Trends and Opportunities in the Automotive Over-the-Air Upda...| MENAFN.COM

Tuesday, 07 February 2023 04:45 GMT

Trends and Opportunities in the Automotive Over-the-Air Updates Market


(MENAFN- P&S Intelligence) The automotive OTA updates market will grow at a rate of around 20% in the years to come and reach around $13,860 million in 2030 because of the snowballing connected cars and EVs.
With the speedy growth in the count of connected cars around the world and the increasing software requirement of such automobiles, the necessity for OTA updates is increasing significantly.

Software made the highest revenue in the industry in the recent past. The OTA software update technology is efficient than the conformist way for OEMs to upgrade the software and bug fixing. The main factor contributing to the industry dominance is easy connectivity amid embedded systems and connected devices, providing critical info like the site of fuel and charging stations and battery and charging status, along with easing the remote analysis of all types of connected vehicles.

Electric category will have the faster growth. This had mainly to do with increasing support of the government, as incentives and grants, for the acceptance of EVs, and strict regulations concerning emission. Furthermore, the majorly of EVs are fortified with forward-thinking connected systems for effectual processes and high safety levels and security. Thus, these automobiles need OTA updates recurrently, for smooth functioning.

North America had the largest share in the automotive OTA updates market in the recent past. This position is majorly because of the fact of to the snowballing acceptance of connected vehicles. The requirement for vehicle networking, communication, navigation, and entertaining features has augmented enormously with the increasing compatibility of mobile devices with these automobiles. Moreover, OEMs and technology providers are dependably investing considerable sums in the formation of vigorous technologies, enticing automobile customers.

The increasing acceptance of IoT technology is heartening major vehicle producers to shift their emphasis to connected vehicles and moreover launch new variations or integrate unconventional connectivity features in the prevailing models. This is a response to the growing demand for telematics, advanced infotainment and navigation systems by people. These systems bank on on the software connected on the vehicle’s hardware, requiring regular updates for even functioning. Therefore, the increasing integration of smart, technologies is a major industrial trend.

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