How to update Capacitor package to latest

Run the following command to to install the latest version of the Capacitor CLI to your project:

npm i -D @capacitor/cli@latest

After that, run the following command to execute the capacitor migrate command:

npx cap migrate

You will get a prompt like this:

 Please note this tool is not intended for use in a mono-repo enviroment, please check out the Ionic vscode
       extension for this functionality.
[?] Capacitor 4 sets a deployment target of iOS 13 and Android 12 (SDK 32).
    
✔ Are you sure you want to migrate? (Y/n) … y
[?] Would you like the migrator to run npm install to install the latest versions of capacitor packages? (Those using
    other package managers should answer N)
✔ Run Npm Install? (Y/n) … y

Please select the default actions presented by the terminal, when the installation is done you will be presented with the following message:

[success] Migration to Capacitor ^4.0.0 is complete. Run and test your app!

Run the npm i command after that to install all the latest packages..

npm i

You are done with installation the latest capacitor version in your project.