Tuesday, 04 April 2023 01:36 PM
Company Update
WILMINGTON, DE / ACCESSWIRE / April 4, 2023 / Transparency Market Research Inc. - Significant penetration of IoT technologies in the automotive industry, such as usage of vehicle-to-everything (V2X) and LiDAR in self-driving cars, is likely to propel the need for improved cybersecurity to prevent data breaches.
Rapidly rising adoption of advanced cellular vehicle-to-everything technologies in autonomous vehicles is anticipated to drive adoption of cyber security solutions in the automotive cyber security market. Thus, OEMs are spending on improving security of connected car ecosystem, which is anticipated to broaden the market outlook.
Rapid incorporation of 5G and cloud in connected car technologies is expected to open up new business opportunities for companies in the automotive cyber security market. The market size stood at US$ 2.7 Bn in 2022 and is projected to expand at a CAGR of 16.6% from 2023 to 2031.
Stringent implementation of government regulations pertaining to advanced cybersecurity ecosystem in next generation of autonomous vehicles is likely to accelerate market development.
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Key Findings of Study
- Surge in Adoption of Connected Vehicle Technology to Bolster Demand: Rise in adoption of V2X technologies in connected cars can be ascribed to high demand for ADAS in modern vehicles. The ADAS & safety application segment is anticipated to expand at a rapid pace from 2023 to 2031. Focus of automotive manufacturers on improving safety of passengers and drivers is expected to boost utilization of connected vehicle technologies, which is likely to bolster global automotive cyber security market size in the next few years.
- Modern connected vehicles use cloud-based architecture and 5G network, such as V2X and CV2X, for vehicular communication. This is likely to encourage OEMs and automotive manufacturers to adopt strong cybersecurity controls. Surge in usage of machine learning and deep learning technologies in connected vehicles is likely to drive the market.
- OEMs and automotive manufacturers are adopting stronger cyber security controls in connected autonomous vehicles to comply with government regulations. A case in point is government mandate that encourages OEMs in several countries to adopt UNECE WP.29 and ISO/SAE 21434.
- Rise in Utilization of Automotive Vehicle Cybersecurity in Infotainment Systems: Surge in adoption of infotainment systems in connected cars is likely to create lucrative opportunities for companies in the market. The infotainment system segment accounted for major market share in 2022.
- Infotainment systems such as in-vehicle media systems are prone to several cyberattack vulnerabilities, such as DoS attacks. This has bolstered demand for automotive cyber security controls.
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Key Drivers
- Rapidly increasing number of connected vehicles is likely to escalate cybersecurity concerns in the automotive industry. These concerns are anticipated to propel the adoption of automotive cyber security solutions.
- Surge in cybersecurity breaches in electric vehicle (EVs) in the past few years owing to usage of sophisticated ECUs in modern vehicles is making these vehicles vulnerable to cybersecurity threats. Commercialization of EVs is therefore anticipated to drive demand for software and services in the automotive cyber security market.
Regional Growth Dynamics
Asia Pacific is a lucrative market for automotive cyber security. The region accounted for leading market share in 2022. The trend is anticipated to continue from 2023 to 2031.
Surge in production of passenger vehicles is expected to spur the adoption of connected vehicle-to-vehicle technologies and ADAS. This, in turn, is likely to offer significant opportunities for companies to offer cybersecurity solutions to mitigate potential threats in connected cars.
Rise in sales of autonomous vehicles is poised to propel the automotive cyber security market in Asia Pacific, especially in India and China.
Competition Landscape
Companies are striving to strengthen supply chain networks in order to consolidate their market position and increase customer base. Leading players are focusing on collaborations and partnerships, expanding their product lines, and engaging in merger & acquisition to increase market share.
Key players operating in the automotive cyber security market are Tata ELXSI, Aptiv, Bosch Mobility Solutions, Continental AG, Cybellum Technologies LTD., Infineon Technologies AG, Karamba Security, NXP Semiconductors, Sectigo Limited, Lattice Semiconductor, and Microchip Technology.
Key Points from TOC:
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Market Value US$ Bn, 2017-2031
1.2. Competitive Dashboard Analysis
2. Market Overview
2.1. TMR Analysis and Recommendations
2.2. Market Coverage / Taxonomy
2.3. Market Definition / Scope / Limitations
2.4. Macro-Economic Factors
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunity
2.6. Market Factor Analysis
2.6.1. Porter's Five Force Analysis
2.6.2. SWOT Analysis
2.7. Regulatory Scenario
2.8. Key Trend Analysis
3. Industry Ecosystem Analysis
3.1. Value Chain Analysis
3.2. Gross Margin Analysis
4. Impact Factors
4.1. Urbanization and Smart City Cluster
4.2. Autonomous Vehicle Technology
4.3. Edge Computing Trends
4.4. Connected Vehicle Technology
5. Automotive Cyber Security Market: Electric Vehicle Impact Analysis
5.1. Government Initiative & Regulations
5.2. Electric Vehicle Policy Pan India - by State
5.3. Emission Impact
6. Business Case Study
7. COVID-19 Impact Analysis - Automotive Cyber Security Market
8. Pricing Analysis
8.1. Cost Structure Analysis
8.2. Profit Margin Analysis
TOC Continued……
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Automotive Cyber Security Market Segmentation
Offering
- Software
- Hardware
Form
- In-vehicle
- External Cloud Services
Security Type
- Application
- Cloud Security
- Endpoint
- Wireless Network
- Others
Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Heavy Duty Trucks
- Bus & Coach
Propulsion
- IC Engine
- Gasoline
- Diesel
- Electric
- Battery Electrical
- Plug-in Hybrid Electric
- Fuel-cell Electric
Application
- ADAS & Safety
- Body Control & Comfort
- Communication Systems
- Electric Control Units
- Infotainment
- On-board Diagnostics
- Powertrain Systems
- Telematics
- Others
Region
- North America
- Europe
- South America
- Middle East & Africa
- Asia Pacific
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