V2X Cybersecurity Market Accelerates as Connected Vehicle Ecosystem Expands Globally

The prominent key factors that drive the growth of the V2X cybersecurity market are increase in cybersecurity mandates, advancement in Cellular-V2X (C-V2X) technology, and growing automotive cybersecurity threat. The increasing adoption of V2X technology in vehicle generates large amount of data related to vehicle, which encourages hackers to threat the security and safety of connected vehicles infrastructure. The hackers can manipulate data transmission that can weaken real-life safety. The successful attempts to attacks on communication and V2X infrastructure can impact all endpoints that potentially lead to danger. Owing to all these factors, the demand for V2X cybersecurity has seen significant growth in recent years.

As per the report, the global V2X Cybersecurity industry accounted for $0.72 billion in 2021, and is expected to reach $5.7 billion by 2031, growing at a CAGR of 21.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Rise in cybersecurity mandates, developments in cellular-V2X technology, and surge in automotive cybersecurity threat have boosted the growth of the global V2X cybersecurity market. However, high cost of implementation and challenges in making secure applications hinder the market growth. On the contrary, rise in demand for connected vehicles and improving vehicle security using adaptive security would open new opportunities in the future.

The V2X cybersecurity market is segmented on the basis of unit type, vehicle type, propulsion type, communication, and region. On the basis of unit type, it is divided into on-board unit, and roadside unit. By vehicle type, it is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. By propulsion type, it is divided into ice, electric & hybrid, and others. By communication, it is divided into Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Grid (V2G), and Others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By vehicle type, the light commercial vehicle segment is projected to register the highest CAGR of 22.3% during the forecast period. This is owing to increase in the implementation of V2X technology in light commercial vehicles to enable data exchange between vehicles and objects in the surroundings and between vehicles and the transportation infrastructure. However, the passenger car segment held the largest share in 2021, contributing to nearly two-thirds of the global V2X cybersecurity market, due to growing demand for semi-autonomous cars.

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By communication, the vehicle-to-vehicle segment is expected to register the highest CAGR of 22.9% during the forecast period. Moreover, the segment held the largest share in 2021, contributing to more than one-third of the global V2X cybersecurity market, due to increase in use of vehicle-to-vehicle communication to improve traffic management and reduce accidents. The report includes analysis of the vehicle-to-infrastructure, vehicle-to-grid, and others.

By region, the global V2X cybersecurity market across Europe held the largest share in 2021, accounting for more than one-third of the market. Furthermore, the region is expected to showcase the highest CAGR of 23.0% during the forecast period, owing to rise in adoption of telematics & GNSS in fleet management services and population increase in the region. The report includes an analysis of the market across North America, LAMEA, and Europe.

Covid-19 scenario:

The Covid-19 outbreak forced governments across the world to impose strict lockdown regulations and social distancing rules. Moreover, governments banned the import-export of non-essential raw materials, which created a huge gap in demand-supply.
The production of automotive suffered major losses during the pandemic due to lack of skilled workforce and raw materials. On the other hand, while the pandemic hampered the operations of numerous companies, the number of cyber-attacks increased drastically. This increased the demand for cybersecurity.
The pandemic accelerated the demand for connected mobility, autonomous vehicles, and smart cities, which created new opportunities for the V2X cybersecurity industry.

By Communication

Vehicle-To-Vehicle
Vehicle-To-Infrastructure
Vehicle-To-Grid
Others

By Propulsion Type

ICE
Electric and Hybrid
Others

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The key players that operate in this V2X cybersecurity market are Altran, APTIV, AUTOCRYPT Co., Ltd., Autotalks Ltd., Continental AG, ESCRYPT, Green Hills Software LLC, HARMAN International, ID Quantique SA, Infineon Technologies AG, Karamba Security, NXP Semiconductors, Qualcomm Technologies, Inc., SafeRide Technologies, and Vector Informatik GmbH.

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