keThe report “Automotive Cyber Security Market by Component (Hardware (Hardware Security Modules (HSMs), Secure Vehicle Network Gateways, Trusted Platform Modules (TPM), Others), Software (Embedded Firewalls, Encryption & Cryptography, Biometrics & Authentication, Others), Services (Professional Services, Security Consulting & Risk Assessment, Integration & Deployment, Support & Maintenance, Managed Security Services)), Application (Telematics, Infotainment Systems, Powertrain Systems, ADAS & Safety Systems, Body Control Systems, Others) Vehicle (Fuel-based Vehicles, Passenger Cars, Commercial Vehicles, Electric Vehicles, Passenger Cars, Commercial Vehicles) – Global Forecast to 2028″ The automotive cyber security market is projected to grow from USD 1.8 billion in 2021 and is projected to reach USD 4.5 billion by 2028; it is expected to grow at a CAGR of 16.40% from 2022 to 2028. The primary factor driving the rise in demand for an effective and efficient security system is the expanding usage of cutting-edge technology in the automotive industry.
Rising cyber threats in the automotive and transportation sectors will increase demand. The growth and expansion of the automotive cyber security market would be further aided by expanding intercity transportation and logistics services. Additionally, the sector will have more prospects as demand for commercial and passenger automobiles with modern technologies increases and personal income rises. The rise has influenced the adoption of cyber security in the automobile industry in government standards and regulations for connected vehicles.
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The service category in the automotive cyber security market is expected to be the fastest-growing segment during the forecast period
The service segment is projected to grow the fastest during the forecast period. As endpoint applications like radio, mobile, and smart antennae are used more frequently in automobiles, there is a rising demand for in-vehicle services. The market segment that is increasing at the fastest rate is external cloud services, thanks to improvements in cloud infrastructure and framework. Because autonomous vehicles generate a lot of data, cloud services offer a very dependable technology. Additionally, cloud technology will promote faster information sharing as more vehicles and devices become cloud-connected.
Passenger cars category of the automotive cyber security market to record the highest CAGR from 2022 to 2028
Passenger cars are expected to account for the highest CAGR of the automotive cyber security market from 2022 to 2028 due to the rising sales of mid-luxury and luxury automobiles and the need for connected vehicle services. Compared to LCVs and HCVs, passenger cars' electrical/electronic (E/E) architecture is more intricate and crucial. Compared to the other two types of cars, passenger vehicles have many ECUs and are more vulnerable to cyberattacks. Due to increased worries about traffic, safety, and pollution levels, V2X technologies are being adopted more frequently, which is the main reason for boosting the passenger cars market.
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The Asia Pacific is anticipated to grow at a significant rate in automotive cyber security market share from 2022 to 2028
The Asia Pacific is the fastest-growing region in the automotive cybersecurity market. The main drivers of the automotive cybersecurity market in the Asia Pacific include rising sales of mid-sized and luxury automobiles and rising consumer awareness of active and passive safety features. The high volume of passenger vehicle production, along with the growing adoption of connected vehicles and other cutting-edge technology, is a major factor boosting market growth in this area. For the automotive sector, manufacturing hubs include China and India. The Organisation Internationale des Constructeurs d'Automobiles (OICA) estimates that China and India together produce 30 million cars annually. The demand for automotive electronics is anticipated to rise as vehicle production rises. This is thus anticipated to fuel the market's expansion in the area.
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Market Players
Key players in the automotive cyber security market include Continental (Argus Cyber Security), Guardknox Cyber Technologies Ltd., Vector Informatik GmbH, Karamba Security, Synopsys, Upstream Security, Sectigo Limited, ESCRYPT, RunSafe Security, Inc., Trend Micro, Harman InternationalX Trillium Secure Inc., STMicroelectronics, Infineon Technologies AG, NXP Semiconductors, Bosch Mobility Solutions, Microchip Technology, Aptiv and Irdeto.
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