NEW YORK, Oct. 12, 2021 /PRNewswire/ -- The global automotive OTA market revenue will surge from $2,422.6 million in 2020 to $13,859.5 million by 2030, demonstrating a CAGR of 19.5% from 2021 to 2030. The major market growth drivers are the soaring number of electric vehicles and connected cars around the world.
Besides, the simplification of the automotive software upgradation process is fueling this expansion. The rising digitalization rate in automobiles has made regular software updates, including those for cybersecurity programs, mandatory. As it is faster and more economical to install software updates OTA or wirelessly than taking the vehicle to the garage repeatedly, the former is being increasingly preferred.
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Key Findings of Automotive OTA Updates Market Report
The enactment of stringent regulations pertaining to passenger and vehicle safety is driving the demand for automotive OTA updates.
OTA software update download rate is considerably higher than for firmware owing to the former's ability to upgrade the software and fix bugs more efficiently than the traditional method.
The mushrooming deployment of EVs due to the implementation of favorable government policies and provision of subsidies will push up the requirement for OTA updates, as these vehicles are equipped with connected systems that require new versions of software regularly.
The requirement for automotive OTA updates is surging in North America due to the large-scale deployment of connected vehicles in Canada and the U.S.
Asia-Pacific (APAC) will be the fastest-growing automotive OTA updates market in the forthcoming years due to the enactment of strict government policies regarding the incorporation of advanced safety features in automobiles, such as emergency stop signals, event data recorders, and intelligent speed assistance, and growing adoption of connected cars and EVs.
The COVID-19 pandemic has hampered the progress of the automotive OTA updates market, with the growth rate of the global automotive industry falling sharply because of the disruptions in manufacturing and supply chain operations.
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Continental AG, Aptiv PLC, HARMAN International Industries Inc., HERE Technologies, DENSO CORP., Infineon Technologies AG, Garmin Ltd., Verizon Communications Inc., Intellias Ltd., Lear Corporation, Nvidia Corporation, NXP Semiconductors N.V., Qualcomm Incorporated, Robert Bosch GmbH, and Xevo Inc. are the leading automotive OTA updates market players.
DENSO CORP. announced the acquisition of a stake worth $5 million in Airbiquity Inc. in March 2019 to fuel the rapid development of OTA systems, which will facilitate the updation of the automotive software from remote locations.
Likewise, Aptiv PLC and Affectiva Inc. entered into a partnership in January 2019 so that the former can provide scalable OTA software, in order to improve the perception capabilities of advanced safety solutions and enhance the in-cabin experience.
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