February 21, 2024

Automotive Cybersecurity Market Report will Surpass USD 6.8 Billion by 2030 at a CAGR of 16.7% Till 2030 : GreyViews

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Automotive Cybersecurity Market are Capgemini, Intel Corporation, Argus Cyber Security Ltd., Lear Corporation, ESCRYPT, HARMAN International, Aptiv, SafeRide Technologies, GUARDKNOX, Bosch Limited, DENSO CORPORATION among others.

Pune India, Feb. 08, 2023 (GLOBE NEWSWIRE) — Automotive Cybersecurity Market Size By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Security (Wireless Network Security, Endpoint Security and Application Security), By Application (Telematics, Communication System, ADAS Technology, Powertrain System and Others), Regions, Segmentation, and forecast till 2030.  

The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automotive cybersecurity market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the automotive cybersecurity market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.

The significant players operating in the global Automotive Cybersecurity Market are Capgemini, Intel Corporation, Argus Cyber Security Ltd., Lear Corporation, ESCRYPT, HARMAN International, Aptiv, SafeRide Technologies, GUARDKNOX, Bosch Limited, DENSO CORPORATION among others. To achieve a substantial market share in the worldwide automotive cybersecurity market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

A new technology, automotive cybersecurity relies on the implementation of the Internet of Things for car security and is an enhanced and new development in the automotive industry. In automotive cybersecurity, security systems are applied to protect vehicles from a variety of threats. Through the use of Internet connectivity, Automotive cybersecurity protects all the potential security needs of car owners and cars. There are a number of factors expected to drive the automotive cybersecurity market, including the increasing demand for automotive cybersecurity, government integration of connected car technologies, and mandatory cybersecurity requirements. Moreover, it is anticipated that adaptive security will be used in the future to improve vehicle security, along with the increasing complexity of automotive electronic systems. The market is witnessing immense growth in terms of revenue and sales but there are some factors which are hampering the market growth. Factors such as differences in pricing and high cost. The advent of autonomous and semi-autonomous vehicles has generated a demand for automotive cybersecurity policies, increasing data and expanding networking possibilities. There are several opportunities for the market to grow as a result of the deployment of cloud and mobile computing technologies. For example, the development of open-car standard interfaces, mobile cross-platform applications, as well as a taxonomy of automotive data presents several growth avenues.

Scope of Automotive Cybersecurity Market Report:

Report Metric

Information

Study Period

2022-2030

Base Year             

2022

Forecast Period

2023-2030

Market Share Unit

USD Billion

Segments Covered

Vehicle Type, Security, Application, and Regions.

Regions Covered

North America, Europe, Asia-Pacific, South America, and Middle-East and Africa

Major Players

Capgemini, Intel Corporation, Argus Cyber Security Ltd., Lear Corporation, ESCRYPT, HARMAN International, Aptiv, SafeRide Technologies, GUARDKNOX, Bosch Limited, DENSO CORPORATION among others

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Segmentation Analysis

Passenger vehicles are expected to be the fastest-growing segment in 2022. 

The vehicle type segment includes commercial vehicles and passenger vehicles. The passenger vehicles segment is expected to witness the highest growth rate during the forecast period. Increasing numbers of linked automobiles will cause an increased threat of network attacks on network interfaces, resulting in the need to provide network security via restricted device management in-vehicle terminals, driving the category. Governments are increasingly supporting autonomous vehicle adoption through mandatory legislation, which is leading to an increase in the demand for cybersecurity software.

 Wireless network security is expected to be the fastest-growing segment in 2022. 

The security segment includes wireless network security, endpoint security and application security. The wireless network security segment is expected to witness the highest growth rate during the forecasted period. Security requirements for wireless networks have been driven primarily by the rise in cyber security risks. Furthermore, over the forecast period, market growth is expected to increase to ensure that systems and applications are protected from security flaws and data loss. Wireless networks are also expected to benefit from the increasing use of wireless networks by several firms to reduce maintenance costs and boost operating income over the coming years.

ADAS technology is expected to be the fastest-growing segment in 2022. 

The application segment includes telematics, communication system, ADAS technology, powertrain system and others. The ADAS technology segment is expected to witness the highest growth rate during the forecasted period. Through ADAS technology, cars can become safer, more automated, and safer for driving, all of which are enabled by a combination of sensors, actuators, processors, mapping systems, and various software systems. One of the factors driving up ADAS demand is the growing concern about traffic and road safety among governments and individuals.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive cybersecurity market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The North American region witnessed a major share. A major market for connected-vehicle solutions is the United States, which is home to developed countries like Canada and the U.S., as well as increasing government regulations. Commercial vehicles in the U.S. need electronic logging devices mandated by the Federal Motor Carrier Safety Administration.

Country Analysis

Germany’s automotive cybersecurity market size was valued at USD 0.14 billion in 2022 and is expected to reach USD 0.48 billion by 2030, at a CAGR of 16.8% from 2023 to 2030.
German automobile manufacturers, including Porsche, Audi, Ford, Mercedes-Benz and more, dominated the European market in 2018. As the automotive industry increases its use of cloud-based applications, the market players will be able to gain profit in the forecast period. Moreover, the introduction of a wireless battery management system for electric vehicles will further boost the automotive cybersecurity market.

China’s automotive cybersecurity market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.52 billion by 2030, at a CAGR of 17% from 2023 to 2030.
The demand for connected and semi-autonomous vehicles has increased dramatically in the country, as has the amount of money manufacturers are investing in cybersecurity to improve customer experiences. In addition, the risk of cyber-attacks is increasing exponentially, requiring the development of advanced automobile cyber security systems over the forecasted period.

India’s automotive cybersecurity market size was valued at USD 0.11 billion in 2022 and is expected to reach USD 0.38 billion by 2030, at a CAGR of 16.9% from 2023 to 2030.
Automotive developments utilizing Battery Management Systems and sensors are allowing for a more feasible and viable cybersecurity solution, which is resulting in an increase in data and increased networking capacity as a result of advancements in autonomous and semi-autonomous vehicles.

Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the rising demand for electronic vehicles.

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