The market will be driven by a rise in malicious attacks because of the rising adoption of connected cars. However, safety concerns, widely accepted standards, and financial implications are just a few of the elements that could stymie the expansion. Key players across regions are heavily spending in telematics development, as well as enhancing and adding safety features, which will benefit the market over the projection period. Trends like secure connection, machine learning, 3D printing, and the social network of things will continue to grow in popularity. Significant advancements in the automotive sector, including as the usage of Battery Management Systems (BMS) and sensors, are rendering a more feasible and viable cybersecurity solution possible. The rapid adoption of technologies like autonomous driving, keyless entry, wireless connectivity, and other similar technologies, coupled with the increased electrification of existing transportation fleets through the deployment of ADAS features, has increased demand for automotive security solutions over the upcoming years. Furthermore, the rising demand for connected and semi-autonomous vehicles, as well as substantial investments by manufacturers in cybersecurity solutions to improve customer experiences, have increased the global industry even more. Besides, the risk of cyber-attack, is rising exponentially, demanding the development of advanced automobile cyber security systems over the upcoming years.
According to Business Intelligence Insights “Global Automotive Cybersecurity Market is expected to grow from USD 1,847.10 million in 2021 to USD 7681.28 million by 2030, at a CAGR of 19.50% during the forecast period 2022-2030
The unanticipated outbreak of Covid 19 has had a negative influence on market growth over the upcoming years. The initial outbreak of COVID 19 had turned the entire ecosystem to a halt, prohibiting the production and sale of new automobiles all over the world. OEMs had to wait for the lockdowns to be eased before they could resume production, which had a negative impact on their operations. As a result, automakers had to modify their manufacturing volumes. Component production was also halted, and tiny Tier II and Tier III manufacturers encountered cash flow problems. The automotive sector is a high-capital-intensive industry that requires periodic funding to keep solvent. As a result, the production halt in the early months of the pandemic, along with lower demand, had an unexpected impact on automobile and component manufacturers.
Wireless network security category dominated the market with more than 40% of the market share
In 2021, the market for Automotive Cybersecurity was dominated by wireless network security as a product owing the global wireless network security industry is predicted to rise rapidly. This can be attributed to several factors, including the expansion of wireless networks in businesses and the increased use of mobile devices in the office. The demand for wireless network security has been largely caused by rising about cyber security risks. Furthermore, to ensure that systems and applications are free of security flaws and data loss, market growth is expected to accelerate over the projection period. Several firms' increased reliance on wireless networks to decrease maintenance costs and boost operating income is also expected to benefit the wireless network security industry's growth over the upcoming years.
Passenger Car category dominated the market with more than 45% of the market share
The mode of application in which Automotive Cybersecurity can be taken are passenger car, commercial vehicle, and electrical vehicle. In the worldwide dietary supplement industry, passenger car is the most popular vehicle outlook. The market is expected to grow due to increasing connection in passenger vehicles, such as mobile phone connectivity, entertainment services, voice recognition, navigation, and communication with a variety of other vehicular infrastructures. The category will be driven by the growing requirement to provide network security via restricted device management in-vehicle terminals as the number of linked automobiles grows, resulting in a higher risk of attacks on network interfaces. The rising government support for autonomous vehicle adoption in the form of obligatory legislation is driving up demand for cybersecurity software in passenger vehicles.
By Security Outlook
By Vehicle Outlook
By Service Outlook
By Application Outlook
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa (MEA)
List of Key Players in the Global Automotive Cybersecurity Market:
Asia Pacific dominated the market with more than 44% of the market share
In both developed and emerging countries, the Asia-Pacific automotive cybersecurity market grew rapidly. In Asia Pacific, the automotive cybersecurity market is quickly growing. China is the market leader in Asia Pacific for automotive cybersecurity. In China, the growing demand for technologically superior vehicles with user-friendly amenities has resulted in an increase in fraudulent operations. Furthermore, the region's growth will be fueled by increased investments and key actions made by the local government to combat cyberattacks in the automotive business. Due to changing consumer lifestyles, rising purchasing power, and fast urbanization in the region, APAC is expected to be the second-largest market. Similarly, in coming years, the growth of the dietary supplement market is foretold to show a significant increase in use of automotive cybersecurity products, such as, North America and Europe.
|Market Size Value in 2021||USD 1,847.10 Million|
|Market Size Value in 2030||USD 7681.28 Million|
|Forecast Units||(USD Million)|
|Countries Covered||North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE|
|Segments Covered||By Security Outlook, By Vehicle Outlook, By Service Outlook, By Application Outlook, By Region|
|Competitive landscape||Leading companies, Competitive strategies and Consumer engagement scope|
|Customization is available||If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at firstname.lastname@example.org if you have any questions|