The global automotive over-the-air (OTA) market is expected to reach a substantial US$ 17 billion by 2031, experiencing a robust compound annual growth rate (CAGR) of 16.4%, as highlighted in a recent report by Transparency Market Research (TMR).
In the coming years, there will be a heightened focus on continually enhancing and introducing new features to infotainment systems, driving the demand for automotive OTA solutions.
As of 2022, the global automotive OTA market was valued at US$ 4.3 billion. Projections suggest that it will witness rapid growth from 2023 to 2031, ultimately reaching the US$ 17 billion mark by 2031.
Automakers are increasingly seeking efficient and secure methods to maintain and update their vehicle software, especially considering the growing complexity of modern vehicles. OTA updates provide a convenient solution, eliminating the need for physical visits to service centers.
These updates enable automakers to swiftly deliver software improvements, resolve performance issues, address bugs, and enhance security, ultimately boosting overall functionality and reliability. The escalating complexity of automotive software is a key driver behind the growth of the automotive Over-the-Air (OTA) market.
In summary, Transparency Market Research’s report is a valuable resource for startups, industry professionals, investors, researchers, consultants, and business strategists looking to gain in-depth insights into this specific sector. For more detailed information, you can review the report here: Link to Report.