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Automotive Over-The-Air Updates Market Recent Trends, Developments, Challenges and Opportunities

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The global automotive over-the-air (OTA) 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.

Furthermore, the improving programmability degree and the rising sophistication in the automotive technology are making automakers focus heavily on upgrading their offerings for ensuring compliance with the revised regulations and norms. When vehicle type is taken into consideration, the automotive OTA updates market is classified into commercial vehicle and passenger vehicle. Between these, the commercial vehicle category is predicted to demonstrate the higher growth rate in the market in the future, as these vehicles are extensively used for transporting goods.

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Globally, the market is predicted to exhibit the highest growth rate in Asia-Pacific (APAC) in the coming years. This is credited to the enactment of strict government regulations and policies regarding the adoption of advanced safety features such as emergency stop signals, event data recorders, and intelligent speed assistance in automobiles and the burgeoning requirement for autonomous vehicles, shared electric mobility, and connected cars, on account of the surging disposable income of people, in the region.

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.

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