Press release
Surge in Automotive OTA Updates: Global Market Expected to Reach $10.18 Billion by 2029 with CAGR of 19.3%
Automotive Over-The-Air (OTA) Updates Market Size
What Is The Projected Market Size Of The Global Automotive Over-The-Air (OTA) Updates Market And Its Growth Rate?
The Automotive OTA Updates Market has observed a notable expansion in recent times, and such a growth trajectory is expected to persist over the following years:
- Market Size in 2024: $4.29 billion
- Forecasted Size in 2025: $5.03 billion (CAGR - 17.2%)
- Predicted Market Size in 2029: $10.18 billion (CAGR - 19.3%)
The historic growth and rapid advancement in the forecast period can be credited to an increase in connected car adoption, rising complexity of automotive software and customer demand for advanced features.
What Is Driving The Growth In The Automotive Over-The-Air (OTA) Updates Market?
A considerable growth driver for the automotive OTA updates market is the mounting demand for passenger vehicles. Efficient and safe roadway travel is achieved with OTA updates' remote delivery of software. Such updates enhance the driving experience and thereby, eliminate the need for physical dealership or mechanic visits. Rising predictions suggest robust sales for electric vehicles that could exceed 50% by 2030, according to the U.S. Bureau of Labor Statistics. Therefore, the automotive OTA updates market is highly likely to be propelled by the rising demand for both electric and passenger vehicles.
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Who Are the Key Players Driving Automotive Over-The-Air (OTA) Updates Market Growth?
Significant market players in the Automotive OTA Updates Market include but are not limited to:
- 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.
- Red Hat Inc.
What Are The Key Trends In The Automotive Over-The-Air (OTA) Updates Market?
Emerging segment trends include:
- Expansion of connected car technologies
- Security and cybersecurity measures
- Integration of advanced diagnostics and analytics
- Data analytics and predictive maintenance
- Edge computing for quicker updates
What Are The Segments Of The Global Automotive Over-The-Air (OTA) Updates Market?
Key market divisions include:
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
Which Region Leads The Automotive Over-The-Air (OTA) Updates Market?
North America held dominance in the automotive OTA updates market in 2024 and is expected to maintain this leadership. However, Asia-Pacific is predicted as the fastest-growing region in this market space for the forecast period. Besides, the automotive OTA updates market report also covers geographies such as Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Automotive Over-The-Air (OTA) Updates Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Over-The-Air (OTA) Updates Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Over-The-Air (OTA) Updates Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Over-The-Air (OTA) Updates Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Over-The-Air (OTA) Updates Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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