Europe Automotive Cybersecurity Market Analysis and Forecast 2022-2031: A $ 5.53 Billion Market by 2031, Registering CAGR of 24%

DUBLIN, March 18, 2024 /PRNewswire/ -- The "Europe Automotive Cybersecurity Market - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.

The Europe automotive cybersecurity market (excluding U.K.) was valued at $793.5 million in 2022, and it is expected to grow at a CAGR of 24.08% and reach $ 5.53 billion by 2031. Automotive cybersecurity is expected to grow significantly in Europe. This growth will be primarily driven by factors like the growing number of connected vehicles, the increasing adoption of electronics per vehicle, the increased cyber threats resulting from increased data and connectivity of vehicles, and the rising sales of electric vehicles.

In 2019, Europe's top four automotive manufacturing countries, Germany, France, U.K., and Italy, generated more than 50% of the total passenger cars produced in Europe. Countries such as Sweden and Netherlands are putting efforts to promote autonomous and connected vehicles, which will further propel the automotive cybersecurity market. The legislative body of the Netherlands has also allowed some automotive players to test their connected and autonomous vehicles on the country's roads.

The lack of standardization among connected and autonomous vehicle manufacturers and suppliers, new competition entering the market, especially the companies from China, and the integration of various technology and services in vehicles serve as challenges to the Europe automotive cybersecurity market. 

Numerous factors, including the growing number of ECUs in electric vehicles for improved performance and sophistication, the rise in cyberattacks targeting the automotive sector, and the expanding use of connected and autonomous vehicles, are driving the automotive cybersecurity market.

In order to counteract the increasing number of cyber-attack vectors, automotive cybersecurity solution providers are collaborating with other important stakeholders and making large investments in the creation of cutting-edge automotive cybersecurity solutions. The automotive cybersecurity industry is anticipated to increase significantly over the forecast years due to OEMs' growing worries about vehicle security.

Business Dynamics

Business Drivers

• Increase in Use of Electronics Per Vehicle and Growing Number of Connected Vehicles
• Rising Cyber Threats owing to Increase in Data and Connectivity of the Vehicles
• Rising Sales of Electric Vehicles

Business Restraints

• Growing Complexity and Increase in Number of Electronics in Vehicles
• Financial Impacts due to Vulnerability and Growing Motivation of Cyberhackers
• Highly Complex Ecosystem with the Presence of Multiple Stakeholders
• High Costs of Automotive Cybersecurity Solutions
• Semiconductor Shortage Effect

Some of the prominent names established in this market are:

• ESCRYPT GmbH
• Vector Informatik GmbH
• Irdeto
• Garrett Motion Inc.
• Aptiv PLC
• NXP Semiconductors

Key Questions Answered in the Report

• What are the major market drivers, challenges, and opportunities in the Europe automotive cybersecurity market?
• What are the key development strategies implemented by the key players to sustain in the competitive market?

Report Segmentation

Segmentation by Application

• Communication
• Advanced Driver Assistance System (ADAS) and Safety System
• On-Board Diagnostic (OBD)
• Infotainment
• Telematics
• EV Charging Station
• Others

Segmentation by Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

Segmentation by Security Type

• Network Security
• Software Security
• Cloud Security
• Hardware Security

Segmentation by Form

• In-Vehicle
• External Cloud Services

Segmentation by Region

• Europe
• U.K.

Case Studies

• Security Risk Assessment to Enable Safe Digital Growth
• Securing V2X Communications with HSM
• Threat Assessment for Connected Vehicles
• Secure Remote Firmware Updates and ECU Integrity Protection
• Vehicle Electrical/Electronic (EE) Architectures

For more information about this report visit https://www.researchandmarkets.com/r/xc2abe

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SOURCE Research and Markets