This is to be the key factor behind the growth of the global automotive over-the-air updates market from $2,422.6 million in 2020 to $13,859.5 million by 2030, at a 19.5% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
This is because the safety features, including advanced emergency braking, intelligent speed assistance, lane keeping assist, tire pressure monitoring system, and emergency stop signal, are activated by mini-computer systems embedded in vehicles.
However, post the pandemic, the automotive OTA updates market is expected to resurge on account of the rise in the adoption of digital keys, voice and gesture control, and other advanced technologies in automobiles.
With an increase in the disposable income of people, the sale of mid-range and luxury passenger cars with advanced features, such as speech recognition, driver monitoring, eye tracking, virtual assistance, natural language interfaces, and gesture recognition, is rising.
The telematics control unit category, under segmentation by application, is set to witness the highest CAGR in the automotive OTA updates market, of 20.3%, in the years to come.
In addition, with vehicles being made compatible with smartphones, the integration rate of navigation, vehicle networking, entertainment, and communication features has surged.
Further, the increasing adoption of shared electric mobility and autonomous and connected vehicles is resulting in the rising demand for software updates via the OTA channel.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world.