- Endpoint security segment for automotive cyber security is estimated to be the largest segment, by security type.
- In-vehicle segment, by form type, is estimated to hold the largest market share during the forecast period.
- Asia Pacific to be the largest and fastest growing market for automotive cyber security in 2025.
The Global Automotive Cyber Security Market is projected to grow at a CAGR of 23.16% during the forecast period, from $1.34 billion in 2018 to $5.77 billion by 2025.
The increasing amount of vehicle electronics and the growing adoption of advanced vehicle technologies such as virtualization of software, digital twinning of vehicles, connected vehicles and self-driving vehicles have made modern vehicles vulnerable to cyberattacks. The increase in mid-size and luxury vehicle sales in recent years is driven by the changing preferences of end-users and lifestyle of the young population. The increasing use of e-mobility in regions such as Asia Pacific, South America and the Middle East & Africa is driving the market for automotive cybersecurity. Technological developments in semi-autonomous and autonomous vehicles to boost the demand for cybersecurity measures.
Future vehicles will share data with external data centers for the proper functioning of several applications. Thus, automotive cybersecurity providers and Tier 2 and Tier 3 companies can leverage the opportunities and create new revenue pockets, which in turn would expand the ecosystem of connected and autonomous vehicles.
The external cloud services segment of the automotive cybersecurity market, by form, is expected to grow at the highest CAGR during the forecast period. It is followed by the in-vehicle segment, which is estimated to account for the largest share of the automotive cybersecurity market due to its wide use in connected vehicles in developing economies. The Asia Pacific region is estimated to account for the largest market share in the in-vehicle form segment.
The application security segment is estimated to be the fastest-growing market for automotive cybersecurity. It is followed by the wireless network security. Currently, vehicles are equipped with advanced applications such as ADAS & safety system, telematics, infotainment system, etc. These applications run with the help of electronic control units (ECUs) that are vulnerable to cyberattacks. Increase in sales of all classes of vehicles equipped with advanced applications is a key driving factor for the growth of automotive cybersecurity.
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Asia Pacific is projected to be the largest and fastest-growing market for automotive cybersecurity from 2018 to 2025. The market growth in this region can be attributed to the increasing vehicle production, changing in-vehicle electronic architecture, increasing in-vehicle services connected to the external cloud, and expansion of leading OEMs and automotive component suppliers.
The market growth in the region can also be attributed to the increasing sales of connected vehicles and government initiatives regarding the use of environment-friendly electric vehicles. In recent years, global OEMs like MG Motors (UK) and KIA Motors (South Korea) have expanded their regional presence and entered into the market like India. These OEMs are offering vehicles that are equipped with advanced connectivity and in-vehicle digital features.
Major Key Players:
- Harman International (US)
- Continental AG (Germany)
- Robert Bosch (Germany)
- Denso Corporation (Japan)
- Aptiv (UK)
- Symantec (US)
- NXP Semiconductors (Netherlands)
- Honeywell International (US)
- Trillium Secure (US)
- Escrypt (Germany)
- Vector Informatik (Germany)
- Karamba Security (US)
- Saferide Technologies (Israel)
- Guardknox Cyber Technologies (Israel)
The powertrain system segment is estimated to be the fastest growing market for automotive cybersecurity, by the application. The number of electronic applications in modern vehicles are increasing day by day. Modern vehicles have a powertrain system equipped with the latest mechatronics technologies comprising electronic control units (ECUs). These ECUs are vulnerable to the threat of a cyberattack.
The passenger vehicle segment is projected to be the largest market for automotive cybersecurity. The market growth in this segment can be attributed to the increasing electronic content inside the vehicle that is controlled by ECUs. Moreover, passenger vehicles are connected to external cloud services for telematics and fleet management applications.