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Automotive Cybersecurity Market Surge to reach $6.0 billion by 2028

Automotive Cybersecurity Market Surge to reach $6.0 billion

The global automotive cybersecurity market size is projected to grow from USD 2.5 billion in 2023 to USD 6.0 billion by 2028, at a CAGR of 18.5%. The automotive cybersecurity market is driven by the increasing demand for ADAS technology in vehicles along with growing demand for vehicle-to-everything technology. In addition, the increasing penetration of electric vehicle paired with rising demand for semi-autonomous/ autonomous vehicles are anticipated to bolster the revenue growth of the automotive cybersecurity market during the forecast period. Also, advent of software-defined vehicles is expected to create lucrative opportunities for the automotive cybersecurity market during the forecast period.

Based on Security Type: The application security segment is expected to grow strongly in the coming years. Application security solutions help automotive manufacturers to identify as well as manage security risks associated with running applications in vehicles. Increasing penetration of ADAS, and V2X communications such as V2V, V2I, and V2P, especially in China and Japan, will support the application security segment. For instance, in June 2023, Honda Cars India Ltd. (HCIL), a leading manufacturer of premium cars in India, unveiled Honda's latest global SUV named as "Honda ELEVATE" at a World Premiere event in India. This is expected to launch in Indian market in September 2023. Additionally, automotive OEMs such as Ford Corporation, BYD, and Audi, among others, offer C-V2X-equipped vehicles in China. All these aforementioned factors are expected to bolster the revenue growth of the application security segment in Asia Pacific.

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Based on Form Type: The in-vehicle segment is expected to lead the global automotive cybersecurity market during the forecast period. OEMs are trying to offer modern features in vehicles based on consumer demand. These new features create opportunities for hackers to perform cyber-attacks on vehicles. In addition, the increase in the development of autonomous vehicles is likely to increase the demand for connected solutions such as V2X communication. For instance, according to the 5G Automotive Association, there were approximately 13 C-V2X equipped vehicle models launched in China as of 2022. All these aforementioned factors are likely to support the revenue growth of the in-vehicle segment of the automotive cybersecurity market.

By Application: The infotainment segment is expected to have significant growth opportunities for application segment of the global automotive cybersecurity market during the forecast period. The market for automotive cybersecurity in infotainment is growing at a noticeable rate, owing to the decreasing number of ASPs for instrument clusters, car audio, and navigation systems. There is a shift toward solid-state displays, such as instrument clusters that require more complex control hardware. This has resulted in the increased use of hardware, thus increasing the vulnerabilities of vehicles against a cyber-attack. However, this shift is not strong enough to compensate for the overall decrease in market size. Asia Pacific is expected to be the largest and fastest-growing market for automotive cybersecurity in infotainment. One of the key drivers for the growth of the market in the region is the increased demand for high-end infotainment and associated services, particularly in China, Japan, India, and South Korea.

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By Region: Europe is estimated to have a noticeable share in the global automotive cybersecurity market by value in 2023. Countries considered under this report for Europe are France, Germany, the UK, Russia, Turkey, and the Rest of Europe. Europe is home to some of the top Tier I suppliers in the automotive sector, such as Continental AG, Robert Bosch GmbH, and ZF Friedrichshafen AG. The presence of these companies would also contribute to the growth of the European automotive cybersecurity market during the forecast period. Also, the evolution of digital technologies, such as robotics, the Internet of Things, artificial intelligence, high-performance computers, and powerful communication networks, in the connected car segment in Europe is expected to increase the demand for automotive cybersecurity solutions in Europe. Therefore, the increasing demand for connected cars equipped with V2X and other modern technologies is likely to drive the automotive cybersecurity market in this region.

Key Market Players:
The automotive cybersecurity market is dominated by global players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Harman International (US), DENSO Corporation (Japan), and Aptiv PLC (Ireland), among others.

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