The global Automotive Cybersecurity Market size is projected to grow from USD 2.0 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 21.3%.
CHICAGO, May 25, 2022 /PRNewswire/ -- Increasing incidents of cyber-attacks on vehicles and massive vehicles recalls by OEMs have increased awareness about automotive cybersecurity among OEMs globally. Moreover, increasing government mandates on incorporating several safety features, such as rear-view camera, automatic emergency braking, lane departure warning system, and electronic stability control, have further opened new opportunities for automotive cybersecurity service providers globally. As a result, there are various start-ups present in the automotive cybersecurity ecosystem. Government initiatives toward building an intelligent transport system have also further escalated the demand for cybersecurity solutions all over the world. Apart from this, the introduction of 5G technology is expected to accelerate the market growth in the coming years as well.
The global Automotive Cybersecurity Market is dominated by major players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Harman International (US), DENSO Corporation (Japan), Aptiv PLC (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel), Upstream Security Ltd. (Israel), and Green Hills Software., etc.
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Endpoint security is expected to be the fastest-growing security type in global Automotive Cybersecurity Market.
The endpoint security segment is expected to witness the fastest growth in Europe and Asia Pacific during the forecast period. This growth can be attributed to the increased use of mirror link apps in these regions. Increasing safety and security concerns in these regions are also likely to propel the demand for endpoint security solutions. Presently, new vehicles contain approximately 100 million lines of code and are deployed with complex software by automobile manufacturers. To maintain the safety as well as security of a vehicle's entire code base, OEMs are opting for endpoint security solutions. Moreover, the trend of a mobile workforce, BYOD, social media, and cloud synchronizing tools is expected to influence the expenditure on endpoint security solutions.
Wireless network security is estimated to grow at a higher CAGR during the forecast period
The wireless network security segment is expected to be the fastest-growing security type segment of the Automotive Cybersecurity Market. This segment is expected to witness significant growth in Asia Pacific, followed by Europe and North America. Transportation authorities in these regions are focusing on improving infrastructure. Startups are focusing on providing wireless network services to cater to the growing connectivity features in automotive.
Overall, the incorporation of wireless technologies in vehicles by respective automotive manufacturers, increasing focus towards connected vehicle technology, and rising security concerns to prevent remote access to vehicle electronics are key factors anticipated to augment projected revenues for the wireless network security solution during the forecast period.
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Asia Pacific is expected to be the largest market during the forecast period
Asia Pacific is estimated to account for the largest market share in 2021, followed by Europe and North America. The rising awareness of active and passive safety features among people and increasing sales of mid-sized and luxury vehicles are the key factors driving the Automotive Cybersecurity Market in Asia Pacific. Several OEMs have shifted their automobile manufacturing plants to emerging countries because of low labor costs, ease of doing business, and the availability of raw materials. Several well-known semiconductor companies have their manufacturing hubs in the Asia Pacific region as well. This helps them maintain an effective supply chain of their products for the automakers.
Moreover, the growing sales of V2X equipped vehicles and significant growth in ride-sharing industries are likely to increase the demand for automotive cybersecurity solutions in the Asia Pacific region. OEMs in Japan and South Korea, such as Hyundai, Kia, Nissan, Honda, and Toyota, are focused on the development of self-driving cars. This is further expected to spur the demand for related cybersecurity solutions. Similarly, in the Indian market, OEMs such as MG Motor, Kia, and Mahindra have already started offering car models with level 1/2 features, which would further support the demand for cybersecurity solutions in the coming years. Apart from this, Asia Pacific is home to some of the top players in the Automotive Cybersecurity Market, such as Autotalks and AutoCrypt. Growing electric vehicle adoption and an increasing number of vehicles with connected car features would boost the need for automotive cybersecurity in the region. All these factors put together are expected to drive the Asia Pacific Automotive Cybersecurity Market during the forecast period.
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