CHICAGO, Feb. 29, 2024 /PRNewswire/ — V2X Cybersecurity Market is projected to grow from USD 43 million in 2023 to USD 778 million by 2030, at a CAGR of 51.3%, according to a new report by MarketsandMarkets™. The advancement in connected car technology and the expansion of the automotive V2X market are key drivers contributing to the revenue growth in the V2X cybersecurity market. Furthermore, the increasing prevalence of cyber-attacks on a global scale, coupled with the escalating volume of data generated by vehicles, is anticipated to play a pivotal role in propelling market expansion. Additionally, the growing adoption of electric vehicles and advancements in autonomous vehicle development are expected to present favourable opportunities for the V2X cybersecurity market.
The implementation of C-V2X (Cellular Vehicle-to-Everything), leveraging 5G technology, is enhancing connected mobility capabilities through V2X communication. The evolution of 5G technology and progress in autonomous vehicles is projected to establish a conducive environment for the widespread adoption of V2X cybersecurity solutions.
Browse in-depth TOC on “V2X Cybersecurity Market“.
- 175 – Tables
- 102 – Figures
- 276 – Pages
V2X Cybersecurity Market Scope:
| Report Coverage | Details |
| Market Size | USD 778 million by 2030 |
| Growth Rate | CAGR of 51.3% |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023-2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form (In-vehicle and External Cloud Services), Communication Type (V2I, V2V, V2G, and V2P), Security Framework (PKI and Embedded), Security type, Connectivity Type, Propulsion, Vehicle Type and Region |
| Geographies Covered | Asia Pacific, Europe, North America, and RoW |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increasing trend of connected and autonomous vehicle technologies prone to cyberattacks |
| Key Market Drivers | Large amount of data generated by vehicles and increasing cyberattacks |
PKI segment is estimated to grow at a fastest rate during the forecast period.
Public Key Infrastructure (PKI) stands as a globally accepted technology for wireless communications. It is particularly prevalent in Internet of Things (IoT)-based automotive applications and autonomous vehicle technologies. A typical PKI system comprises essential components such as Certificate Policy, Root Certificate Authority (CA), Intermediate CA, Certificate Database, Revocation Services, and Digital Certificate. The incorporation of PKI technology in V2X communications offers significant advantages. This is due to its scalability and capability for credential and access control management. Various companies provide PKI solutions based on standards like the Institute of Electrical and Electronics Engineering’s (IEEE) WAVE. The European Telecommunications Standards Institute’s (ETSI) ITS standards are also utilized.
The growing emphasis on autonomous mobility globally is anticipated to drive demand for On-Board Units (OBUs) and Roadside Units (RSUs). Increasing concerns about road safety are also expected to contribute to this demand. PKI solutions provide certificates for both OBUs and RSUs. Market growth is tied to the increasing installation of RSUs and the penetration of V2X OBUs in vehicles. This trend is expected to contribute to the revenue growth of the PKI segment within the V2X cybersecurity market. Moreover, the rising focus on smart city projects is likely to boost the demand for RSUs, further supporting revenue growth in the V2X cybersecurity industry throughout the forecast period.
The V2P segment is expected to grow fastest in the V2X cybersecurity market during the forecast period.
The V2P cybersecurity market is projected to grow fastest during the forecast period. The primary driver for the V2P segment is the growing concern for pedestrian safety. This concern is prompted by a high pedestrian death rate in traffic accidents. This trend is expected to increase revenues in the V2P cybersecurity market. Notably, in the United States, the Centers for Disease Control and Prevention and the National Center for Injury Prevention and Control reported over 7,500 pedestrian fatalities in traffic accidents in 2022. The pedestrian fatality rate stood at 2.37 deaths per billion vehicle miles traveled (VMT) in the same year.
Anticipate market growth driven by the rise in traffic accidents involving pedestrians and a significant pedestrian presence. Cyber threats closely link to V2P communications, especially with the increasing hacking of smartphones used for V2P communications. Consequently, there is a growing demand for cybersecurity solutions to ensure the security of private communications and information.
“North America is expected to have a significant share in the V2X cybersecurity market by 2030.”
The North American automotive industry stands as one of the fastest-growing sectors globally. It houses major players such as Ford Motors, General Motors, and Fiat Chrysler Automobiles. The U.S. market, in particular, has shown a preference for passenger cars equipped with advanced comfort and safety technologies. American OEMs, including Ford Motors, General Motors, and Fiat-Chrysler Automotive, dominate the market. They are joined by established European and Asian OEMs such as Toyota (Japan), Nissan (Japan), Honda (Japan), Hyundai/Kia (South Korea), BMW Group (Germany), and Volkswagen Group (Germany). In the realm of V2X technologies, the U.S. holds prominence. It contributes significantly to market growth with expanding application areas centered around connectivity.
Consequently, the demand for cybersecurity solutions for automobiles in North America anticipates to rise. The region is grappling with increasing traffic congestion, prompting a departure from traditional infrastructure expansion methods. Advanced solutions, such as connected car technologies for traffic and fleet management, have become crucial. The convergence of the ICT sector, automotive industry, and transportation sector has further fueled this shift, giving rise to the V2X ecosystem.
The growing adoption of V2X technologies is driving increased demand for automotive cybersecurity. Heightened awareness of potential threats to this technology further fuels the need, particularly in the North American market. The North American Free Trade Agreement (NAFTA) has played a pivotal role in fostering the growth of the automotive and technology industries in the region. A substantial customer base and high disposable income make North America an attractive market for the entire automobile ecosystem.
Ongoing advancements in safety regulations, such as discussions on the mandatory installation of rear-view cameras in the U.S., are expected to propel the North American connected car market. Deliberations on V2V communication mandates are also contributing to this trend in the coming years. Additionally, the presence of key players in the V2X ecosystem, including Qualcomm, Savari, and Harman, is anticipated to contribute to the growth of the North American V2X cybersecurity market.
