Global Automotive Cybersecurity Market Report, Recent Trends, Growth Driving Factors, Challenges, Opportunities, Strategies, Recent Developments, Product Segments, and Growth Forecast 2023 – 2033

Global Automotive Cybersecurity Market was valued at USD 450 Million in 2023 and is reach USD 3450 Million by 2033 at a CAGR of 22%

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“Global automotive cybersecurity market” is projected to witness a substantial growth rate over the 10-year forecast period. The global automotive cybersecurity market by operating environment report has been segmented on the basis of service, application, security, vehicle type, and region.

In recent years, the trend in automotive cybersecurity has been towards increased focus on securing connected and autonomous vehicles. As vehicles become more connected and autonomous, they collect and transmit more data, which can make them vulnerable to cyber attacks if not properly protected.

Overview:

Automotive cybersecurity is a new and enhanced technology in the field of the automotive industry, which is based on the implementation of the Internet of Things (IoT) for car security. Automotive cybersecurity solutions are developed with various security systems that help protect the vehicle from various threats. It helps in managing potential risks, supports hardware protection to control the engine unit, offers a network monitoring system and navigation system, provides software to guard the vehicle, runs safety diagnostics, and provides safeguard against the infotainment system, among others. Automotive cybersecurity covers all the possible base security needs of cars and car owners by using Internet connectivity.

Dynamics:

Growing production and sales of connected cars and increasing popularity of autonomous driving have resulted in high risks of data breaching, thereby augmenting need for automotive cybersecurity. This is a major factor expected to drive the growth of the global market. In addition, the increasing adoption of E-mobility is another factor supporting market growth. Increasing adoption and demand for infotainment systems, communication units, telematics systems, and powertrain systems, among others is a key factor expected to drive demand for automotive cybersecurity to protect the network interface from hacks.

However, weak Internet connections and highly expensive software applications are some of the major factors that could restrain the growth of the global automotive cybersecurity market.

Segment Analysis:

By Service:

Among the service segments, the in-vehicle segment accounted for a major revenue share in the global automotive cybersecurity market in 2018. This can be attributable to the increasing demand and adoption of end-point applications including mobiles, radios, and smart antennas, among others.

By Application:

Among the major application segments mentioned below, the infotainment segment is anticipated to account for a major share in terms of revenue in the target market, owing to rising demand for infotainment systems including head-up displays and navigation systems, communication units, etc. The ADAS & safety system segment is projected to witness significant CAGR over the next 10-year period in the global market.

By Security:

Among the security segments, the wireless network security segment is expected to dominate in terms of revenue share in the target market. Increasing adoption of connected cars and high possibilities of network interface attacks, combined with need to safeguard network security through restricted device management is expected to lead to high demand for automotive cybersecurity and drive revenue contribution from the segment. The application security segment is anticipated to witness highest revenue growth in terms of value in the target market over the upcoming few years.

By Vehicle Type:

The passenger vehicle segment, among the three vehicle-type segments, is estimated to hold a dominant position in terms of revenue share in the global automotive cybersecurity market. The electric vehicle segment is projected to grow at a significant growth rate in the global market over the 10-year period, owing to the increasing adoption of EVs across the globe and the rising number of initiatives by governments of various developed and developing countries such as subsidies, EVs at cost-effective prices, etc.

Regional Analysis:

The market in Asia Pacific is expected to register the fastest growth rate in the global automotive cybersecurity market over the 10-year period, owing to increasing sales of electric vehicles, and rising inclination towards high-tech end cars by individuals in countries in the region.

The North America market is expected to dominate in the global market owing to presence of prominent players in the countries such as the US and Canada and high adoption of connected cars and self-driving cars in the region. The market in Europe is estimated to account for a significant share in the global automotive cybersecurity market, owing to growing adoption of advanced cybersecurity connected car systems, and high purchasing power in countries in the region.

Global Automotive Cybersecurity Market Segmentation:

Global Automotive Cybersecurity Market Segmentation, by Service:

• In-Vehicle
• External Cloud Services

Global Automotive Cybersecurity Market Segmentation, by Application:

• Telematics System
• Infotainment System
• Powertrain System
• Body Control & Comfort System
• ADAS & Safety System

Global Automotive Cybersecurity Market Segmentation, by Security:

• Endpoint Security
• Application Security
• Wireless Network Security

Global Automotive Cybersecurity Market Segmentation, by Vehicle Type:

• Passenger Car
• Commercial Vehicle
• Electric Vehicle

Global Automotive Cybersecurity Market Segmentation, by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa