Automotive NFC Market size forecast to witness growth from 2016 to 2023
Automotive NFC market size will be driven by increasing need for wireless connectivity inside vehicles.
This technology enables the driver in pairing a mobile device by merely tapping it against the windshield or dashboard, instead of navigating among the menus on in-car centre console screen and the mobile device screen. Further, it aids in getting content such as music channels, contacts, video content and messages from a tablet or a smartphone device to the car’s infotainment system. Ease of access to the personal content while driving is forecast to fuel global automotive NFC market size from 2016 to 2023.
Global NFC market size is projected to exceed USD 22 billion by 2023, with around 15% CAGR expectations from 2016 to 2023.
Numerous features offered by these products such as passive keyless entry and wireless charging in the vehicle are expected to propel the automotive NFC market demand over the next seven years. In addition, they also help in saving user profile settings such as preferred seat positions as well as favorite radio stations.
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Integration of these systems in the windshield allows a NFC-enabled digital key to exchange data such as authentication as well as vehicle diagnostic information. This technology is now anticipated to prove extremely beneficial in simplifying various processes such as car-sharing services, car rentals, social sharing as well as corporate fleet management. These systems also enable users in opening the car by tapping their smartphone on a card at the vehicle’s door.
The industry has witnessed surging implementation in performing various tasks such as to get traffic jams warnings, access & make payment for restricted parking spaces.
The technology comprises a set of principles that help in establishing a wireless connection between smart devices. The connection is established either at a very close proximity or by just a brief contact with the device. NFC pairing is also called tap-to-connect technology. It helps in simplifying the set-up process for smartphone connectivity within the vehicle and also offers a wide range of comfort as well as convenience applications. The aforementioned features are projected to boost the automotive NFC market demand over the forecast period.
Near field communication provides a reasonable way that enables car manufacturers to customize the vehicle driving experience according to user requirements and also provide drivers with a way to access the vehicle related data from their smartphone. Automotive NFCs are now integrated with smartphone & Bluetooth and that enable the custom apps and key fobs to be used to let drivers intimate about the next refueling cycle, generate oil change reminder and also point out the vehicle’s location, even when the driver is away from the car. Surging adoption of smart devices accompanied by ease of communication offered by these systems is predicted to positively impact automotive NFC market growth over the next seven years.
Close or short range associated with these systems may pose a challenge to the automotive NFC market from 2016 to 2023. In addition, high cost may hamper demand over the forecast period.
Asia Pacific automotive NFC market share is forecast to witness high growth from 2016 to 2023. This can be attributed to increasing adoption of smart devices across the region. North America is likely to continue its dominance over the next seven years.
Industry participants accumulating significant share encapsulate Sony, FeliCa, NXP and Broadcom. Other prominent industry players include STMicroelectronics, Samsung, and Polaric.
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