Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) — The “Automotive NFC Market – Forecasts from 2024 to 2029” report has been added to ResearchAndMarkets.com’s offering.
The automotive NFC market is expected to grow from US$6.420 billion in 2024 to US$12.954 billion in 2029 at a CAGR of 15.07%.
Various automotive manufacturers are investing in small communications platforms that provide an additional key backup for the user. Likewise, the increase in automotive theft prevalence has also stimulated the demand for near-field communications since it assists in retrieving information relating to the vehicle’s theft status. However, the limited coverage range and slow data transfer speed compared to other wireless technologies are some of the major drawbacks of NFC, which are expected to hamper the overall market expansion.
Automotive NFC Market Drivers:
The growing prevalence of automotive theft is propelling the need for smart key access.
NFC provides an intuitive connection between a vehicle and an end-user, granting them secure contactless access. Hence, the digital key has provided a breakthrough in smart key development, adding an extra layer of encrypted code that prevents unauthorized access. The growing prevalence of automotive theft has bolstered the demand for encrypted keys to increase vehicle safety.
According to the report issued by the National Insurance Crime Bureau, in 2023, the vehicle theft-related cases in California reached 1,020,729, signifying a 1.12% growth over the cases reported in 2022. Moreover, according to Interpol’s “Stolen Motor Vehicle Data”, in 2023, nearly 74,917 vehicles were reported stolen in the organization’s member countries. The ongoing shift towards innovations followed by the development of in-car infotainment systems will boost the NFC market expansion.
Automotive NFC Market Geographical Outlook:
North America is anticipated to constitute a remarkable market share.
The automotive NFC market, based on geography, is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region is expected to show rapid growth. It will account for a considerable share of the market owing to the favorable investment in bolstering vehicle connectivity technology in major economies, namely the United States, which stands at the forefront of technological innovations globally.
Moreover, the well-established presence of major NCF technology providers, namely NXP Semiconductors, Infineon Technologies, Texas Instrument Incorporated, and STMicroelectronics, followed by a strategic collaboration with major EV manufacturers, namely GM, Ford, and Tesla, which are adopting a new approach to enhancing digital mobility, are acting as additional driving factors.
Additionally, the European region is estimated to grow steadily due to the growing prevalence of automotive theft, which has accelerated the demand for encrypted keys to bolster vehicle security. The APAC region is projected to show constant growth during the forecast period.
Reasons for buying this report::
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- Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
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Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $6.42 billion |
| Forecasted Market Value (USD) by 2029 | $12.954 billion |
| Compound Annual Growth Rate | 15.0% |
| Regions Covered | Global |
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments)
Some of the key companies profiled in this Automotive NFC Market report include:
- NXP Semiconductors
- STMicroelectronics
- Sony India
- Samsung Electronics Co.
- Infineon Technologies AG
- Qualcomm Technologies, Inc.
- MediaTek Inc.
- Renesas Electronics Corporation.
- Texas Instruments Incorporated.
- Premo S.L.
The Automotive NFC market is segmented and analyzed as follows:
By Type
- 106 Kbit/S
- 212 Kbit/s
- 424 Kbit/S
By Vehicle Type
By Application
- Car Keys
- Onboard Units
- Others
By Sales Channels
By Geography
- North America
- South America
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
For more information about this report visit https://www.researchandmarkets.com/r/36gjj7
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