By 2028 global automotive cybersecurity market size expected to grow to USD 6.0 billion
New York, June 30, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Cybersecurity Market by Form, Offering, Security, Vehicle Type, Application, Propulsion, Vehicle Autonomy, Approach, EV Application and Region – Global Forecast to 2028” – https://www.reportlinker.com/p05979660/?utm_source=GNW
Moreover, the advent of software-defined vehicles and rising sales of electric vehicles are also expected to bolster the revenue growth of the automotive cybersecurity market in the coming years globally. The automotive cybersecurity market, however, is expected to witness a significant boost in the coming years owing to the increase in vehicle production in different countries, the launch of UNECE WP.29 regulation as well as various government regulations that have compelled automotive OEMs to install additional safety systems in vehicles for better safety.
The wireless network security segment is estimated to grow at a higher CAGR during the forecast period
During the forecast period, the wireless network security segment is anticipated to be the fastest-growing security type segment of the global automotive cybersecurity market. This segment will likely witness significant growth in the Asia Pacific region, followed by Europe and North America regions. . This is owing to the incorporation of V2X technology in vehicles and the rising demand for connected vehicles. Wireless network security solutions help to protect respective wireless networks from unauthorized access attempts. Wireless network security is typically delivered through wireless devices such as wireless switches and wireless routers that encrypt and secure wireless communications. All these factors above are expected to bolster the revenue growth for wireless network security segment of the automotive cybersecurity market during the forecast period.
ADAS & safety system segment is likely to dominate the automotive cybersecurity market during the forecast period
The ADAS & safety segment is expected to have significant growth opportunities in the automotive cybersecurity market during the forecast period.The demand for ADAS is increasing rapidly, particularly in emerging economies such as India and China, driven by improving road safety standards, supporting legislation, and consumer awareness.
Several countries in Europe, North America, and Asia Pacific have introduced regulations that mandate incorporating various types of ADAS in passenger cars and commercial vehicles.For instance, from July 2022, European Commission introduced new “Vehicle General Safety Regulation”.
It introduced a range of mandatory advanced driver assistant systems to improve road safety and enable fully driverless vehicles in the European Union.Therefore, government mandates and increasing awareness of vehicle safety are expected to fuel the demand for ADAS & safety systems.
The need for automotive cybersecurity solutions is also anticipated to grow globally rapidly during the forecast period.
Asia Pacific shows high growth potential for automotive cybersecurity market
Asia Pacific is projected to have largest share in the global automotive cybersecurity market during the forecast period.In Asia Pacific region, countries such as China, Japan, and South Korea are expected to take the lead in autonomous driving technology in the coming years.
Leading automotive manufacturers in this region, such as Toyota, Honda, and Hyundai, leverage the advantages of safety systems and have made essential safety features a standard across their models.The anticipated rise in the penetration of autonomous vehicles coupled with increasing adoption of ADAS equipped vehicles would also support the growth of the automotive cybersecurity market in Asia Pacific region.
This in turn is expected to create opportunities for stakeholders in the automotive cybersecurity ecosystem. All these aforementioned factors are expected to bolster the revenue growth of the automotive cybersecurity market in Asia Pacific region during the forecast period.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the automotive cybersecurity market. The break-up of the primaries is as follows:
• By Company Type: Automotive Cybersecurity Solution Providers – 40%, OEMs – 35%, Tier 1 – 15%, and Tier 2 –10%,
• By Designation: C Level Executives – 23%, Manager – 43%, and Executives – 34%
• By Region: Europe – 30%, North America – 25%, Asia Pacific – 25%, and RoW – 20%
The automotive cybersecurity market comprises major manufacturers such as Continental AG (Germany), Robert Bosch GmbH (Germany), Harman International (US), DENSO Corporation (Japan), Aptiv PLC (Ireland), Garrett Motion Inc. (Switzerland), Renesas Electronics Corporation (Japan), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel), Upstream Security Ltd. (Israel),etc.
