The total size of the automotive cybersecurity market was USD 3.1 billion in 2022 and it will grow up at USD 16.43 billion by 2032, progressing at a CAGR of 18.15% by the end of this decade.
The automotive cybersecurity market growth is driven by the increasing demand for cybersecurity in connected cars, a growing partnership between the automotive and ICT industry, increasing investment in the automotive sector, increasing government initiatives, and growing product launches.
Market Overview:
Automotive cyber security is the prevention of tampering of any kind from connected car systems, including software and communication networks. Modern cars' ever-more-complex technology is what drives the demand for automotive cyber security. Small computers, electronic control units for specialized tasks, numerous communication protocols, internal and external software, automation features, and cloud connectivity are all components of interconnected systems. These components altogether and individually produce possible attack vectors that need to be secured.
Automotive Cybersecurity Market Report Scope:
| Report Coverage | Details |
| Market Size in 2022 | USD 1.17 Billion |
| Projected Forecast Value in 2032 | USD 2.06 Billion |
| Growth Rate | 5.82% from 2023 to 2032 |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| By Security Type |
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| By Vehicle Type |
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| By Application |
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| By Form |
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| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Report Highlights:
By security type, the wireless network security segment is expected to dominate the market during the forecast period. Automotive professionals can use the Wi-Fi-based wireless system to simultaneously monitor hundreds of data channels during test runs to track car operational factors and modify the test as it is being run. To support a wide range of application scenarios, contemporary vehicles include numerous networks for information sharing, including wireless channels. Vehicles will support more complex wireless communication use cases as the automotive industry develops; consequently, it will be critical to consider developing protected wireless technology based on a solid equipment foundation and software layers created to secure software development methodologies.
By vehicle type, the electric vehicle segment is expected to grow at the highest CAGR during the forecast period. Due to more people becoming aware of the negative effects of hybrid vehicles and giving attention to economic development, the market has grown. Additionally, in anticipation of wider infrastructure development, local governments in several locations are providing subsidies to encourage the purchase of electric cars. Innovations in energy and information technology are changing how EVs generate, handle, store, and use energy. This has increased the likelihood that hacks will have undesirable results. Cybersecurity risks have increased as a result of how automated and connected contemporary electric vehicles are. The majority of OEMs and other important electric vehicle operators depend on security because of the rise in cyberattacks and the management of this more complex environment, whether it be network security or in-vehicle security. Many businesses also feel compelled to rely on independent producers and openly available resources in the absence of expertise or control.
By application, the infotainment segment is expected to dominate the market over the forecast period. The automotive industry is putting a lot of effort into developing cutting-edge technologies that will improve in-car connectivity options, boost vehicle safety, and improve user experience. The "In-Vehicle Infotainment System" is one of the key technologies that serve as the focal point of all contemporary automotive systems and integrate their functions so they can be controlled and monitored from a single central unit. Thus, driving the segmental growth over the forecast period.
Regional Insights:
The Asia Pacific is expected to capture the largest make share during the forecast period. Due to the presence of well-known automotive cybersecurity businesses in the area, such as DENSO Corporation and Renesas Electronics Corporation (Japan), Asia-Pacific has a significant market share. (Japan). Additionally, the expansion of this regional market is facilitated by rising IoT deployment, cyberattacks, and connected vehicle penetration. For instance, the Ministry of Science and ICT reports that the rising popularity of connected vehicles and remote control services in South Korea resulted in 10 million subscriptions to IoT devices in that country in 2022.
Additionally, during the forecast period, Asia-Pacific is anticipated to have the fastest growth rate. The rapidly expanding economies of developing nations, the rise in cybercrimes, and the rising demand for connected features in automobiles, especially in China, Japan, South Korea, and India, are all factors that have contributed to the regional market's rapid expansion.
North America is expected to grow significantly over the forecast period. The United States, which is home to developed nations like Canada and the U.S. as well as expanding government regulations, is a significant market for connected-vehicle options. The Federal Motor Carrier Safety Administration has required that electronic logging devices be installed in commercial vehicles in the United States.
Market Dynamics:
Drivers:
An increasing number of connected vehicles
Future market expansion for automotive cybersecurity is being greatly aided by the rise in the number of connected vehicles. A car is referred to as a "connected car" if it has a built-in connectivity system that allows it to contact the internet. To protect against common security issues, connected vehicles have features like the request for sophisticated threat intelligence. For instance, Express Drive, an Indian source of automotive news, predicted in June 2021 that by the year 2023, there will be more than 350 million connected automobiles on the road in India, accounting for nearly 24% of all vehicles globally. Consequently, the market for automobile cybersecurity is expanding as a result of the rise of connected vehicles.
Restraint:
Increasing complexity in-vehicle electronic system
Electronic driver aid systems are becoming more and more essential due to the increased demand for car safety in terms of accident prevention, driver safety, and sophisticated communication & data safety (Parking, speed regulation, lane assist, blind spot detection, pre-collision warning, etc.). As a result, electronic designs for automobiles are now more complex, which makes it simpler for hackers to target automobiles. Modern infotainment systems as well as convenience features like automatic cooling, memory-assisted seat adjustment, automated tailgate opening, and performance control are also in demand. Thus, the growing complexity act as a major restraint for the market growth over the forecast period.
Opportunities:
Technological advancements
The primary trend gaining traction in the automotive cybersecurity industry is technological advancements. To maintain their position in the market, major companies involved in the automotive cybersecurity industry are concentrating on technological advancements. For instance, in October 2021, the US-based automaker Tesla introduced a new 5G-based vehicle-to-everything technology for connecting automobiles. V2X is a network automotive cybersecurity system that enables secure data transfer between infrastructure and vehicles. Innovative V2X services that include many features like RAT, transmission profile, conversation mode, and signaling protection mode are where the technology is first introduced.
Recent Developments:
Major Key Players:
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