Automotive Cybersecurity Market Global Sales Analysis and Opportunity

The global automotive cybersecurity market, valued at nearly US$2 billion in 2022, is projected to witness robust growth in the coming years. The evolution of connected, autonomous, shared, and electric vehicles is revolutionizing the automotive industry, driving the demand for advanced cybersecurity measures. This press release delves into the key factors propelling the market's growth, significant findings, and the competitive landscape.

Know More:https://www.fairfieldmarketresearch.com/report/automotive-cybersecurity-market

Key Report Findings

Rising Electric Vehicle (EV) Sales: The increasing adoption of EVs is expected to significantly boost the demand for automotive cybersecurity.

Advancements in Connected Technology: The integration of connected technologies in vehicles is driving market gains worldwide.

Prominence of Advanced Driver Assistance Systems (ADAS): Growing importance of ADAS is anticipated to enhance market revenue.

North America Leads the Market: The region's automotive cybersecurity market is currently at the forefront globally.

Top Industry Players: Key players include Continental, Harman, Karamba Security, Vector, NXP, and Cisco Systems, Inc.

The Rise of Connected Vehicle Technology

Connected vehicles are anticipated to dominate mobility innovations in the long term, highlighting the critical importance of vehicle security. The escalating threat of cyber-attacks on advanced automotive technologies necessitates robust cybersecurity solutions. The global automotive cybersecurity market is expected to progress impressively in the long-term future.

Massive Investments by Automakers in Security

Automakers are investing heavily in securing vulnerable technologies through the integration of cyber-secure software and hardware. The commercialization of autonomous vehicles, however, introduces new vulnerabilities, thereby increasing the need for cybersecurity measures. The growing demand for connected vehicles, which prioritize safety, comfort, and security, further underscores the necessity for automotive cybersecurity.

New Technological Advancements

Major automakers, such as Daimler AG, are collaborating with technology innovators like Uber to develop self-driving vehicle technologies. Investments by companies like Tesla Motors are expected to rise, offering seamless driving experiences. These advancements are likely to set new cybersecurity standards for the industry, fostering the growth of the automotive cybersecurity market.

Supportive Government and Industry Regulations

The SPY Car Act of 2015 established cybersecurity standards to protect vehicle owners from security and privacy threats. Such government initiatives will play a crucial role in driving the demand for automotive cybersecurity measures. Additionally, the development of smart cities and intelligent transport systems (ITS) will further boost the demand for connected vehicles, reinforcing the need for robust cybersecurity solutions.

To collaborate on cybersecurity, the Japanese Automobile Manufacturers Association (JAMA) launched a cybersecurity group under the Electronic Information Exchange Committee, involving WP.29. Japanese automakers with a market share in the US have joined the US Automotive Information Sharing and Analysis Center (Auto-ISAC) to share insights related to cyber-attacks. Similarly, South Korea adheres to UNECE WP.29 regulations.

Growth Opportunities

Post-Pandemic Opportunities

The COVID-19 pandemic created demand-supply constraints and sustainability issues for the automotive industry. As the situation improves, new opportunities are expected to emerge in the automotive cybersecurity market. The market is likely to witness new innovation strategies and partnerships, providing a much-needed boost. The growing preference for private vehicles is expected to drive changes in vehicle sales patterns and advanced technology niches such as automotive cybersecurity.

Overview of Key Segments

ADAS and Passenger Vehicles

The ACES - autonomous driving, connected vehicles, electrification, and shared mobility - are presenting new dimensions to the automotive industry. The digitization of automobiles makes them more susceptible to cyber-attacks, information theft, and hacking. ADAS is gaining traction in luxury and premium vehicle categories, and electric vehicles are equipped with basic ADAS functionalities. To ensure the secure operation of these systems, the demand for automotive cybersecurity measures is expected to rise significantly.

Regional Growth Opportunities

North America

North America leads the global automotive cybersecurity market due to supportive government regulations and the convergence of the ICT and automotive industries. Factors such as growing vehicle production, increasing safety norms, and the penetration of connected vehicle systems contribute to market growth. The region's burgeoning sales of luxury and premium vehicles also play a crucial role.

Asia Pacific

Asia Pacific is expected to showcase excellent growth potential due to the optimistic outlook for connected vehicles. Wireless network-oriented vehicles in the region are predicted to focus on advanced technologies, driving market growth.

Competitive Landscape

The automotive cybersecurity market is a diverse ecosystem involving automakers, hardware manufacturers, and security software suppliers. Venture capitalists have significantly invested in cybersecurity providers, emphasizing product innovation and accuracy. Leading companies are focusing on providing timely security updates and issue resolutions, offering a competitive edge.

Leading Players

Key players in the automotive cybersecurity market include:

Continental

Karamba Security

Harman

Escrypt

Vector

NXP

Cisco Systems, Inc.

Argus Cyber Security Ltd.

BT Security

Regional Classification

The global automotive cybersecurity market is segmented into:

North America: US, Canada

Europe: Germany, France, Spain, UK, Italy, Russia, Rest of Europe

Asia Pacific: China, Japan, India, Southeast Asia, Rest of Asia Pacific

Latin America: Brazil, Mexico, Rest of Latin America

Middle East and Africa: GCC, South Africa, Rest of Middle East & Africa