Why will Automotive Over-The-Air Updates Market Boom in Future?

The accelerating automotive digitization rate is creating a huge requirement for frequent software and cybersecurity updates in vehicles. Regular updates are required for keeping up with the latest developments in connectivity technologies. To avoid the recalling of vehicles to garages for constant updates, it is more viable to install these updates over-the-air (OTA) or wirelessly. Updating automotive technologies through OTA is an economical option and also facilitates the internet of things (IoT)-enabled environment, by improving the functionality of connected features. OTA updates also help in protecting the connected devices against hacking and data breaches.

Additionally, the increasing introduction of stringent vehicle safety norms, on account of the escalating vehicle safety concerns, will also aid the automotive over-the-air updates market to grow at a CAGR of 19.5% during the forecast period (2021–2030). The market was valued at $2,422.6 million in 2020 and it is expected to generate $13,859.5 million revenue by 2030. Vehicle Safety has always been a major concern for automakers, but with the improving degree of programmability and rising sophistication in automobile technology, they are increasingly focusing on upgrading their vehicles, to comply with the revised regulations.

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Moreover, the surging adoption of IoT technology in vehicles is encouraging prominent automobile manufacturers to focus on the introduction of new variants of connected vehicles and the integration of advanced connectivity features in the existing models. These steps are being taken by automakers to meet the burgeoning public demand for state-of-the-art navigation, infotainment, and telematics systems. As these systems depend on software, regular updates are required for their smooth functioning. To avoid going to service centers for software updates, customers can opt for software updates through OTA.

The application segment of the automotive over-the-air updates market is categorized into infotainment system, telematics control unit (TCU), electronics control unit (ECU), and others. Under this segment, the TCU category accounted for the largest market share in 2020. This was due to the rising integration of functionalities, such as electronic tolling, wireless monitoring, eCall crash warning, diagnostics, vehicle tracking, and communication to/from the vehicle, which are all managed by TCU devices. As TCUs keep a track of these functionalities, they require regular software updates, which can be easily done through OTA.

According to P&S Intelligence, North America dominated the automotive over-the-air updates market in the preceding years, due to the rising adoption of connected vehicles in the region. The burgeoning demand for vehicle networking, communication, navigation, and entertainment features can be credited to the increasing compatibility of mobile devices with such automobiles. Moreover, the extensive investments being made by the original equipment manufacturers (OEMs) in the development and innovation of robust technologies will also attract more customers toward automotive OTA updates in the region in the coming years.

Whereas, the Asia-Pacific (APAC) automotive over-the-air updates market is expected to exhibit the fastest growth during the forecast period. This will be due to the increasing implementation of stringent government regulations regarding the integration of advanced safety features, such as emergency stop signals, intelligent speed assistance, and event data recorders, in the region. Additionally, the booming demand for connected cars, shared electric mobility services, and autonomous vehicles will also complement the market growth in the region in the region in the foreseeable future.

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Therefore, the escalating digitalization rate, rising integration of IoT solutions in vehicles, and increasing implementation of vehicle safety regulations will create a huge requirement for automotive OTA updates in the upcoming years.

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This release was published on openPR.