Driving Confidence in the Digital Age: The Automotive Cyber Security Market in 2033

Automotive Cyber Security Market

In 2022, the market for automotive cyber security was estimated to be worth US$ 2,143.1 million; by the end of 2033, it is anticipated to be worth US$ 26,492.6 million. From 2023 to 2033, the market for automotive cyber security is anticipated to develop at a CAGR of 25.8%, valued at US$ 2,661.7 Mn in 2023.

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The automotive cybersecurity market refers to the use of technology, processes, and practices to protect vehicles and their connected systems from cyber attacks. As vehicles become increasingly connected and rely more on digital systems, the risk of cyber attacks on vehicles has grown. The automotive cybersecurity market has emerged in response to this risk, with companies developing solutions to help protect vehicles from a range of cyber threats.

The automotive cybersecurity market includes a range of solutions, including intrusion detection systems, firewalls, encryption, and secure communication protocols. These solutions can help to prevent unauthorized access to a vehicle's systems, protect against malware and ransomware attacks, and enable secure communication between a vehicle and external systems.

The growth of the automotive cybersecurity market has been driven by factors such as the increasing prevalence of connected vehicles, the rising awareness of cybersecurity risks, and the growing number of regulations and industry standards related to vehicle cybersecurity. The market has also been impacted by high-profile cyber attacks on vehicles, which have highlighted the potential dangers of cyber threats to vehicles and their passengers.

The automotive cybersecurity market is expected to continue to grow in the coming years, driven by factors such as the increasing demand for connected vehicles, the growing use of autonomous vehicles, and the need for robust cybersecurity solutions to protect against a range of threats. However, the market also faces challenges such as the need for standardization and collaboration across the industry, and the need for ongoing investment in research and development to stay ahead of evolving cyber threats.

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Impact of COVID-19 Outbreak

The COVID-19 pandemic has had a swift and severe impact on the global integrated automotive industry. Widespread impact of the pandemic has revealed a significant vulnerability in corporate supply chains. Factory closures, supply chain disruptions, and diminishing demand have all taken their toll. The impact caused global disruption in the exports of Chinese parts, large-scale manufacturing interruptions across Europe, and closure of assembly plants in the U.S.

The automotive industry makes a significant contribution to the global economy. The industry's annual turnover is equivalent to the world's sixth-largest economy. However, amid the COVID-19 pandemic, the automotive industry faced a sharp drop in demand and investments. It is estimated that, manufacturing factory closures in Europe and North America caused around 2.2 million passenger vehicles to be removed from production schedules, at a cost of around US$ 70 billion in lost revenue for automotive and parts manufacturing companies. Moreover, as per estimates, the top 20 OEMs in the global auto sector will see profits decline by approximately US$ 100 billion in 2020.

During the outbreak, production as well as development of automotive cyber security products and solutions declined by nearly 6%-8% in Q1-Q2 2020, due to plunging production across Chinese factories, as they are one of the world's major hardware security product manufacturers and suppliers. However, according to estimates, production has become quite stable from the last two quarters of 2020, and demand has started to gain traction again.

Key Companies Profiled

Vector Informatik GmbH
Karamba Security
Synopsys
Upstream Security
Sectigo Limited
ESCRYPT
RunSafe Security, Inc.
Trend Micro
Harman International

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Key Segments of Automotive Cyber Security Market Industry Research

Component:

Hardware
Hardware Security Modules (HSMs)
Secure Vehicle Network Gateways
Trusted Platform Modules (TPM)
Others
Software
Embedded Firewalls
Encryption & Cryptography
Biometrics & Authentication
Others
Services
Professional Services
Security Consulting & Risk Assessment
Integration & Deployment
Support & Maintenance
Managed Security Services

Application:

Telematics
Infotainment Systems
Powertrain Systems
ADAS & Safety Systems
Body Control Systems
Others

Vehicle:

Fuel-based Vehicles
Passenger Cars
Commercial Vehicles
Electric Vehicles
Passenger Cars
Commercial Vehicles

By Region:

North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa

About the Electronics, Semiconductors, and ICT Division at Persistence Market Research

Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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