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Automotive Cybersecurity Market by Security, Vehicle Autonomy, Offering, Form and Region

06-07-2022 12:11 PM CET | IT, New Media & Software

Press release from: marketsandmarkets

Automotive Cybersecurity Market by Security, Vehicle

The global Automotive Cybersecurity Market size is projected to grow at a CAGR of 21.3%, from $2.0 billion in 2021 to $5.3 billion by 2026.

The key growth drivers of the market are the increasing sales of luxury vehicles, electric vehicles and connected vehicles, and the adoption of regulations related to automotive cybersecurity. Also, the increasing usage of electronics per vehicle, growing cloud-based applications, and rising penetration of V2X enabled services are also expected to fuel the demand for automotive cybersecurity solutions in the coming years globally.

The global automotive cybersecurity market is dominated by major players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Harman International (US), DENSO Corporation (Japan), Aptiv PLC (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel), Upstream Security Ltd. (Israel), and Green Hills Software., etc.

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Endpoint security is expected to be the fastest-growing security type in the global automotive cybersecurity market.

The endpoint security segment is expected to witness the fastest growth in Europe and the Asia Pacific during the forecast period. This growth can be attributed to the increased use of mirror link apps in these regions. Increasing safety and security concerns in these regions are also likely to propel the demand for endpoint security solutions. Presently, new vehicles contain approximately 100 million lines of code and are deployed with complex software by automobile manufacturers. To maintain the safety as well as security of a vehicle's entire code base, OEMs are opting for endpoint security solutions. Moreover, the trend of a mobile workforce, BYOD, social media, and cloud synchronizing tools is expected to influence the expenditure on endpoint security solutions.

By propulsion type, the ICE vehicles segment is expected to be the largest in the automotive cybersecurity market during the forecast period

ICE vehicles have higher emissions than electric vehicles. Rising concerns over safe driving and pedestrian safety are compelling OEMs to incorporate V2V, V2P, and V2I features in modern ICE vehicles. V2I helps in optimizing traffic, thus improving the fuel economy of the vehicle. However, this also increases the chance of a cyberattack on the vehicle. V2V and V2P also help improve vehicle and pedestrian safety. With the rising penetration of V2X enabled features and other connected features, the demand for cybersecurity solutions has also increased at a rapid pace in this segment. However, the demand for electric vehicles is exhibiting exponential growth, but the overall sales volume of electric vehicles is still very less compared to ICE-powered vehicles; hence, ICE vehicles are expected to hold a larger market share. The fact that there are a large number of V2X, ADAS, and other connected features equipped ICE vehicles in the market will aid the entry of more such vehicles. This would fuel the demand for automotive cybersecurity solutions during the forecast period.

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The Asia Pacific is expected to be the largest market during the forecast period

The Asia Pacific is estimated to account for the largest market share in 2021, followed by Europe and North America. The rising awareness of active and passive safety features among people and increasing sales of mid-sized and luxury vehicles are the key factors driving the automotive cybersecurity market in the Asia Pacific. Several OEMs have shifted their automobile manufacturing plants to emerging countries because of low labour costs, ease of doing business, and the availability of raw materials. Several well-known semiconductor companies have their manufacturing hubs in the Asia Pacific region as well. This helps them maintain an effective supply chain of their products for the automakers.

Moreover, the growing sales of V2X equipped vehicles and significant growth in ride-sharing industries are likely to increase the demand for automotive cybersecurity solutions in the Asia Pacific region. OEMs in Japan and South Korea, such as Hyundai, Kia, Nissan, Honda, and Toyota, are focused on the development of self-driving cars. This is further expected to spur the demand for related cybersecurity solutions. Similarly, in the Indian market, OEMs such as MG Motor, Kia, and Mahindra have already started offering car models with level 1/2 features, which would further support the demand for cybersecurity solutions in the coming years. Apart from this, Asia Pacific is home to some of the top players in the automotive cybersecurity market, such as Autotalks and AutoCrypt. Growing electric vehicle adoption and an increasing number of vehicles with connected car features would boost the need for automotive cybersecurity in the region. All these factors put together are expected to drive the Asia Pacific automotive cybersecurity market during the forecast period.

Recent Developments:

1. In November 2021, NXP Semiconductors collaborated with Ford Motor Company to deliver enhanced driver experiences, convenience, and services like over-the-air updates across its global fleet of vehicles, including the 2021 Ford F-150 pickup, Mustang Mach-E, and Bronco SUVs.
2. In October 2021, Renesas Electronic Corporation acquired Celeno Communications (Israel) to develop more advanced Wi-Fi connectivity capabilities to deliver end-to-end connectivity solutions for clients and access points.
3. In September 2021, Harman International collaborated with Renault (France) to provide the Harman Kardon sound system to the Renault Mégane E-TECH 100% electric that is expected to be launched in 2022.
4. In July 2021, ETAS Korea, a subsidiary of Robert Bosch GmbH, signed a partnership agreement with Suresoft Tech Co., Ltd. (South Korea) to offer consulting services and solutions related to cybersecurity testing of in-vehicle systems to Korean automotive manufacturers and suppliers.
5. In July 2021, NXP Semiconductors collaborated with Moter Technologies, Inc. (US) to combine its new S32G2 high-performance automotive processors with MOTER's insurance data science expertise and software. This is expected to enable vehicle data monetization with new and improved automotive insurance services.
6. In May 2021, ESCRYPT, a subsidiary of ETAS Inc, which is a subsidiary of Robert Bosch GmbH, partnered with Alyne GmbH and KPMG to offer joint expertise in developing the Product Security Organisation Framework (PROOF).
7. In April 2021, Elektrobit collaborated with SUSE (Germany) to supply its EB combos Linux OS to car makers and Tier 1 suppliers in China.
8. In May 2021, Harman International introduced an end-to-end 5G Testing Lab for 5G CP devices in India. It is expected to equip technology providers like device manufacturers, chipmakers, Telcos, etc., to execute a variety of protocols and functional tests. This also helps validate and examine applications in a real 5G radio environment.
9. In December 2020, Elektrobit selected ArcherMind Technology (Nanjing) Co., Ltd. as a value-added distributor in China for reselling their software products as well as providing engineering and customer support services to their customers.

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