Automotive Cyber Security Market to Register a Growth at 16.6% CAGR to Top US$ 10.5 Billion by 2031: Transparency Market Research
Profitable prospects for the automotive cyber security industry are being created by the rise in demand for automobiles equipped with safety features
Wilmington, Delaware, United States, Aug. 21, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for automotive cyber security was estimated to be worth a market valuation around US$ 2.7 billion in 2022. The market is anticipated to advance with a robust 16.6% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 10.5 billion.
The likelihood of cyberattacks on automobiles has dramatically increased as the number of connected vehicles on the road across the world has grown. Modern automobiles are equipped with cutting-edge technology like 5G, AI, edge computing, as well as high-performance processing units.
In order to minimize latency and enable real-time data-based decision-making by cars, edge computing assists autonomous electric vehicles (EVs) in managing a massive amount of data at the edge.
The development of autonomous cars is giving market participants options for expansion. The need for goods and services that can protect connected and autonomous cars from cyber-attacks is growing as these vehicles become more widely used.
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|Market Revenue||US$ 2.7 Bn|
|Estimated Value||US$ 10.5 Bn|
|Growth Rate – CAGR||16.6%|
|No. of Pages||180 Pages|
|Market Segmentation||By Offering, Form, Security Type, Vehicle Type, Propulsion, Application|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Aptiv, Bosch Mobility Solutions, Capgemini, Continental AG (Argus Cyber Security), Cybellum Ltd., ETAS, Infineon Technologies AG, Karamba Security, Lattice Semiconductor, Microchip Technology, NXP Semiconductors, SBD Automotive Ltd, Sectigo Limited, SECURETHINGS, STMicroelectronics, Samsung Electronics Co., Ltd, Synopsys, Tata ELXSI, Upstream Security Ltd, Vector Informatik GmbH|
Key Findings of Market Report
- With a 41.3% share of the market in 2022, the infotainment application sector dominated the whole world.
- The passenger vehicle sector led the worldwide market in terms of vehicle type and represented 64.5% of the market in 2022.
- In 2022, a sizable portion of the worldwide market was accounted for by Asia Pacific.
Market Trends for Automotive Cyber Security
- The passenger vehicle sector led the global market in terms of vehicle type in 2022. According to the most recent trends in the automotive cyber security market, this sector is projected to continue to rule over the forecast period.
- The demand for mid-sized luxury vehicles is increasing because linked auto technology is becoming more and more popular. Comparing the electric architecture of heavy-duty vehicles like buses, trucks, and coaches to that of passenger cars reveals that the former is more intricate and significant.
- Compared to other types of vehicles, passenger automobiles have more electronic control units (ECUs), making them more vulnerable to cyber-attacks. V2X technologies are being implemented more often, which is a major reason driving the need for automotive cyber security applications in passenger vehicles due to increased worries about traffic, safety, and security.
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Global Automotive Cyber Security Regional Market Outlook
Various reasons are propelling the growth of the automotive cyber security market in different regions. They are:
- In 2022, a sizable portion of the global market was accounted for by Asia Pacific. During the forecast period, it is expected to rule the world market. The demand for automotive cyber security is projected to rise in the near future due to the substantial production of passenger automobiles in the area.
- The rise of the automotive cyber security business in Asia Pacific is being driven by an increase in the usage of connected automobiles and cutting-edge technologies.
- The need for automotive electronics is increasing as vehicle production rises in India and China. This element is fueling regional expansion in the automobile cyber security industry.
Global Automotive Cyber Security Market: Key Players
In an effort to improve their revenue share, some companies are building supply chain networks. For the newest rivals on the market, higher profit margins are predicted. Market participants are concentrating on cutting-edge tactics to capture a profitable market share for automobile cyber security.
Key players often employ successful automobile cyber security marketing methods including partnerships, mergers, acquisitions, and product line growth.
Global market leaders include Aptiv, Bosch Mobility Solutions, Capgemini, Continental AG (Argus Cyber Security), Cybellum Ltd., ETAS, Infineon Technologies AG, Karamba Security, Lattice Semiconductor, Microchip Technology, NXP Semiconductors, SBD Automotive Ltd., Sectigo Limited, SECURETHINGS, STMicroelectronics, Samsung Electronics Co., Ltd., Synopsys, Tata ELXSI, Upstream Security Ltd., and Vector Informatik GmbH.
Some developments by the key players in the global market for automotive cyber security are:
- NXP Semiconductors along with MOTER Technologies worked together in July 2021 to expand the options for connected car insurance. The monetization of vehicle data using new and enhanced automotive insurance services is anticipated to be made possible by NXP’s new S32G2 high-performance automotive processors in conjunction with MOTER’s insurance data science knowledge and software.
- In order to jointly offer consultancy services and solutions for cybersecurity assessment of in-vehicle systems to Korea-based automotive suppliers and manufacturers, ETAS Korea and Suresoft Tech. Co., Ltd. inked a collaboration agreement in July 2021.
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Global Automotive Cyber Security Market Segmentation
- External Cloud Services
- Security Type
- Cloud Security
- Wireless Network
- Vehicle Type
- Passenger Vehicle
- Utility Vehicle
- Light Commercial Vehicle
- Heavy Duty Truck
- Bus & Coach
- Passenger Vehicle
- IC Engine
- Battery Electric
- Plug-in Hybrid Electric
- Fuel-cell Electric
- IC Engine
- ADAS & Safety
- Body Control & Comfort
- Communication Systems
- Electronic Control Units
- On-board Diagnostics
- Powertrain Systems
- North America
- Asia Pacific
- Middle East & Africa
- South America
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