The global automotive cybersecurity market size is projected to grow from USD 1.9 billion in 2020 to USD 4.0 billion by 2025, at a CAGR of 16.5%
NEW YORK, Oct. 29, 2020 /PRNewswire/ -- The global automotive cybersecurity market size is projected to grow from USD 1.9 billion in 2020 to USD 4.0 billion by 2025, at a CAGR of 16.5%. Increasing electronic content per vehicle, adoption of new safety features, development in V2X cybersecurity, and increasing vehicle management & connectivity features are fuelling factors for the growth of the automotive cybersecurity market.
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The increasing inclination of consumers toward advanced technologies for an enhanced experience of safety and comfort is driving the demand for body control and comfort systems in vehicles.
The body control & comfort segment dominates the automotive cybersecurity market.The segment comprises multiple sub-applications such as TPMS, lighting, seat control, HVAC, and start-stop module.
These sub-applications are getting in several vehicles.Body control & comfort systems require the maximum number of electronics in a vehicle.
Body electronics cover a wide variety of applications inside the passenger compartment, which include automatic HVAC control, seat position, automatic wipers, automatic headlamps, dimming mirrors, and antifogging windshield systems.Drivers look for a high level of comfort, safety, efficiency, and consumer features in their vehicles.
Premium cars are equipped with various comfort and convenience sensors. The whole data is stored by multiple control units, which needs to be protected against any vulnerability. The increasing inclination of consumers toward advanced technologies for an enhanced experience of safety and comfort is driving the demand for body control and comfort systems in vehicles.
Increasing number of ECUs and increasing complexity of communication protocols to drive the market for in-vehicle segment of automotive cybersecurity.
The in-vehicle segment is expected to dominate the automotive cybersecurity market during the forecast period.OEMs are trying to offer modern features in vehicles based on consumer demand.
These new features create opportunities for hackers to perform cyber-attacks on vehicles.Thus, OEMs are focusing on getting customized cybersecurity solutions from the supply side that would create confidence among OEMs while selling or branding their vehicles.
OEMs and automotive cybersecurity solution providers are currently working toward developing security solutions and are at an early stage of designing electronic content. Increasing the number of ECUs and increasing complexity of communication protocols to drive the market for the in-vehicle segment of automotive cybersecurity.
Flourishing automotive market in developing countries is driving the regional automotive cybersecurity market.
Asia Pacific is holding the largest share in the automotive cybersecurity market.Also, Asia Pacific is showing the highest growth rate among other regions.
The Asia Pacific region comprises of some of the fastest-growing economies in the World.India, China are considered as developing economies.
These countries are large in terms of populations hence are the potential market for the automotive industry.Asia Pacific has Japan and South Korea, which are among the most developed countries in the context of technology innovation and adoption for automotive.
Government mandates related to vehicle safety, emissions, connectivity in these countries are applicable for mass-produced vehicles. Future vehicles in this region need to be fitted with advanced features. This helped the Asia Pacific to dominate the market for automotive cybersecurity. The automotive sector contributes heavily in the GDP of these countries. The government of these countries are also focusing on increasing share of the automotive sector in the national GDP.
The COVID-19 crisis has resulted in manufacturing and supply disruptions across the globe, due to which, the automobile industry in the every region has experienced a decline in demand with an uncertain recovery timeline.Additionally, OEMs have stopped production across their manufacturing facilities in different regions, which has resulted in a decline in production as well as sales.
Automotive-related high-tech tests that companies were carrying out in the different region have also been suspended.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Automotive Cybersecurity Solution Providers – 40%, OEMs – 20%, Tier 1 – 20%, and Tier 2 – 20%,
• By Designation: C-Level – 50%, D Level – 30%, and Others – 20%
• By Region: Europe – 30%, Asia Pacific – 25%, North America – 25%, and RoW – 20%
The automotive cybersecurity market comprises major manufacturers such as Robert Bosch (Germany), Continental AG (Germany), Harman International (US), Denso Corporation (Japan), Aptiv (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox (Israel), etc.
Research Coverage:
The study covers the automotive cybersecurity market across various segments.It aims at estimating the market size and future growth potential of this market across different segments such as application type, offering, form type, vehicle type, electric vehicle application, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall automotive cybersecurity market.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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