Automotive Cybersecurity Market Estimated to Record 18.24% CAGR During Forecast Period
Evolve Business Intelligence has published a research report on the Global Automotive Cybersecurity Market, 2023–2033. The global Automotive Cybersecurity Market is projected to exhibit a CAGR of around 18.24% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Automotive Cybersecurity Market: Robert Bosch, Harman International, Denso Corporation, Aptiv, Karamba Security, SafeRide Technologies, Arilou Technologies, GuardKnox, Vector Informatik and Continental AG.
More Information: https://evolvebi.com/report/automotive-cybersecurity-market-analysis/
Market Highlights
The Global Automotive Cybersecurity Market is projected to be valued at USD 6.84 Billion by 2033, recording a CAGR of around 18.24% during the forecast period. The Automotive Cybersecurity Market refers to the segment of the automotive industry that focuses on the protection of automotive electronic systems, communication networks, and software applications from cyber threats. This market encompasses various technologies, solutions, and services aimed at ensuring the security, integrity, and reliability of vehicles’ digital and electronic components.
The market is driven by the increasing integration of advanced technologies in vehicles, such as autonomous driving, connected car features, and the Internet of Things (IoT). As vehicles become more connected and reliant on software, the need for robust cybersecurity measures to protect against potential threats and vulnerabilities has grown significantly.
The COVID-19 pandemic had a significant impact on the Automotive Cybersecurity Market. The automotive industry faced significant disruptions in global supply chains due to lockdowns and restrictions. This affected the production and delivery of vehicles and automotive components, including cybersecurity solutions. The delays and shortages impacted the implementation of new cybersecurity measures in vehicles. The pandemic altered consumer behaviour and preferences, with a noticeable shift towards personal vehicle ownership over shared mobility solutions. This increased the demand for connected and autonomous vehicles, which in turn heightened the need for robust cybersecurity solutions to protect these advanced systems. The rise in remote work and the increased use of digital platforms led to a surge in cyber threats and attacks. The automotive sector, with its growing reliance on connected technologies, became a target for cybercriminals. This heightened the awareness and urgency for enhanced automotive cybersecurity measures. While the pandemic posed challenges, it also created opportunities for growth in the automotive cybersecurity market. The increasing adoption of electric vehicles (EVs), autonomous driving technologies, and connected car features provided a fertile ground for the development and deployment of advanced cybersecurity solutions.
Segmental Analysis
The global Automotive Cybersecurity Market has been segmented based on Offering, Electric Vehicle Application Type, Form Type and Application.
Based on Offering, the Automotive Cybersecurity Market is segmented into Software and Hardware. The Software segment is anticipated to dominate the market.
Based on Electric Vehicle Application Type, the global Automotive Cybersecurity Market has been divided into ADAS & safety, Body control & comfort, BMS & powertrain systems, Communication systems, Charging management and Others. The ADAS & safety segment is anticipated to dominate the market.
Based on Form Type, the global Automotive Cybersecurity Market has been divided into In-vehicle and External cloud services. The In-vehicle segment is anticipated to dominate the market.
Based on Application, the global Automotive Cybersecurity Market has been divided into Powertrain systems, ADAS & safety, Infotainment, Body control & comfort and Others. The Infotainment segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/automotive-cybersecurity-market-analysis/
Regional Analysis
The Automotive Cybersecurity Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America region managing the high costs associated with advanced cybersecurity solutions and addressing the complexity of integrated systems. The presence of technology giants and automotive manufacturers in the US and Canada supports the development of cutting-edge cybersecurity solutions. The region has a high penetration of connected cars and is at the forefront of autonomous vehicle development. Europe region has a mature market with stringent data privacy regulations (GDPR). Strong emphasis on electric vehicles and connected car technologies and Germany and the UK are leading markets in terms of R&D and adoption. Asia Pacific region is the fastest-growing region, driven by increasing vehicle production and rising disposable incomes. China is the largest market, with a focus on connected cars and electric vehicles and Japan is known for its technological advancements and cybersecurity expertise. The Middle East and Africa region is emerging market with significant growth potential. Focus on developing the automotive industry infrastructure and Increasing awareness and adoption of advanced cybersecurity measures. Latin America region growing market with opportunities in connected car technologies. Brazil is the largest market, followed by Mexico. Implementation of aftermarket cybersecurity solutions for existing vehicles and growth in the adoption of connected and autonomous vehicles.
