Growing adoption of technologically advanced products by carmakers to drive automotive NFC market share through 2025
Innovative products being introduced by major companies is favoring the growth prospects of automotive NFC market. Due to low energy requirements, NFC technology can be embedded in cars, which is transforming the automobiles from interiors to exteriors. Automakers are also installing electronic smart key systems in their cars to modernize their vehicles that will augment automotive NFC market share.
Brazil Automotive NFC Market Revenue, By Type, 2018 & 2025
NFC technology in automotive sector offers intuitive interactions between humans and vehicles to fulfil the specific needs of drivers and enhancing driving experience. The major players in electronics and semiconductor sector are striving to come up with innovative ideas which can perform desirable tasks to satisfy certain demands of customers and increase remuneration of automotive NFC market.
Recently, one of the leading industry players, STMicroelectronics, made it to headlines as it presented automotive solutions for smart driving at the 11th edition of the Automotive World show in Tokyo, Japan. The company exhibited the leading-edge NFC technology in automobiles which can accelerate electrification and digitalization in autonomous driving, advanced driver assistance systems (ADAS), and power control for electric and hybrid electric vehicles. The solutions include Power Architecture®’s 32-bit microcontroller, SiC power MOSFET, acceleration sensors enabling road-noise cancellation, EEPROM and several others.
The companies like NXP and STMicroelectronics have developed pioneering technologies, which are gaining high traction among automakers manufacturing high-end vehicles. The luxury car manufacturers are focusing on deploying NFC technologies to enrich the driving experience of their customers. According to a report by Global Market Insights Inc., the high-end vehicles in the automotive NFC market will record a growth rate of over 31 percent over the timeframe of 2019-2025.
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With increasing modernization, the interiors of cars are also being installed with cutting-edge technologies. The interior application held more than 71 percent revenue share in the automotive NFC market in the year 2018. The strategies of some companies to progress in the technological domain is likely to contribute in augmenting the automotive NFC industry share in upcoming years.
For instance, NXP recently announced the acquisition of wireless connectivity portfolio of Marvell valued at $1.76 billion. The acquisition includes Marvell’s Wi-Fi Connectivity Business Unit, Bluetooth technology portfolio and related assets to upgrade technologies in vehicle interior. The acquisition will allow the company to deliver complete, scalable processing and connectivity solutions to the customers across its focus end markets. Such acquisitions are expected to create new revenue opportunities for the market players and increase automotive NFC industry size.
The involvement of luxury car manufacturers like BMW in the development of high-end automotive technologies will contribute to optimistic automotive NFC industry outlook. The BMW AG has employed NFC technology in its latest BMW 8-series to upgrade the standards for automobile manufacturers. Its intelligent features like climate seats, convenient wireless phone charging tray, display key, fuel level indicator, service-related information, digital key etc. have set high benchmarks for its competitors.
The smart key function is widely being adopted among the automobile companies to enrich experience of customers. Another instance that can be cited here is that of Hyundai Motor Company which has introduced digital keys in its all-new 2020 Sonata to mark the North American debut of its most successful and longest standing model at the New York International Auto Show. The car has been introduced with a digital key application to promote advances in technology. It allows customers to control selected vehicle systems remotely.
The driver can also leave traditional keys at home as the app also allows secure sharing of keys with family and friends. The propagation of advanced technologies is on the rise and is boosting the growth of automotive NFC market size. Moreover, the latest debut of Hyundai in North America will propel the regional growth of automotive NFC market as well. It has been anticipated that the North America automotive NFC market will attain a CAGR of over 32 percent mainly due to the presence of strict regulatory policies regarding the ADAS system.
As can be observed from the aforementioned instances, automobile manufacturers are widely embracing trailblazing technologies to expand their market share. The strategies, like collaborations and acquisitions, are being planned and executed by the companies involved in automotive NFC industry to support the adoption of new technologies, essentially providing a favorable growth environment for automotive NFC industry.
Author Name : Anchal Solanki