Automotive Cybersecurity Market Size & Share - Future Growth Expectations
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%. Factors such as increasing adoption of ADAS equipped vehicles, increased use of electronics per vehicle, and growing focus towards vehicle safety will increase the need for automotive cybersecurity. Also the growing cloud-based applications, and increasing penetration of V2X enabled services are also expected to support the revenue growth of the automotive cybersecurity market during the forecast period.
The automotive cybersecurity market is poised for substantial growth in the coming years, driven by several key factors:
- Technological Evolution
- Connectivity Surge
- Regulatory Imperatives
- Escalating Cyber Risks
- Collaborative Endeavors
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Technological Evolution:
- The automotive cybersecurity market is on the brink of significant growth, fueled by ongoing advancements in vehicle connectivity and automation. These innovations expand the scope for cyber threats, driving the need for robust cybersecurity solutions.
Connectivity Surge:
- With the widespread adoption of connected vehicles and IoT technology in automotive systems, the attack surface for cybercriminals is expanding rapidly. This surge in connectivity heightens the urgency for stronger cybersecurity measures to safeguard against potential threats.
Regulatory Imperatives:
- Stringent regulations and standards like ISO/SAE 21434 and UNECE WP.29 are compelling automakers to prioritize cybersecurity in vehicle design and development. Compliance with these mandates is crucial, driving investments in cybersecurity to mitigate legal risks.
Escalating Cyber Risks:
- The automotive industry is increasingly under siege from cyber attacks, ranging from ransomware to data breaches and remote vehicle hijacking. This escalating threat landscape underscores the need for proactive cybersecurity investments to safeguard against potential vulnerabilities.
Collaborative Endeavors:
- Collaboration among automakers, cybersecurity firms, government agencies, and standards bodies is pivotal. These partnerships facilitate the sharing of threat intelligence, best practices, and resources, fostering a collective approach to combating evolving cyber threats effectively.
Based on these factors, the automotive cybersecurity market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.
Automotive Cybersecurity Market Share - Global Industry Landscape
The automotive cybersecurity market is characterized by the presence of several key players competing for market share. Some of the leading companies in the automotive cybersecurity industry include:
- Continental AG (Germany),
- Robert Bosch GmbH (Germany),
- Harman International (US),
- DENSO Corporation (Japan),
- Aptiv PLC (Ireland),
- Garrett Motion Inc. (Switzerland),
- Renesas Electronics Corporation (Japan).
These companies, along with several others, collectively shape the global automotive cybersecurity industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for automotive cybersecurity continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in automotive cybersecurity discovery, development, and commercialization.
Continental AG (Germany):
- Market Share: Continental AG is a significant player in the automotive cybersecurity market, leveraging its expertise in automotive technology and cybersecurity solutions.
- Key Offerings: Continental offers a range of cybersecurity solutions for vehicles, including intrusion detection systems, secure communication protocols, and over-the-air update mechanisms. Their offerings focus on enhancing the security and resilience of automotive systems against cyber threats.
Robert Bosch GmbH (Germany):
- Market Share: Robert Bosch GmbH is a leading provider of automotive cybersecurity solutions, known for its extensive portfolio of automotive components and systems.
- Key Offerings: Bosch offers cybersecurity solutions tailored for vehicles, including secure gateway modules, security software, and cryptographic solutions. Their offerings aim to protect vehicle networks and electronic control units (ECUs) from unauthorized access and malicious attacks.
Harman International (US):
- Market Share: Harman International, a subsidiary of Samsung Electronics, is a key player in the automotive cybersecurity market, specializing in connected car solutions and cybersecurity services.
- Key Offerings: Harman offers cybersecurity solutions for connected vehicles, including secure over-the-air updates, intrusion detection systems, and security analytics platforms. Their offerings focus on ensuring the security and privacy of vehicle data and communication networks.
DENSO Corporation (Japan):
- Market Share: DENSO Corporation is a leading supplier of automotive components and systems, including cybersecurity solutions for vehicles.
- Key Offerings: DENSO offers cybersecurity solutions designed to protect vehicle ECUs, communication networks, and connected car services. Their offerings include secure communication protocols, cryptographic modules, and intrusion detection systems, aimed at mitigating cyber risks in automotive systems.
Aptiv PLC (Ireland):
- Market Share: Aptiv PLC is a major player in the automotive cybersecurity market, specializing in advanced electronics and software solutions for vehicles.
- Key Offerings: Aptiv offers a range of cybersecurity solutions for connected vehicles, including secure gateway modules, authentication protocols, and cybersecurity services. Their offerings focus on ensuring the integrity and security of vehicle communication networks and data exchange.
Garrett Motion Inc. (Switzerland):
- Market Share: Garrett Motion Inc. provides automotive cybersecurity solutions, leveraging its expertise in turbocharger technology and automotive electronics.
- Key Offerings: Garrett offers cybersecurity solutions for vehicles, including secure communication modules, cryptographic solutions, and intrusion detection systems. Their offerings aim to protect vehicle networks and systems from cyber threats and unauthorized access.
Renesas Electronics Corporation (Japan):
- Market Share: Renesas Electronics Corporation is a leading semiconductor company, providing automotive cybersecurity solutions for vehicle manufacturers and suppliers.
- Key Offerings: Renesas offers a range of cybersecurity solutions for automotive applications, including secure microcontrollers, cryptographic modules, and secure boot solutions. Their offerings focus on enhancing the security and resilience of vehicle ECUs and communication networks against cyber attacks.
Related Reports:
Automotive Cybersecurity Market by Form (In-Vehicle, External Cloud Services), Offering (Hardware & Software), Security, Vehicle Type, Application, Propulsion, Vehicle Autonomy, Approach, EV Application and Region - Global Forecast to 2028
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