Press release
Global Automotive Cyber Security Market To Be Driven By The Increasing Government Mandates In The Forecast Period Of 2022-2027
Automotive Cyber Security
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2020): USD 1.6 Billion
• Forecast CAGR (2022-2027): 23.1%
Increasing incidents of cyber-attacks on vehicles and massive vehicles recalls by OEMs have increased the awareness about automotive cybersecurity among OEMs globally. Increasing government mandates on incorporating several safety features, such as rear-view cameras, automatic emergency braking, lane departure warning system, and electronic stability control, have further opened new opportunities for automotive cybersecurity service providers globally.
As a result, various start-ups are present in the automotive cybersecurity ecosystem. Government initiatives toward building an intelligent transport system have further escalated the demand for cybersecurity solutions all over the world. Apart from this, the introduction of 5G technology is expected to accelerate the market growth in the coming years.
Automotive Cyber Security Industry Definition and Major Segments
An automotive cybersecurity system is a cost-effective and efficient way to deal with cyber-attacks by identifying the threat, correcting it, and safeguarding the computer's security system against future threats. It is used in telematics, infotainment, powertrain, body control and comfort control, communication systems, and ADAS and safety systems.
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Based on security, the market is divided into:
• Endpoint Security
• Application Security
• Wireless Network Security
The major applications of the market are:
• Telematics System
• Infotainment System
• Powertrain System
• Body Control & Comfort Control
• Communication System
• ADAS & Safety System
• Others
The several forms of automotive cybersecurity in the market are divided into:
• In-Vehicle
• External Cloud Service
The various vehicles studied in the market are:
• Passenger Car
• Commercial Vehicle
By electric vehicle, the market is divided into:
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Automotive Cyber Security Market Trends
Rapid increase in the need for automotive cybersecurity and cybersecurity standards becoming mandatory are expected to drive the growth of the global automotive cybersecurity market. Also, enhancing vehicle security using adaptive security and the rise in complexity of cars' electronic systems are projected to offer lucrative growth opportunities for the market players.
The growing emphasis on OEMs on autonomous driving and connected car systems has increased the risk of data breaching, thus augmenting the demand for cybersecurity solutions in the automotive market. Moreover, the growing usage for e-mobility across the globe is expected to drive the market growth. Technological advancements in autonomous and semi-autonomous vehicles are propelling the demand for automotive cybersecurity policies, resulting in increasing data and expansion in networking capacities.
Key Market Players
The major players in the market are Harman International Industries, Incorporated, Continental AG, Garrett Motion Inc., DENSO Corporation, Renesas Electronics Corporation, Karamba Security Ltd., Vector Informatik GmbH, and AUTOCRYPT Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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