Automotive Cybersecurity Market is estimated to grow at a CAGR of over 19.5% During 2024-30

The Global Automotive Cybersecurity Market size was valued at USD 3.4 billion in 2023 and is projected to reach USD 12.24 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 19.5% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. This market for automotive cybersecurity solutions is attaining massive traction, pushed by the increasing number of cyberattacks infiltrating the automotive sector globally. Furthermore, if the hacker breaks into the car software, then they can detect the vehicle's whereabouts and also access the steering wheels, which can turn out to be dangerous for the consumers. So, cybersecurity in cars is very much needed to ensure consumers' safety.

With the gain in automobile technology, the adoption of internet-connected infotainment systems has also increased. Hence, using the internet makes the process of cyberattack easy for hackers. Further to the infotainment systems, the vehicles also come up with integrated GPS solutions as well. Therefore, as higher integration of software in automobiles raises the risks of cyberattacks, like leaking sensitive consumer information, the demand for automotive cybersecurity solutions increases. Furthermore, autonomous and connected vehicle acceptance is also increasing, particularly in North America and Europe. Also, with the improving road infrastructure, and high-level internet connectivity across these regions, the adoption of autonomous and connected vehicles has become more accessible. Therefore, the increasing adoption translates into a higher volume of integrated software in the vehicles.

Autonomous & connected vehicles also generate a large volume of consumer-related data like their personal details and information related to their location. Thus, a cyberattack on such software would result in the revealing of sensitive user information. Also, these vehicles require internet connectivity, which further eases the process of hacking into this automotive software. Hence, the accelerating adoption of autonomous and connected vehicles would increase the adoption of cybersecurity solutions as well in the coming years, further states the research report, “Global Automotive Cybersecurity Market Analysis, 2024.”

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Global Automotive Cybersecurity Market Segmentation Analysis

Telematics to Gain Prominent Share in the Market

Based on the application segment, the market is further bifurcated into, Body Control & Comfort, ADAS & Safety Systems, Telematics Systems, Infotainment Systems, Powertrain Systems, and Others (On-board Diagnostics, Operational Data, etc.). Among these, the Telematics Systems segment has been the most prominent application that requires cybersecurity solutions. This is primarily because vehicle telematics adoption has enhanced prominently over the last few years. There are several end-users, such as ride-hailing companies, rental car companies, and logistics companies, who have been majorly adopting telematics solutions. The increased adoption of telematics has been mainly due to their advanced ability to track vehicle location and provide driver behavior in real-time. This particular feature would allow end-users to keep track of the fleets and also to help upgrade the changes required for better performance. So, as the adoption of telematics solutions has been amplifying, the need for cybersecurity solutions has been also enhancing.

Europe to Experience Substantial Growth in the Global Automotive Cybersecurity Market

Geographically, the European region has been dominating the Global Automotive Cybersecurity Market. This was primarily driven by the rising instances of cyberattacks being witnessed across the region in the automotive sector. Several automobile manufacturers across the region have experienced a substantial rise in cyberattacks, primarily in their IT infrastructure of manufacturing plants.

Cyberattacks across the region have also resulted in halting the production activity of various automobile companies. Hence, as these instances accelerated, more automotive companies were inclined toward the adoption of cybersecurity solutions in the region, to prevent themselves from cyberattacks. Hence, this is also projected to accelerate the adoption of cybersecurity solutions in the region in the forthcoming years as well.

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Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Infineon Technologies AG, Continental AG (Argus Cyber Security), Robert Bosch GmbH (ESCRYPT GmbH), Garrett Motion Inc., Intel Corporation, Aptiv Plc., C2A Security, Harman International Industries, Inc., Denso Corporation, Honeywell International Inc., SBD Automotive, NNG Software Developing and Commercial Llc, Karamba Security, Vector Informatik GmbH, and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Automotive Cybersecurity Market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-2030?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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