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(Transportation-News.com, September 20, 2019 ) The Global Automotive Cyber Security Market is estimated to be USD 1.34 billion in 2018 and is projected to grow at a CAGR of 23.16% during the forecast period, to reach USD 5.77 billion by 2025.
The major growth drivers for the market are the growing number of connected cars and electronic content per vehicle and reinforcement of mandates by regulatory bodies for vehicle data protection. The increasing number of cloud-based applications in the automotive industry and technological advancements in the autonomous vehicle space can create new revenue generation opportunities for automotive cybersecurity manufacturers.
The ecosystem of the automotive cyber security market consists of manufacturers such as Harman (US), Continental (Germany), NXP (Netherlands), Escrypt (Germany), and Vector (Germany), as well as research institutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA).
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The global market is segmented by form, security, application, vehicle, electric vehicle, and region. The report discusses two form types, namely, in-vehicle and external cloud services. The in-vehicle segment accounts for the largest share of this market. This segment is driven by factors such as the increasing use of endpoint applications such as mobile, radio, and smart antenna in vehicles in developing economies and rising demand for in-vehicle applications such as telematics, ADAS, and infotainment.
The application security segment is estimated to be the fastest-growing market for automotive cybersecurity, by security type. It is followed by wireless network security. The application security segment is estimated to experience significant growth due to the increasing sales of mid-size and luxury vehicles across the globe.
The powertrain system segment is estimated to be the fastest-growing market for automotive cybersecurity, by the application. The number of electronic applications in modern vehicles is increasing day by day. Modern vehicles have a powertrain system equipped with latest mechatronics technologies comprising electronic control units (ECUs). These ECUs are vulnerable to the threat of a cyberattack.
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The passenger vehicle segment is projected to be the largest market for automotive cybersecurity. The market growth in this segment can be attributed to the increasing electronic content inside the vehicle that is controlled by ECUs. Moreover, passenger vehicles are connected to external cloud services for telematics and fleet management applications.
The Asia Pacific market is estimated to hold the largest market share and is estimated to grow at a significant CAGR during the forecast period. The market growth in the region can be attributed to the increase in vehicle production and rising adoption of connected vehicles. Expansion of leading OEMs and automotive component suppliers in developing economies such as China and India is also projected to drive the market growth in this region.
Target Audience:
• Automotive cybersecurity manufacturers
• Automobile organizations/associations
• Compliance regulatory authorities
• Government agencies
• Investors and Venture Capitalists (VCs)
• Raw material suppliers for automotive cybersecurity
• Traders, distributors, and suppliers of automotive cybersecurity
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MarketsandMarkets™
Mr. Shelly Singh
1-888-600-6441
newsletter@marketsandmarkets.com
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