Automotive Cybersecurity Market Growth Outlook & Forecast to 2028
The global automotive cybersecurity market size is projected to grow from USD 2.5 billion in 2023 to USD 6.0 billion by 2028, at a CAGR of 18.5%. The demand for automotive cybersecurity solutions is fueled by the increased use of electronics per vehicle, a growing number of connected cars, reinforcement of mandates by regulatory bodies for vehicle data protection, significantly growing global automotive V2X market, and the rising sales of electric vehicles globally.
Passenger vehicle segment is expected to have largest
share in the global automotive cybersecurity market
The passenger vehicles segment is anticipated to dominate
the global automotive cybersecurity market in the foreseeable future. This is
owing to the rising demand for connected vehicle technology paired with the
increasing sales of luxury vehicles. Also, the increasing focus towards V2X
technology owing to the rising concerns over traffic, safety, as well as
pollution levels is anticipated to bolster revenue growth for the passenger
vehicles segment of the global automotive cybersecurity market. For instance,
Audi A4 and Cadillac CTS are passenger vehicles that are equipped with V2X
technology. Moreover, the rising adoption of ADAS equipped passenger vehicles
is also another major factor creating the need for automotive cybersecurity
solutions gobally.
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Endpoint security segment is expected to have significant
growth opportunities in global automotive cybesecurity market
The endpoint security segment is anticipated to have
significant growth opportunities in Europe and Asia Pacific during the forecast
period. Rising concerns pertaining to the safety and security in Europe and
Asia Pacific regions are also likely to increase the demand for endpoint
security solutions. New vehicles launched in the global market contain around
100 million lines of code and are typically deployed with complex software by
automotive manufacturers/OEMs. Automotive OEMs are opting for endpoint security
solutions in order to maintain the safety as well as security of a vehicle’s
entire code base. All these aforementioned factors are expected to augment
revenues for endpoint security segment of the automotive cybersecurity market
in the foreseeable future.
“Germany to lead the automotive cybersecurity market in
Europe”
Germany is the largest automobile market in Europe. It is
one of the most advanced and innovative automotive industries in the world. It
is known for its engineering excellence and presence of automotive players such
as Volkswagen, Audi, Mercedes-Benz, and Daimler, among others. In addition,
Germany is one of the leading vehicle manufacturers in Europe, owing to the
presence of OEMs and tier 1 companies. Luxury vehicle manufacturers like BMW,
Volkswagen, and Mercedes Benz have their head offices in Germany. Germany is
one of the countries in Europe to have agreed to follow WP.29 regulations for
automotive cybersecurity, which will help accelerate the demand for automotive
cybersecurity solutions in the country during the forecast period.
Key Market Players:
The automotive cybersecurity market is dominated by global
players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Harman
International (US), DENSO Corporation (Japan), and Aptiv PLC (Ireland), among
others. These companies have adopted strategies of new product development,
expansions, collaborations, partnerships, and acquisitions to gain traction in
the market. Collaborations were the most adopted strategy, among others.
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