PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1570897
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1570897
The Global Vehicle-to-Everything (V2X) Cybersecurity Market, valued at USD 1.2 billion in 2023, is projected to grow at a CAGR of over 12.3% from 2024 to 2032. The rise in connected vehicle adoption has significantly increased data exchanges between vehicles and external systems. For instance, the European Commission estimated in December 2023 that each connected vehicle could generate around 100 gigabytes of data per hour.
This data includes information from sensors, navigation systems, vehicle-to-vehicle (V2V), and vehicle-to-infrastructure (V2I) communications. While this connectivity enhances driving safety and convenience, it also heightens vulnerability to cyber-attacks. Robust cybersecurity measures are essential to protect this data from unauthorized access and ensure secure communications among vehicles, infrastructure, and cloud services. These protocols are crucial to prevent threats like data breaches and unauthorized vehicle system control, maintaining the vehicle network's integrity and safety.
In 2023, software accounted for over 63% of the V2X cybersecurity market. The rise of connected vehicles communicating with each other (V2V), infrastructure (V2I), pedestrians (V2P), and networks (V2N) underscores the need for robust cybersecurity. As interconnectivity grows, so does vulnerability to cyber threats, driving the demand for advanced software solutions. V2X cybersecurity software ensures secure data transmission and shields against attacks that might jeopardize vehicle safety. Compliance with regulations like UNECE WP.29 and ISO/SAE 21434 further propels the adoption of cybersecurity software, ensuring manufacturers sidestep legal pitfalls and fostering the development of sophisticated cybersecurity solutions.
By 2032, passenger cars are projected to surpass USD 2.1 billion. Their growing affordability is a primary demand driver. According to the International Organization of Motor Vehicle Manufacturers, 67.1 million passenger car units were produced in December 2023. Enhanced safety features further amplify the demand for V2X cybersecurity in these vehicles. V2X communication enables vehicles to share vital information like traffic conditions and road hazards. Securing these exchanges is paramount to avert cyber-attacks that might lead to accidents. Robust cybersecurity not only preserves data integrity but also bolsters safety systems, reducing collision risks and enhancing road safety.
North America held a notable 35% market share in 2023, driven by technological advancements and a rising demand for efficient automotive solutions. Public-private collaborations, such as the Department of Transportation's Connected Vehicle Pilot Program, are strengthening the cybersecurity landscape. In Europe, the push for Cooperative Intelligent Transport Systems reliant on secure V2X communication is prominent. The European Commission's C-ITS Strategy underscores the importance of cybersecurity, spurring the demand for advanced solutions. In the Asia Pacific, rapid urbanization and smart city initiatives are propelling V2X cybersecurity demand, with nations like China, Japan, and South Korea heavily investing in secure V2X systems.