Automotive OTA Updates Market Revenue Worth $13,859.5 Million by 2030 says P&S Intelligence

NEW YORK, April 26, 2021 /PRNewswire/ -- More than 1.3 million people die in road crashes every year, says the World Health Organization (WHO). As a result, countries, especially those in Europe, are mandating the integration of advanced safety features in automobiles. This is to be the key factor behind the growth of the global automotive over-the-air updates market from $2,422.6 million in 2020 to $13,859.5 million by 2030, at a 19.5% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.

Key Findings of Global Automotive OTA Updates Market

• Update frequency of software higher than that of firmware
• Demand for OTA software updates to rise more rapidly for EVs
• Mandates for vehicle safety key drivers for market
• North America holds largest share in industry
• Commercial fleet owners rapidly upgrading their vehicle software OTA
• APAC most-lucrative region for OTA automotive software update providers

This is because the safety features, including advanced emergency braking, intelligent speed assistance, lane keeping assist, tire pressure monitoring system, and emergency stop signal, are activated by mini-computer systems embedded in vehicles. As a result, regular software updates become necessary to keep them running smoothly and protect them against cyberattacks. In this regard, another reason the automotive OTA updates market is growing is that this way, the process becomes easier than taking the vehicle to the garage or the authorized dealer.

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The COVID-19 pandemic has led to the halted manufacturing and reduced sales of automobiles, as lockdowns and movement restrictions have been implemented to keep the infection spread under check. As a result, the demand for updated automotive software has declined, thereby hurting the industry. However, post the pandemic, the automotive OTA updates market is expected to resurge on account of the rise in the adoption of digital keys, voice and gesture control, and other advanced technologies in automobiles.

Browse detailed report with COVID-19 impact analysis on Automotive Over-The-Air (OTA) Updates Market Research Report: By Type (Software, Firmware), Propulsion (Internal Combustion Engine, Electric), Vehicle Type (Passenger Vehicle, Commercial Vehicle), Application (Telematics Control Unit, Infotainment System, Electronics Control Unit) – Global Industry Revenue Forecast Report, 2030 @ https://www.psmarketresearch.com/market-analysis/automotive-over-the-air-ota-updates-market

Throughout this decade, the automotive OTA updates market is likely to be dominated by the passenger vehicle bifurcation, based on vehicle type. With an increase in the disposable income of people, the sale of mid-range and luxury passenger cars with advanced features, such as speech recognition, driver monitoring, eye tracking, virtual assistance, natural language interfaces, and gesture recognition, is rising. As these systems depend on software, the need to update it is high.

The telematics control unit (TCU) category, under segmentation by application, is set to witness the highest CAGR in the automotive OTA updates market, of 20.3%, in the years to come. With the increasing number of advancements in connected vehicles, the application of TCU is widening. The TCU handles wireless monitoring, communication to/from the vehicle, diagnostics, crash warning, eCall, vehicle tracking, and electronic tolling functions. This is why it requires regular software updates to ensure that the mandated vehicle and passenger safety standards are met.

North America dominated the automotive OTA updates market in the past on account of the burgeoning sales of connected vehicles. In addition, with vehicles being made compatible with smartphones, the integration rate of navigation, vehicle networking, entertainment, and communication features has surged. Moreover, automakers and automotive software providers are investing heavily in the creation of advanced mobility solutions.

In the near future, the automotive OTA updates market is projected to grow the fastest in Asia-Pacific (APAC). As most of the road crash fatalities occur in developing countries, regional governments are making the installation of safety features in automobiles mandatory. Further, the increasing adoption of shared electric mobility and autonomous and connected vehicles is resulting in the rising demand for software updates via the OTA channel.

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The most-prominent companies in the global automotive OTA updates market are Robert Bosch GmbH, AT&T Inc., Continental AG, NXP Semiconductors N.V., Aptiv PLC, Infineon Technologies AG, Verizon Communications Inc., DENSO CORP., H Qualcomm Incorporated, and ARMAN International Industries Inc.

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SOURCE P&S Intelligence