The "Automotive Cybersecurity Market by Form (In-Vehicle, External Cloud Services), Security (Endpoint, Application, Wireless Network), Application (Infotainment, Powertrain, ADAS & Safety), Vehicle Type, EV Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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.
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 an 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 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.
Increased Use of Electronics Per Vehicle and a Growing Number of Connected Cars
Reinforcement of Mandates by Regulatory Bodies for Vehicle Data Protection
Growth of the V2X Market
High Costs of Automotive Cybersecurity Solutions
Complex Ecosystem with Multiple Stakeholders
Growing Cloud-Based Applications in the Automotive Industry
Exceptional Technological Development in Autonomous Vehicle Space
Discrepancies Related to Pricing Strategies Among Stakeholders
Time Lag in the Delivery of Cybersecurity Updates
Avl Software and Functions
Garrett Advancing Motion
Green Hills Software
Guardknox Cyber Technologies
Real-Time Innovations (Rti)
For more information about this report visit https://www.researchandmarkets.com/r/q31vw3
View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005350/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900