Automotive Cyber Security Market: Ongoing Trends & Developments

The automotive cyber security market is projected to grow at a CAGR of 23.16% during the forecast period, to reach USD 5.77 billion by 2025 from an estimated USD 1.34 billion in 2018. The major growth drivers for the market are the growing number of connected cars and electronic content per vehicle and reinforcement of mandates by regulatory bodies for vehicle data protection. The increasing number of cloud-based applications in the automotive industry and technological advancements in the autonomous vehicle space can create new revenue generation opportunities for automotive cyber security manufacturers.

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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 cyber security. Technological developments in semi-autonomous and autonomous vehicles to boost the demand for cyber security measures.

Consumer Electronics Show (CES) is a huge annual trade show for technology enthusiasts across various sectors. CES 2019, held at Las Vegas in January, showcased modern and disruptive technologies in different sectors. A key attraction at CES 2019 for the automotive industry was the demonstration of various automotive cybersecurity-related products and technologies. Companies such as Karamba Security (Israel), SafeRide Technologies SafeRide Technologies (Israel), Trillium Secure SafeRide Technologies (US) showcased their automotive cyber security solutions.

Future vehicles will share data with external data centers for the proper functioning of several applications. Thus, automotive cyber security 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 automotive cybersecurity market is dominated by a few globally established players such as Harman (US), Continental (Germany), NXP (Netherlands), Escrypt (Germany), Vector (Germany), Trillium Secure (US), GuardKnox Cyber Technologies(Israel), SafeRide Technologies (Israel) and Karamba Security (Israel).

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The global market is segmented by form, security, application, vehicle, electric vehicle, and region. The report discusses two form types, namely, in-vehicle and external cloud services. The in-vehicle segment accounts for the largest share of this market. This segment is driven by factors such as the increasing use of endpoint applications such as mobile, radio, and smart antenna in vehicles in developing economies and rising demand for in-vehicle applications such as telematics, ADAS, and infotainment.

The application security segment is estimated to be the fastest-growing market for automotive cybersecurity, by security type. It is followed by wireless network security. The application security segment is estimated to experience significant growth due to the increasing sales of mid-size and luxury vehicles across the globe.

The powertrain system segment is estimated to be the fastest-growing market for automotive cyber security, by an application. The number of electronic applications in modern vehicles is 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.

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The passenger vehicle segment is projected to be the largest market for automotive cyber security. 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.

The Asia Pacific market is estimated to hold the largest market share and is estimated to grow at a significant CAGR during the forecast period. The market growth in the region can be attributed to the increase in vehicle production and the rising adoption of connected vehicles. Expansion of leading OEMs and automotive component suppliers in developing economies such as China and India is also projected to drive the market growth in this region.

Target Audience:

o Automotive cybersecurity manufacturers
o Automobile organizations/associations
o Compliance regulatory authorities
o Government agencies
o Investors and Venture Capitalists (VCs)
o Raw material suppliers for automotive cybersecurity
o Traders, distributors, and suppliers of automotive cyber security

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