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Global Automotive OTA (Over-the-Air) Updates Market Outlook Report 2023: A $13.959 Billion Market by 2030 with Software Accounting for 80% Market Share in 2022
Global Automotive OTA Updates Market
Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive OTA Updates Market Outlook by Type, Propulsion, Vehicle Type, Application - Industry Revenue Estimation and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Global automotive OTA updates market was USD 3,315.8 million in 2022, and reaching USD 13,959.5 million by 2030, powering at a rate of 19.7% by the end of this decade.
The revenue share of software was larger, with 80%, in 2022, and it will continue like this in the future as well. This is because of the progressions in connectivity technology and disposition of IoT, which have made connectivity between connected devices and embedded automobile systems easier.
This allows for the provision of critical info, including the location of fuel and alleging stations and battery and status of charging, furthermore for easing remote diagnosis for all kinds of connected vehicles. Also, the OTA services provided by companies for upgrading vehicle software are secure and fast, resulting in the higher sales.
The electric category will witness the faster growth, with a rate of 28%. This has a lot to do with government support, such as grants and initiatives, for the acceptance of EVs and the strict emission regulations. Furthermore, nearly all EVs are equipped with innovative connected systems for effective processes and high security and safety level.
Moreover, the ICE category had the larger share in the recent past, and it will continue like this in the future. This can be credited to the fact that not only cars but most medium- and heavy commercial vehicles are powered by conventional engine.
Passenger vehicles had the larger share, of about 68%, and it will be like this in the future. It will be because of the growing sales of mid-range and premium passenger vehicles with added features, including autonomy.
Moreover, autonomous cars have numerous systems for virtual assistance, eye tracking, driver monitoring, speech recognition, gesture recognition, and natural language interfaces. These systems deeply rely on regular OTA updates for safe operation, which further contributes to the growth of the market.
North America dominated the industry, of about 37% share, and this trend will continue in the future, as a result of the increasing acceptance of connected vehicles. The requirement for navigation, automobile networking, communication, and entertainment features has increased enormously with the rising compatibility of mobile devices with automobiles.
Moreover, the OEMs and technology providers are investing considerable amount for the development of advanced technologies, for attracting customers.
Because of the fact that, there is a sharp rise in the count of connected cars and EVs on the roads of cities and also suburbs, the demand for automotive OTA updates will grow at pace in the years to come, all over the world.
Company Profiles
DENSO Corporation
Aptiv PLC
Continental AG
Garmin Ltd.
HARMAN International
HERE Global B.V.
Infineon Technologies AG
Nvidia Corporation
Qualcomm Incorporated
Robert Bosch GmbH
Xevo Inc.
Lear Corporation
Verizon Communications Inc.
Intel Corporation
Key Metrics
Report Attribute | Details |
No. of Pages | 230 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $3315.8 Million |
Forecasted Market Value (USD) by 2030 | $13959.5 Million |
Compound Annual Growth Rate | 19.7% |
Regions Covered | Global |
Key Topics Covered:
Chapter 1. Research Scope
1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segment
1.5. Market Data Reporting Unit
1.6. Key Stakeholders
Chapter 2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
Chapter 6. Industry Outlook
6.1. Market Dynamics
6.1.1. Trends
6.1.2. Drivers
6.1.3. Restraints/challenges
6.1.4. Impact analysis of drivers/restraints
6.2. Impact of COVID-19
6.3. Porter's Five Forces Analysis
Chapter 7. Global Market
7.1. Overview
7.2. Market Revenue, by Type (2017-2030)
7.3. Market Revenue, by Propulsion (2017-2030)
7.4. Market Revenue, by Vehicle Type (2017-2030)
7.5. Market Revenue, by Application (2017-2030)
7.6. Market Revenue, by Region (2017-2030)
For more information about this report visit https://www.researchandmarkets.com/r/nuytkq-automotive?w=12
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