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Automotive Over-the-Air (OTA) Market
Rise in need for connected vehicles and electric vehicles, surge in initiatives for implementation of connected car technology
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 17, 2024 /EINPresswire / -- The Automotive Over-the-Air (OTA)
market is segmented on the basis of
technology type, application, vehicle type, and region. By
Technology type, the global market is divided into firmware over-the-air, software over-the-air, by application, it is classified into telematics control unit, electronic control unit, infotainment, safety and security, and others. By vehicle type, it is classified into passenger vehicles, commercial vehicles and electric vehicles. The global automotive over-the-air (OTA) market was valued at $2.59 billion in 2020, and is projected to reach $13.71 billion by 2030, registering a CAGR of 18.1% from 2021 to 2030.
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Factors such as rise in trend of connectivity solutions and ease of vehicle diagnosis is expected to reinforce the connected car demand, which further anticipated to propel the need for automotive over-the-air (OTA) updates in near future. In addition, increase in need for safety & security boosts the market growth. However, high cost associated with over-the-air deployment hinder the market growth. Moreover, unavailability of uninterrupted & seamless connectivity restricts growth of the market. Conversely, emergence of Internet of Things (IoT) in the automotive industry, coupled with rising demand for connected vehicles are anticipated to provide remunerative opportunities for market expansion.
Surge in demand for connected vehicles and electric vehicles, government regulations about safety and cyber security of vehicles, and increase in initiatives for implementation of connected car technology have boosted the growth of the global automotive over the air (OTA) market. However, lack of infrastructure in emerging countries and high cost associated with OTA updates hinder the market. On the contrary, cybersecurity standards becoming mandatory and advent of internet of things (IoT) in the automotive industry would open new opportunities in the future.
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Presently, the global automotive over the air (OTA) industry is dominated by North America followed by Europe, Asia-Pacific, and LAMEA. North America is expected to maintain its dominance in the global market particularly by United States owing to rapid urbanization and growing demand for automotive infotainment.
On the basis of application, the safety and security segment is projected to manifest the highest CAGR of 21.0% during the forecast period. However, the telematics control unit segment held the lion's share in 2020, accounting for nearly one-third of the market.
The key players profiled in this report include
BLACKBERRY QNX, INTEL CORPORATION, INFINEON TECHNOLOGIES AG, CONTINENTAL AG, HARMAN INTERNATIONAL, AIRBIQUITY INC., ROBERT BOSCH GmbH, VERIZON COMMUNICATIONS INC., NXP SEMICONDUCTORS NV, QUALCOMM, Inc.
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COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge. Lockdown measures have helped to contain the spread of coronavirus, but exacted an immense economic toll. On the business side, the automotive sector is among the hardest hit. Following the pattern witnessed in countries where COVID-19 spread earlier, lockdown measures and other restrictions have limited travel and left many consumers unable or unwilling to purchase vehicles. It has also affected general lifestyle and the behavior pertaining to travel, consumption of goods, and services as well as working style of individuals. Furthermore, coronavirus has introduced unexpected complications within the automotive and electric mobility sectors. OEMs and other stakeholders are adopting innovative business models amid post-COVID-19. Sales of small format vehicles with better & efficient safety features accelerated during the pandemic and are expected to continue in the post pandemic situation.
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The global automotive over the air (OTA) market size is analyzed across regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding more than one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 21.0% during the forecast period.
Based on technology type, the firmware over-the-air segment is expected to portray the highest CAGR of 20.2% during the forecast period. However, the software over-the-air segment held the largest share in 2020, contributing to nearly 86% of the market.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.