Automotive Cybersecurity Market – Insights, Forecast to 2026
The global size of the car cybersecurity market is expected to grow from $ 2 billion in 2021 a $ 5.3 billion for 2026, at a CAGR of 21.3%.
CHICAGO , May 25, 2022 / PRNewswire / – Increasing incidents of cyberattacks on vehicles and mass withdrawals of vehicles by OEMs have raised awareness of car cybersecurity among OEMs worldwide. In addition, the increase in government mandates to incorporate various safety features, such as rear view camera, automatic emergency braking, lane departure warning system and electronic stability control, have opened even more new opportunities for global car cybersecurity service providers. As a result, there are several start-ups present in the automotive cybersecurity ecosystem. Government initiatives to build a smart transportation system have also further increased the demand for cybersecurity solutions worldwide. Apart from that, the introduction of 5G technology is expected to accelerate market growth in the coming years as well.
The global automotive cybersecurity market is dominated by major players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Harman International (USA), DENSO Corporation (Japan), Aptiv PLC (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel), Upstream Security Ltd. (Israel), and Green Hills Software., etc.
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Endpoint security is expected to be the fastest growing type of security in the global automotive cybersecurity market.
The endpoint security segment is expected to witness the fastest growth Europe i Asia Pacific during the forecast period. This growth can be attributed to the increasing use of mirror link applications in these regions. Increasing security and safety concerns in these regions are also likely to drive demand for end-point security solutions. New vehicles currently contain approximately 100 million lines of code and are deployed by automakers with complex software. To maintain the security and safety of an entire vehicle code base, OEMs are opting for endpoint security solutions. In addition, the trend of a mobile workforce, BYOD, social media, and cloud synchronization tools is expected to influence spending on endpoint security solutions.
Wireless network security is expected to grow at a higher CAGR over the forecast period
The wireless network security segment is expected to be the fastest growing security rate segment in the automotive cybersecurity market. This segment is expected to grow significantly Asia PacificFollowed by Europe i North America. Transport authorities in these regions are focusing on improving infrastructure. Startups are focusing on providing wireless networking services to meet the growing connectivity features of the automotive industry.
In general, the incorporation of wireless technology into vehicles by their respective car manufacturers, a growing focus on connected vehicle technology, and growing security concerns to prevent remote access to the vehicle’s electronics are factors. key expected to increase revenue for the wireless network security solution during the forecast period. .
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Asia Pacific it is expected to be the largest market during the forecast period
Asia Pacific is expected to represent the largest market share in 2021, followed by Europe i North America. The growing awareness of the features of active and passive security among people and the increase in sales of medium and luxury vehicles are the key factors driving the car cybersecurity market in Asia Pacific. Several OEMs have relocated their car manufacturing plants to emerging countries due to low labor costs, ease of doing business, and availability of raw materials. Several well-known semiconductor companies have their manufacturing centers in the Asia Pacific region as well. This helps them maintain an effective supply chain of their products for car manufacturers.
In addition, growing sales of V2X-equipped vehicles and the significant growth of the shared travel industries are likely to increase the demand for automotive cybersecurity solutions. Asia Pacific region. OEMs and Japan i South Korea, such as Hyundai, Kia, Nissan, Honda and Toyota, are focused on the development of autonomous cars. This is expected to stimulate demand for related cybersecurity solutions. Similarly, in the Indian market, OEMs like MG Motor, Kia and Mahindra have already started offering car models with 1/2 level features, which would further support the demand for cybersecurity solutions in the coming years. Apart from that, Asia Pacific is home to some of the leading players in the automotive cybersecurity market, such as Autotalks and AutoCrypt. The growing adoption of electric vehicles and an increasing number of vehicles with connected car features would increase the need for car cybersecurity in the region. All of these factors together are expected to drive the Asia Pacific car cybersecurity market during the forecast period.
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