PUBLISHER: The Business Research Company | PRODUCT CODE: 1392462
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392462
“Automotive Cybersecurity Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive cybersecurity market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive cybersecurity? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive cybersecurity market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive cybersecurity encompasses a set of activities aimed at maintaining the functionality of vehicles by safeguarding electronic systems, communication networks, control algorithms, and various types of software from malicious attacks, unauthorized access, or manipulation. It plays a crucial role in reducing the risk of cyber-attacks and potential accidents in vehicles.
The main categories of automotive cybersecurity include network security, application security, endpoint security, wireless security, and cloud security. Network security involves configurations or rules designed to protect the accessibility of networks in connected cars. These measures are implemented both within the vehicle and in external cloud services. Automotive cybersecurity is applicable to various vehicle types, including passenger cars and commercial vehicles, and is utilized in diverse applications such as telematics systems, body control and comfort systems, infotainment systems, and powertrain systems.
The automotive cybersecurity market research report is one of a series of new reports from The Business Research Company that provides automotive cybersecurity market statistics, including automotive cybersecurity industry global market size, regional shares, competitors with an automotive cybersecurity market share, detailed automotive cybersecurity market segments, market trends and opportunities, and any further data you may need to thrive in the automotive cybersecurity industry. This automotive cybersecurity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive cybersecurity market size has grown rapidly in recent years. It will grow from $2. 37 billion in 2023 to $2. 82 billion in 2024 at a compound annual growth rate (CAGR) of 19. 0%. The growth in the historic period can be attributed to the increased adoption of connected and autonomous vehicles, stringent government regulations, and industry standards. Additionally, there has been a growing demand for advanced driver assistance systems (ADAS), an increasing demand for luxury vehicles, and a rise in the number of cyber threats targeting automotive systems.
The automotive cybersecurity market size is expected to see rapid growth in the next few years. It will grow to $5. 63 billion in 2028 at a compound annual growth rate (CAGR) of 18. 8%. The growth in the forecast period can be attributed to the increasing adoption of electric vehicles, the integration of 5G technology in connected vehicles, expanding the attack surface, the increasing reliance on over-the-air (OTA) software updates, the expansion of the automotive industry in emerging markets, and a rise in awareness and investments in proactive cybersecurity measures. Major trends in the forecast period include the development of integrated cybersecurity solutions, an emphasis on secure vehicle-to-everything (V2X) communication, the use of blockchain technology for secure data sharing, collaboration between automakers and cybersecurity firms for threat intelligence, and the implementation of behavior-based anomaly detection for real-time threat identification.
The exponential rise in connected cars stands as a significant catalyst driving the future growth of the automotive cybersecurity market. Connected cars, vehicles equipped with built-in connectivity systems enabling internet access, require robust cybersecurity measures to ensure protection against potential threats. These security features encompass sophisticated threat intelligence to mitigate common security vulnerabilities. For instance, as reported by Express Drive, an India-based automobile news provider, India is projected to witness over 350 million connected cars on the roads by 2023, accounting for nearly 24% of the global car population. This surge in connected cars is a driving force behind the burgeoning automotive cybersecurity market.
The growth trajectory of the automotive cybersecurity market is expected to be influenced by increased government subsidies and policies. Government initiatives, in the form of financial support and regulations, play a crucial role in fostering robust cybersecurity measures within the automotive industry. Notably, initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, as outlined in the Government of India's Budget 2022-23, allocates substantial subsidies, with an earmarked subsidy of up to INR 2908 crores ($0. 34 million). Similarly, the Uttar Pradesh government's Manufacturing and Mobility policy 2022 offers subsidies of up to Rs 1 lakh for electric cars for three years, extending support to three and four-wheeled electric vehicles for commercial and fleet applications. These governmental policies and subsidies are poised to propel the growth of the automotive cybersecurity market.
Technological innovations emerge as a dominant trend driving advancements within the automotive cybersecurity market. Leading companies operating in this sector prioritize technological innovation to maintain their market position. For instance, in October 2021, Tesla, a renowned US-based car manufacturer, introduced Vehicle-to-everything (V2X) technology based on 5G, a notable innovation in automotive cybersecurity. V2X technology facilitates authenticated data transmission between vehicles and infrastructure, offering advanced cybersecurity features such as RAT (Radio Access Technology), transmission profiles, communication modes, and signaling protection modes. This innovative technology showcases the industry's commitment to embracing advanced cybersecurity solutions to ensure the safety and integrity of connected vehicles.
Key players within the automotive cybersecurity industry are strategically opting for partnership approaches to deliver vital cybersecurity services to individuals, businesses, and governmental entities. These strategic partnerships involve companies synergizing their respective strengths and resources to mutually achieve success. An illustrative example is the collaboration between ETAS Korea, a South Korea-based software company, and Suresoft Tech. Co., Ltd., a fellow South Korea-based software developer. This partnership aims to provide consulting services and solutions geared towards cybersecurity testing for in-vehicle systems to automotive manufacturers and suppliers in South Korea. Through this collaboration, they strive to offer comprehensive cybersecurity assessment services tailored to the needs of the Korean automotive sector.
In 2021, LG Electronics, a prominent South Korea-based corporation specializing in consumer goods and cybersecurity devices, completed the acquisition of Cybellum for a total deal value of $240 million. This strategic acquisition enables LG Electronics to bolster its cybersecurity capabilities significantly. Moreover, this move positions LG Electronics to penetrate new markets and expand its business footprint in untapped territories. Cybellum, an Israeli-based company specializing in detecting and providing assessments on connected vehicle cybersecurity, adds valuable expertise and technological prowess to LG Electronics' portfolio. This acquisition underscores LG's strategic approach to fortifying its cybersecurity offerings and broadening its presence in emerging markets within the automotive cybersecurity domain.
Major companies operating in the in the automotive cybersecurity market report are Aptiv PLC, Argus Cyber Security, Arilou Technologies, Continental AG, ESCRYPT GmbH, GuardKnox Cyber Technologies Ltd., Harman International Industries Inc., Trillium Secure Inc., SafeRide Technologies Ltd., Lear Corporation, Karamba Security, Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Delphi Technologies PLC, Vector Informatik GmbH, Symantec Corporation, Regulus Cyber, C2A Security Ltd., XShield Ltd., Apriori Technologies Inc., AutoCrypt Co Ltd., Idaptive Automotive Cybersecurity, GuardSquare NV, Altimetrik Corp., Identiq Automotive Ltd., Guardtime AS, ForgeRock Automotive, AutomotiveCyber GmbH, Thales Group, NXP Semiconductors NV, Green Hills Software
North America was the largest region in the automotive cybersecurity market in 2023. The regions covered in the automotive cybersecurity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive cybersecurity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive cybersecurity market includes revenues earned by entities by protecting the automotive systems and components from harmful attacks, unauthorized access, and damage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.