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Automotive Over-The-Air (OTA) Updates Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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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 Business Research Company
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Automotive Over-The-Air OTA Updates Global Market Report 2024 dissects the rapid expansion of the automotive over-the-air updates market that was valued at $3.7 billion in 2023 and is projected to skyrocket to $4.38 billion by 2024 at an impressive compound annual growth rate CAGR of 18.4%. This can be attributed to factors such as growing connected car adoption, escalating complexity of automotive software, customer demand for advanced features, reduction in downtime and service costs, and competitive pressure and differentiation.
What is the future outlook of the Automotive Over-The-Air OTA Updates Market?
The global automotive over-the-air updates market shows no signs of slowing down with an expectation to reach $8.49 billion by 2028 at a CAGR of 18.0%. This forecast period will witness considerable growth due to trends like autonomous and connected vehicles, more complex in-vehicle systems, integration of advanced infotainment systems, cybersecurity threats and concerns, and subscription-based business modules. Major trends projected to further propel the growth include data analytics and predictive maintenance, security and cybersecurity measures, expansion of connected car technologies, integration of advanced diagnostics and analytics, and edge computing for faster updates.
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Which factors are primarily driving the growth of the Automotive Over-The-Air OTA Updates Market?
The rising demand for passenger vehicles is enormously contributing to the automotive over-the-air updates market growth. Automotive over-the-air updates, used in passenger and commercial vehicles, simplify the vehicle software update process by eliminating the need for a visit to the dealership or mechanic. Instead, this technology enriches the driving experience and bolsters road safety by ensuring operational safety. For instance, in June 2021, according to a report published by OICA International Organization of Motor Vehicle Manufacturers, global passenger car sales surged from 53.91 million units in 2020 to 56.39 million units in 2021. This rise in demand for passenger vehicles is a significant growth driver of the automotive over-the-air updates market.
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Which are the major firms operating in the Automotive Over-The-Air OTA Updates Market?
Prominent companies maneuvering through the automotive over-the-air updates market include Verizon Communications Inc., Robert Bosch GmbH, Intel Corporation, DENSO Corporation, Qualcomm Technologies Inc., Continental AG, NVIDIA Corporation, Lear Corporation, Thales Group, Aptiv, and Infineon Technologies AG, among others.
What are the emerging trends in the Automotive Over-The-Air OTA Updates Market?
Technological advancements are a promising trend propelling the automotive over-the-air updates market. Companies operating in the automotive sector are focusing on innovating and creating technologically advanced products to solidify their market positions. For instance, in March 2022, Cyient, an India-based software company, introduced CyientfIQ, a firmware over-the-air FOTA update solution offering end-to-end firmware updates across several industries. This solution aims to create intelligent and connected products for original equipment manufacturers OEMs, significantly reducing after-sales service support costs.
How is the Automotive Over-The-Air OTA Updates Market segmented?
The automotive over-the-air OTA updates market is segmented by:
1 Technology Type: Firmware Over-the-Air FOTA, Software Over-the-Air SOTA
2 Vehicle Type: Passenger Vehicles, Commercial Vehicles, Electric Vehicles
3 Application: Telematics Control Unit, Electronic Control Unit, Infotainment, Safety And Security
Which regions are leading the Automotive Over-The-Air OTA Updates Market?
In 2023, North America was the largest player in the automotive over-the-air updates industry. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, with the report covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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