Portland, OR, June 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive over the air (OTA) market generated $2.59 billion in 2020, and is projected to reach $13.71 billion by 2030, registering a CAGR of 18.1% from 2021 to 2030.
Surge in demand for connected vehicles and electric vehicles, government regulations about safety and cyber security of vehicles, and increase in initiatives for implementation of connected car technology have boosted the growth of the global automotive over the air (OTA) market. However, lack of infrastructure in emerging countries and high cost associated with OTA updates hinder the market. On the contrary, cybersecurity standards becoming mandatory and advent of internet of things (IoT) in the automotive industry would open new opportunities in the future.
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Covid-19 Scenario:
- The Covid-19 outbreak negatively impacted the automotive sector due to substantial drop in vehicle sales and lack of raw materials.
- Moreover, several industries witnessed challenges such as halt in production activities and mandatory plant closure to comply with government regulations.
The report segments the global automotive over the air (OTA) market on the basis of technology type, application, vehicle type, and region.
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Based on technology type, the firmware over-the-air segment is expected to portray the highest CAGR of 20.2% during the forecast period. However, the software over-the-air segment held the largest share in 2020, contributing to nearly 86% of the market.
On the basis of application, the safety and security segment is projected to manifest the highest CAGR of 21.0% during the forecast period. However, the telematics control unit segment held the lion’s share in 2020, accounting for nearly one-third of the market.
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The global automotive over the air (OTA) market is analyzed across regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding more than one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 21.0% during the forecast period.
The global automotive over the air (OTA) market includes an in-depth analysis of the prime market players such as Robert Bosch Gmbh, Verizon Communications Inc, NXP Semiconductors N.V, Infineon Technologies AG, Continental AG, Intel Corporation, Qualcomm Incorporated, Airbiquity Inc, HARMAN International, and Blackberry QNX Software Systems Limited.
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