Over-The-Air Automotive Updates Improving Vehicle Connectivity Features
The accelerating automotive digitization rate is creating a huge requirement for frequent software and cybersecurity updates in vehicles. Regular updates are required for keeping up with the latest developments in connectivity technologies. To avoid the recalling of vehicles to garages for constant updates, it is more viable to install these updates over-the-air (OTA) or wirelessly. Updating automotive technologies through OTA is an economical option and also facilitates the internet of things (IoT)-enabled environment, by improving the functionality of connected features. OTA updates also help in protecting the connected devices against hacking and data breaches.
Additionally, the increasing introduction of stringent vehicle safety norms, on account of the escalating vehicle safety concerns, will also aid the automotive over-the-air updates market to grow at a CAGR of 19.5% during the forecast period (2021–2030). The market was valued at $2,422.6 million in 2020 and it is expected to generate $13,859.5 million revenue by 2030. Vehicle Safety has always been a major concern for automakers, but with the improving degree of programmability and rising sophistication in automobile technology, they are increasingly focusing on upgrading their vehicles, to comply with the revised regulations.
Whereas, the Asia-Pacific (APAC) automotive over-the-air updates market is expected to exhibit the fastest growth during the forecast period. This will be due to the increasing implementation of stringent government regulations regarding the integration of advanced safety features, such as emergency stop signals, intelligent speed assistance, and event data recorders, in the region. Additionally, the booming demand for connected cars, shared electric mobility services, and autonomous vehicles will also complement the market growth in the region in the region in the foreseeable future.
Therefore, the escalating digitalization rate, rising integration of IoT solutions in vehicles, and increasing implementation of vehicle safety regulations will create a huge requirement for automotive OTA updates in the upcoming years.