Automotive Cybersecurity Market worth $5.3 billion by 2026

The global automotive cybersecurity market size is projected to grow from USD 2.0 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 21.3%. Increasing sales of connected vehicles and semi-autonomous vehicles led to increasing use of electronic component for a vehicle.

This increased the complexity of vehicle E/E architecture and software codings thus a vehicle is now becomes more vulnerable against a cyber-attack. Thereby, to safeguard the vehicles from such kind of attack the demand for automotive cybersecurity solutions increased at a rapid pace globally. Moreover, the recent launch of UNECE WP.29 regulation and “Auto Data” regulation are further expected to accelerate the markets growth momentum in the coming years globally.

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Passenger vehicle segment is expected to dominate the global automotive cybersecurity market

The passenger vehicles segment is expected to lead the automotive cybersecurity market during the forecast period, owing to the demand for connected vehicle services and growing sales of mid-luxury and luxury vehicles. The electrical/electronic (E/E) architecture of passenger vehicles is more complex and critical than that of LCVs and HCVs. Passenger vehicles are equipped with a considerable number of ECUs and are more prone to cyberattacks compared with the other two categories of vehicles. The key factor driving the passenger vehicles segment is the increasing adoption of V2X technologies due to the growing concerns over traffic, safety, and pollution levels. There are a number of passenger cars equipped with V2X available in the market, such as Audi A4 and Cadillac CTS. Moreover, the increasing adoption of ADAS features in passenger cars is also another major factor creating the need for cybersecurity solutions globally.

Endpoint security is expected to be the fastest-growing?security type in global automotive cybersecurity market.

The endpoint security segment is expected to witness the fastest growth in Europe and Asia Pacific during the forecast period. This growth can be attributed to the increased use of mirror link apps in these regions. Increasing safety and security concerns in these regions are also likely to propel the demand for endpoint security solutions. Presently, new vehicles contain approximately 100 million lines of code and are deployed with complex software by automobile manufacturers. To maintain the safety as well as security of a vehicle’s entire code base, OEMs are opting for endpoint security solutions. Moreover, the trend of a mobile workforce, BYOD, social media, and cloud synchronizing tools is expected to influence the expenditure on endpoint security solutions.

Asia Pacific is expected to be the largest market during the forecast period

Asia Pacific is estimated to account for the largest market share in 2021, followed by Europe and North America. The rising awareness of active and passive safety features among people and increasing sales of mid-sized and luxury vehicles are the key factors driving the automotive cybersecurity market in Asia Pacific. Several OEMs have shifted their automobile manufacturing plants to emerging countries because of low labor costs, ease of doing business, and the availability of raw materials. Several well-known semiconductor companies have their manufacturing hubs in the Asia Pacific region as well. This helps them maintain an effective supply chain of their products for the automakers.

The?Automotive Cybersecurity Market?is dominated by global players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Harman International (US), 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.

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