Pune, April 05, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global automotive cybersecurity market is expected to grow from USD 6.2 Billion in 2021 to USD 28.7 billion by 2030, at a CAGR of 18.6% during the forecast period 2022-2030.
Protection of consumers against cybercrimes is done through cybersecurity. Cybercrimes these days are not only limited to mobile phones and laptops, these have extended their scope to other sectors as well. Cybercrimes can take place in any sector including the automotive sector.
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So, to fight fraudulent activities cybersecurity is required which protects the consumers' data from being misused. New technological advancements and the rising demand of the customers in vehicles give rise to the production of more advanced vehicles and reduce the number of wires used in them. This is giving more chances to hackers for hacking vehicles and using the data wrongly. But with the advancement in technology manufacturers are also focusing on using cybersecurity in vehicles to stop fraudulent activities from happening.
The rising awareness among people regarding their safety and safety and mobility is making the government take strict actions for the safety of the consumers and thus new laws and regulations are being made and implemented for the safety of the consumers against cybercrimes. The government is also advising manufacturers to choose cybersecurity in vehicles for the safety of consumers. New technologies are being used for reducing environmental degradation due to pollution, which is increasing cybercrimes and thus driving the automotive cybersecurity market.
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Key players operating in the global automotive cybersecurity market are:
• Aptiv PLC
• Vector Informatik GmbH
• Continental AG
• Denso Corporation
• Arilou Automotive Cybersecurity
• Karamba Security
• Harman International
• Guardknox Cyber-Technologies Ltd.
• Robert Bosch GmbH
• SafeRide Technologies
• Upstream Security Ltd.
• Green Hills Software
To enhance their market position in the global automotive cybersecurity market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In April 2021, to supply EB Corbos Linux OS to car manufacturers and suppliers of Tier 1 in China Elektrobit collaborated with SUSE based in Germany.
● In December 2020, ArcherMind Technology Co., Ltd was chosen as a value-added distributor in China by Elektrobit selected for reselling their software products and providing engineering and customer support services to their customers.
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The ICE vehicles segment dominated the market, accounting for around 68% and a market value of about 4.2 billion in 2021
The by propulsion segment is divided into ICE Vehicles and Electric Vehicles. In 2021, the ICE vehicles segment dominated the market, accounting for around 68% and a market value of about 4.2 billion in 2021.
The hardware segment accounted for the highest CAGR of 19% during the Forecast Period
The by offering segment is divided into hardware and software. Over the forecast period, the hardware segment is expected to grow at the fastest CAGR of 19%. The hardware segment is being driven by the next generation of equipment and devices, such as firewalls, encrypted USB flash drives, and Intrusion Prevention System (IPS) that helps in securing the IT network of any organization.
The passenger vehicle segment is expected to grow at the fastest CAGR of 23.4% over the forecast period
The by vehicle segment is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Over the forecast period, the passenger vehicle segment is expected to grow at the fastest CAGR of 23.4%. The growing connectivity in passenger vehicles such as mobile phone connectivity, infotainment services, voice recognition, navigation, and communication with many other vehicular infrastructures is expected to boost the market growth.
The communication systems segment dominated the market, accounting for 22% of global revenue and a market value of around 1.36 billion in 2021
The application segment is divided into ADAS & safety, body control & comfort, infotainment, telematics, powertrain systems, communication systems, and other applications. The communication systems segment dominated the market, accounting for about 22% of global revenue and a market value of around 1.36 billion in 2021. Because of the growing technologies and rising demands of the customers in vehicles and onset of technologies such as V2V allows vehicles to convey the right messages to the other vehicles on road related to the condition of the roads and helps avoid accidents and reduce traffics.
This communication technology is expected to boost market growth as it requires an enhanced level of security from cybercrime.
Regional Segment Analysis of the Automotive Cybersecurity Market
● North America (U.S. Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
● Asia-Pacific (China, Japan India, Rest of APAC)
● South America (Brazil and Rest of South America)
● Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global automotive cybersecurity market with a market share of around 42% in 2021. During the forecast period, Asia Pacific is expected to be the largest market. The automotive cybersecurity market in the Asia Pacific has been expanding rapidly. The automotive cybersecurity market in the Asia Pacific is dominated by China. The rising demand for technologically advanced vehicles with user-friendly features in China is giving rise to more fraudulent activities. To stop this, the manufacturers are relying on cybersecurity features in the cars driving the growth of the market. There is improvement in the infrastructure of the connected cars because of the improved technology such as V2V increases the chances of cyberattacks in vehicles increasing the need for more robust cybersecurity. This improved the market for automotive cybersecurity in the Asia Pacific region.
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About the report:
The global automotive cybersecurity market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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