Automotive Over-The-Air Updates Market Trends And Opportunities Details Shared In Report
Posted by Devanand on August 25th, 2022
The Automotive Over-The-Air Updates Marketis anticipated to grow and worth USD 14.47 billion again, with a CAGR of 18.72% from 2022 to 2030. The market gained USD 2.89 billion in 2021. The market will grow further owing to the rising number of connected cars and electric vehicles. Several key players have entered the market, and they will invest significantly in research and development to offer secure and cost-effective OTA updates and solutions to the car. Some regions like North America, Asia Pacific, and others present in those regions are likely to dominate the forecast period. The pandemic has negatively impacted the automotive sector, resulting in a decline in vehicle sales and insufficient raw materials.
Several industry players have faced issues such as a halt in production and disruption of the plant activities ordered by the government impacted the market. The effect of the pandemic was severe, but with the improvement in the situation, the market will gather growth in the forecast period. Increasing demand for electric vehicles and people adopting connected vehicles drive the market. Rising concern for safety and cyber security will foster the market in the forecast period. Increasing government initiatives regarding car technology improvement will improve the market. The lack of infrastructure and the high price of the OTA updates will hinder the market growth. Extensive vehicles are becoming more software dependent which is a growth factor for the Automotive Over-The-Air (OTA) Updates Market.
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The Automotive Over-The-Air (OTA) Updates Market is segregated by technology, application, propulsion and vehicle type. The market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles based on the vehicle type. Passenger cars are expected to register high CAGR in the market during the forecast period due to the rise in income levels and meaningful difference in the amount of money spent on automobile safety and the security of private vehicle usage.
The propulsion is fragmented up into ICE and Electric vehicles, and both the segments will hold growth in the forecast period. The application of theAutomotive Over-The-Air (OTA) Updates Market is bifurcated into Electronic Control Unit (ECU), Infotainment, Safety & Security, Telematics Control Unit (TCU) and others. Among them, the telematics control unit is expected to hold the CAGR of the market owing to the progress in the number of telecommunication applications. Several automotive manufacturers are offering telematics control units in their vehicles. Based on the technology, the market is further fragmented into Firmware Over-The-Air [FOTA] and Software Over-The-Air [SOTA]. The Software Over-The-Air [SOTA] segment will dominate the Market and register growth due to the applications like live traffic updates, email applications, social media apps and park assist. And others.
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The Automotive Over-The-Air (OTA) Updates Market is analyzed in four regions: North America, Asia Pacific, Europe, and parts of the world. North America will dominate the market in 2018; however, Asia Pacific will dominate the market in the forecast period, and Europe will be in the second position in 2018 in value.
The New EVOLVE car model can now receive OTA software updates, and more than 190,000 customers across 34 markets can down the updates. The car is eligible for receiving OTA updates, including the new XC90, S60 and V60, and the electric cars.
By Vehicle Type
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About the AuthorDevanand
Joined: July 26th, 2022
Articles Posted: 805
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