Automotive Near Field Communication Market Size, Share, Industry Trends and Forecast to 2030

1. Market Size & CAGR of Automotive Near Field Communication market in 2021

The global automotive near field communication (NFC) market is expected to witness a CAGR of 5.8% from 2021 to 2029. The market size is projected to reach USD 15.7 billion by 2028. NFC technology has been increasingly adopted in the automotive industry for various applications, such as secure access, keyless entry, and mobile payment integration.

2. COVID-19 Impact on the Automotive Near Field Communication Market

The outbreak of COVID-19 had a significant impact on the automotive NFC market. With global lockdowns and restrictions in place, the production and sales of vehicles were affected, leading to a temporary slowdown in the adoption of NFC technology in automotive applications. However, as the world recovers from the pandemic, the market is expected to bounce back with increased investments in smart vehicle technologies.

3. Automotive Near Field Communication Dynamics

The automotive NFC market is driven by the increasing demand for connected vehicles and advancements in smart technologies. The integration of NFC technology in vehicles improves user experience, enhances security, and provides seamless connectivity. Moreover, government regulations mandating the incorporation of advanced safety features in vehicles are further boosting the adoption of NFC technology in the automotive sector.

4. Segments and Related Analysis

By Application:

- Infotainment Systems

- Keyless Entry Systems

- Payment Systems

By Vehicle Type:

- Passenger Vehicles

- Commercial Vehicles

- Electric Vehicles

Each segment's growth is influenced by factors such as technological advancements, changing consumer preferences, and regulatory requirements.

5. By Region Analysis

North America:

- The North American automotive NFC market is expected to be driven by the presence of major automotive manufacturers and the increasing focus on connected and autonomous vehicles.

Europe:

- Europe is anticipated to witness significant growth in the automotive NFC market due to the region's robust automotive industry and favorable government initiatives promoting smart mobility solutions.

Asia Pacific:

- The Asia Pacific region is projected to experience rapid growth in the automotive NFC market owing to the increasing production and sales of vehicles in countries like China, Japan, and India.

6. Key Market Players and Competitive Landscape

Key players in the automotive NFC market include NXP Semiconductors, STMicroelectronics, Broadcom Inc., Texas Instruments, and Sony Corporation. These companies are actively involved in research and development activities to enhance NFC technology and expand their product offerings.

7. Recent Happenings in the Automotive Near Field Communication Market

- In April 2022, NXP Semiconductors announced the launch of a new automotive NFC chip for secure vehicle access and keyless entry systems.

- STMicroelectronics collaborated with leading automotive manufacturers to implement NFC technology in upcoming vehicle models for enhanced user convenience.

- Texas Instruments introduced a new NFC controller for automotive applications, enabling seamless connectivity and data transfer between vehicles and smart devices.