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Automotive Over-The-Air (OTA) Updates Market Report 2024 - Automotive OTA Updates Market Insights And Trends
Automotive Over-The-Air (OTA) Updates Market
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According to The Business Research Company's, The automotive over-the-air (OTA) updates market size has grown rapidly in recent years. It will grow from $3.7 billion in 2023 to $4.38 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to connected car adoption, rising complexity of automotive software, customer demand for advanced features, reduced downtime and service costs, competitive pressure and differentiation.
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 growth in the forecast period can be attributed to autonomous and connected vehicle trends, increasing complexity of in-vehicle systems, integration of advanced infotainment systems, cybersecurity concerns and threats, and subscription-based business models. Major trends in the forecast period include data analytics and predictive maintenance, security and cybersecurity measures, expansion of connected car technologies, integration of advanced diagnostics and analytics, edge computing for faster updates.
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Market Drivers and Trends:
Rising demand for passenger vehicles is significantly contributing to the growth of the automotive over-the-air (OTA) updates market going forward. A passenger vehicle refers to a motor vehicle that can carry a person or a group of persons, commonly used for the transportation of people. Automotive over-the-air updates are used in passenger and commercial vehicles for remote delivery of software update to eliminate the need to visit a dealership or mechanic and instead enhances the driving experience and makes the roads safer by increasing operational safety. For instance, in June 2021, according to the report published by OICA (International Organization of Motor Vehicle Manufacturers), a France-based international trade association for vehicles, global passenger car sales increased from 53.91 million in 2020 to 56.39 million in 2021. Therefore, the rising demand for passenger vehicles is expected to propel the growth of the automotive over-the-air (OTA) updates market.
Technological advancements are a key trend gaining popularity in the automotive over-the-air (OTA) updates market. Major companies operating in the automotive sector are focused on developing technologically advanced products to strengthen their position in the market. For instance, in March 2022, Cyient, an India-based software company, introduced CyientfIQ, a firmware over-the-Air (FOTA) update solution for providing end-to-end solutions for firmware updates across multiple industries. The FOTA solution aims for the creation of intelligent and connected products for original equipment manufacturers (OEMs) with a significant reduction in the cost of after-sales service support through optional new feature upgrades for end users. The device-to-cloud OTA server, gateway-to-cloud OTA server, and device to gateway to cloud OTA server are among the firmware update scenarios that are addressed by the CyientfIQ FOTA solution to offer a seamless upgrade process that eliminates all risk factors.
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Major Key Players of the Market:
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., Luxoft Inc., Red Hat Inc., Elektrobit Automotive GmbH, HERE Technologies, Intellias Ltd., Telenor Connexion AS, Sierra Wireless Inc., Blackberry QNX Ltd., Green Hills Software LLC, Arynga Inc., Cubic Telecom Limited, Airbiquity Inc., Cybellum Technologies Ltd., Wind River Systems Inc., Karamba Security Ltd., Symphony Teleca Corporation
Automotive Over-The-Air (OTA) Updates Market 2024 Key Insights:
• 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%.
• Surging Passenger Vehicle Demand Fuels Growth In The Automotive Over-The-Air (OTA) Updates Market
• Technological Advancements Driving Innovation In The Automotive Over-The-Air (OTA) Updates Market
• North America was the largest region in the automotive over-the-air (OTA) updates market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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