LONDON--(BUSINESS WIRE)--The automotive over-the-air updates market is set to grow by 92.29 million units accelerating at a CAGR of almost 54%, during the period spanning over 2020-2024. One of the key factors driving growth is the reduced vehicle recalls. Improvements in terms of performance and software have reduced the number of vehicle recalls over recent years. The rising focus on intelligent transportation systems is a significant trend that will further stimulate market growth. The rising consumer focus on safety has increased the adoption of connected technology solutions in automobiles.
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Parent Market Analysis
Technavio categorizes the global automotive over-the-air (OTA) updates market as a part of the global auto parts and equipment market within the global auto components market. The global auto parts and equipment market cover companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers.
Growth in the global auto parts and equipment market will be driven by the increased safety regulations, the rising number of electronic components, and the integration of safety systems in automobiles.
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Automotive Over-The-Air Updates Market: Geographic Segmentation
The report segments the market by geography: North America, APAC, Europe, South America, and MEA. About 40% of the market’s growth will originate from Europe during the forecast period. Improving economic conditions and the rising demand for luxury cars will fuel market growth. Germany and the UK are the key markets for automotive over-the-air updates in Europe.
Automotive Over-The-Air Updates Market: Segmentation by Technology
The SOTA segment was leading the segment in 2019. SOTA enables the map updates to be transferred over the air directly from the cloud, thus making it a secure, fast, and simple process. The technology is widely adopted by prominent automakers such as BMW, General Motors, Ford, Toyota Motor, Chrysler, Renault, Nissan, Scania, and Volvo. These factors are driving the growth of the segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive over-the-air updates market size.
Automotive Over-The-Air Updates Market: Growth Drivers
The computer-based ECU system has replaced most of the pneumatic and mechanical components in modern vehicles. Also, the increased use of efficient software by OEMs has provided performance improvements and reduced faults in the system. Besides, automotive OEMs are using OTA updates for both performance improvements and fault corrections in modern vehicles. Such preventive measures have significantly reduced the number of vehicle recalls over the years. This has increased the market for over the air updates in the automobile industry.
Automotive Over-The-Air Updates Market: Challenges to overcome
The rising adoption of numerous in-vehicle systems such as ADAS, infotainment, and telematics systems has increased the complexity in automotive software architecture. This is compelling software developers to create defect-free and efficient software for automotive applications.
Automotive Over-The-Air Updates Market: Vendor Landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading automotive over-the-air updates companies, including:
- Airbiquity Inc.
- Akamai Technologies Inc.
- Aptiv Plc
- BlackBerry Ltd.
- Continental AG
- HERE Global BV
- Qualcomm Inc.
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Verizon Communications Inc.
- The Boeing Co.
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Technavio reports cover the following key research areas:
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- Key purchase criteria
- Customer purchase basket
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- Key industry risks
- Market position of vendors
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