increasing sales of automobiles, along with high concentration of leading automobile manufacturers and OEM providers across the region is augmenting the regional share. Meanwhile, automotive NFC market in Asia-Pacific region is presumed to grow with a CAGR of 35% through 2025. Flourishing semiconductor industry, increasing usage of smartphones, and rising sales of passenger vehicles are favoring the market outlook.
The prominent companies operating in the automotive NFC market are Volkswagen AG, Texas Instruments, Inc., Telit Communications PLC, STMicroelectronics, Sony Corp., Smartrac N.V., Samsung Semiconductors, Inc., Renesas Electronics Corp., Qualcomm Technologies, Inc., PREMO S.A., Panasonic Corp., NXP Semiconductors N.V., MediaTek, Inc., Infineon Technologies AG, Indie Semiconductor, General Motors Co., Gemalto NV, Ford Motor Co., Daimler AG, Continental AG, Broadcom, Inc., BMW AG, and Alpine Electronics Inc.
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