Huge Revenue Jump Expected in Global Automotive OTA Updates Market During 2021–2030

The global automotive over-the-air updates market attained a revenue of $2,422.6 million in 2020, and it is predicted to progress at a CAGR of 19.5% between 2021 and 2030. Furthermore, the market will reach a valuation of $13,859.5 million by 2030, as per the forecast of P&S Intelligence, a market research company based in India. The factors driving the market advancement are the growing deployment of electric vehicles (EVs) and connected cars across the world. 

The increasing deployment of these vehicles is pushing up the requirement for OTA updates, as these vehicles are heavily reliant on the software for their efficient functioning. Moreover, many original equipment manufacturers (OEMs) are making huge investments in OTA upgradation technologies for making it easier for the vehicle owners to update the software of their vehicles. The simplification of the automotive software upgradation process is propelling the growth of the automotive OTA updates market.

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Furthermore, the surging rate of automotive digitalization is pushing up the demand for regular software updates, including updates for cybersecurity solutions. Instead of sending the vehicle to the garage, it is more economical to install these software updates wirelessly or OTA. OTA updates enhance the functionality and facilitate an internet of things (IoT)-integrated environment, which, in turn, makes it very easy to launch new features and protect the devices against data breaches, hacking, and various other types of cyberattacks. 

Another major factor fueling the advancement of the automotive OTA updates market is the increasing implementation of stringent vehicle safety regulations in several countries, because of the rising incidence of road accidents. Automotive manufacturing companies all over the world have always prioritized vehicle safety and with the enactment of vehicle monitoring standards and safety regulations, it has now become imperative for them to make their products compatible with the vehicle standards.

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Therefore, it can be said with full surety that the market will demonstrate rapid expansion in the forthcoming years, mainly due to the increasing deployment of electric vehicles and connected cars and the surging implementation of strict vehicle safety policies by various governments around the world.