Press release
Automotive Over-The-Air (OTA) Updates Market: Exploring Market Segments, Key Drivers, and Growth Projections
Automotive Over-The-Air (OTA) Updates Market
Automotive Over-The-Air (OTA) Updates Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $8.49 billion In 2028 At A CAGR Of 18.0% :
The automotive over-the-air (OTA) updates market size has grown rapidly in recent years. It will grow from $3.7 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to connected car adoption, rising complexity of automotive software, customer demand for advanced features, reduced downtime and service costs, competitive pressure and differentiation.
The automotive over-the-air (OTA) updates market size is expected to see rapid growth in the next few years. It will grow to $8.49 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to autonomous and connected vehicle trends, increasing complexity of in-vehicle systems, integration of advanced infotainment systems, cybersecurity concerns and threats, and subscription-based business models. Major trends in the forecast period include data analytics and predictive maintenance, security and cybersecurity measures, expansion of connected car technologies, integration of advanced diagnostics and analytics, edge computing for faster updates.
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Automotive Over-The-Air (OTA) Updates Market Major Segments
The automotive over-the-air (OTA) updates market covered in this report is segmented -
1) By Technology Type: Firmware Over-the-Air (FOTA), Software Over-the-Air (SOTA)
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Electric Vehicles
3) By Application: Telematics Control Unit, Electronic Control Unit, Infotainment, Safety And Security
Key Driver - Surging Passenger Vehicle Demand Fuels Growth In The Automotive Over-The-Air (OTA) Updates Market
Rising demand for passenger vehicles is significantly contributing to the growth of the automotive over-the-air (OTA) updates market going forward. A passenger vehicle refers to a motor vehicle that can carry a person or a group of persons, commonly used for the transportation of people. Automotive over-the-air updates are used in passenger and commercial vehicles for remote delivery of software update to eliminate the need to visit a dealership or mechanic and instead enhances the driving experience and makes the roads safer by increasing operational safety. For instance, in June 2021, according to the report published by OICA (International Organization of Motor Vehicle Manufacturers), a France-based international trade association for vehicles, global passenger car sales increased from 53.91 million in 2020 to 56.39 million in 2021. Therefore, the rising demand for passenger vehicles is expected to propel the growth of the automotive over-the-air (OTA) updates market.
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Prominent Trend - Technological Advancements Driving Innovation In The Automotive Over-The-Air (OTA) Updates Market
Technological advancements are a key trend gaining popularity in the automotive over-the-air (OTA) updates market. Major companies operating in the automotive sector are focused on developing technologically advanced products to strengthen their position in the market. For instance, in March 2022, Cyient, an India-based software company, introduced CyientfIQ, a firmware over-the-Air (FOTA) update solution for providing end-to-end solutions for firmware updates across multiple industries. The FOTA solution aims for the creation of intelligent and connected products for original equipment manufacturers (OEMs) with a significant reduction in the cost of after-sales service support through optional new feature upgrades for end users. The device-to-cloud OTA server, gateway-to-cloud OTA server, and device to gateway to cloud OTA server are among the firmware update scenarios that are addressed by the CyientfIQ FOTA solution to offer a seamless upgrade process that eliminates all risk factors.
Automotive Over-The-Air (OTA) Updates Market Players
Major companies operating in the automotive over-the-air (OTA) updates market report are Verizon Communications Inc., Robert Bosch GmbH, Intel Corporation, DENSO Corporation, Qualcomm Technologies Inc., Continental AG, NVIDIA Corporation, Lear Corporation, Thales Group, Aptiv, Infineon Technologies AG, NXP Semiconductors N.V., Harman International Industries Incorporated, Garmin Ltd., Luxoft Inc., Red Hat Inc., Elektrobit Automotive GmbH, HERE Technologies, Intellias Ltd., Telenor Connexion AS, Sierra Wireless Inc., Blackberry QNX Ltd., Green Hills Software LLC, Arynga Inc., Cubic Telecom Limited, Airbiquity Inc., Cybellum Technologies Ltd., Wind River Systems Inc., Karamba Security Ltd., Symphony Teleca Corporation
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Largest And Fastest Growing Region In The Market
North America was the largest region in the automotive over-the-air (OTA) updates market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global automotive over-the-air updates market report during the forecast period. The regions covered in the automotive over-the-air (ota) updates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Over-The-Air (OTA) Updates Market Report Structure
3. Automotive Over-The-Air (OTA) Updates Market Trends And Strategies
4. Automotive Over-The-Air (OTA) Updates Market - Macro Economic Scenario
5. Automotive Over-The-Air (OTA) Updates Market Size And Growth
…..
27. Automotive Over-The-Air (OTA) Updates Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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