Automotive OTA Updates Market to hit US$ 8 billion by 2028, Says Global Market Insights Inc.

SELBYVILLE, Del., Feb. 24, 2022 /PRNewswire/ -- The automotive over-the-air (OTA) updates market is expected to surpass USD 8 billion by 2028, as reported in a research study by Global Market Insights Inc. Growing demand for improved vehicle infotainment system and emergence of IoT technology across the automotive industry.

Increasing demand for connected vehicles is likely to boost the industry growth. The autonomous vehicles required regular updates of their underlaying software to keep them bug free. The automotive OTA updates enable the vehicle owners to update their automotive software without any need to visit the service center. The rapid emergence of advanced connected car technologies across the globe is a major trend fueling automotive over-the-air updates market expansion.

SOTA segment held more than 75% of the market share in 2021 due to the growing uptake of advanced infotainment systems. SOTA allows developers to upgrade software dynamically and go to the market faster with richer features, while reducing costs. This burgeoning adoption trend coupled with the cost-effectiveness and convenience of remote updates provided by the technology to car owners will contribute heavily to market demand.

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The commercial vehicles segment is expected grow at a CAGR over 20% through 2028 owing to the growing demand for autonomous commercial vehicles. The increasing adoption of advanced telematics solutions across commercial vehicles is supporting the market demand for automotive OTA update solutions. The telematic units need frequent updates, and OTA technology helps vehicle owners to get software updates regularly.

Electronic Control Unit (ECU) held a significant market share in 2021 led by growing advancements in the automotive industry. ECU controls several electrical systems across the vehicles. The ECU requires regular updates to make various electric systems in the vehicle bug free. The growing demand for electric vehicles is also supporting the automotive over the air updates market growth.

Europe automotive OTA updates market is projected to grow exponentially through 2028 propelled by growing investments in autonomous vehicles. The European Commission is currently working on developing regulations to govern self-driving vehicles to catch up with China and the U.S. and become a leader in the technology. The governments in the region are developing their road and telecom infrastructure to help autonomous vehicles better communicate with their surrounding environment. A number of EU countries including Germany and the UK have issued regulations to govern the testing of autonomous vehicles on public roads.

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Some major findings of the automotive over-the-air updates market report include:

• The growing demand for connected and autonomous vehicles across the globe is expected to support the automotive over the air updates market growth.
• The automotive OTA market growth in Europe is propelled by growing investments in the automotive industry in the region.
• The companies operating in the market are emphasizing on the development of automotive OTA update solutions.

The companies operating in the market are focusing on developing strategic partnerships to offer automotive OTA updates. For instance, in January 2022, Sibros partnered with Bajaj Auto to provide OTA software and firmware upgrades for Chetak electric scooters. This partnership helped the company to offer OTA updates for data management procedures in Bajaj's electric vehicle.

Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Automotive OTA updates market 360º synopsis, 2018 – 2028

2.2  Business trends

2.3  Regional trends

2.4  Technology trends

2.5  Vehicle type trends

2.6  Application trends

Chapter 3 Industry Insights

Chapter 4   Automotive over the air updates market Insights

4.1    Introduction

4.2    Industry segmentation

4.3    COVID-19 impact

4.3.1    Impact by region

4.3.1.1    North America

4.3.1.2    Europe

4.3.1.3    Asia Pacific

4.3.1.4    Latin America

4.3.1.5    Middle East & Africa

4.3.2    Impact by value chain

4.3.3    Impact by competitive landscape

4.4    Industry evolution

4.5    Automotive over the air updates market ecosystem analysis

4.6    Technology & innovation landscape

4.7    Regulatory landscape

4.8    Industry impact forces

4.8.1    Growth drivers

4.8.2    Industry pitfalls & challenges

4.9    Growth potential analysis

4.10    Porter's analysis

4.11    PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights Inc.