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%. Increasing adoption of connected vehicles has increased the electronic content per vehicle. This has eventually raised the vulnerability of a vehicle against a cyber-attack, which resulted in the recall of vehicles by reputed automakers in the recent past. Thereby, the demand for automotive cybersecurity solutions is growing at a rapid pace all over the world. Moreover, the advent of software-defined vehicles in conjunction with growing cloud-based applications in the automotive sector is also expected to create lucrative opportunities for the automotive cybersecurity market in the coming years globally.
Software segment is expected to witness a significant growth rate in the global automotive cybersecurity market during the forecast period
The software segment is expected to have a larger share in the automotive cybersecurity market during the forecast period. This is owing to the increasing penetration of connected vehicles, and rising adoption of ADAS features in vehicles. Thus, increasing new features in vehicles is likely to support the software segment of the market during the forecast period.
Asia Pacific and North America dominate the software segment of the automotive cybersecurity market. The software segment is projected to grow at the highest rate in Asia Pacific during the forecast period. Automotive OEMs in Japan and South Korea are launching new vehicle models that are equipped with modern connectivity technologies. These OEMs specify their requirements and designs to vendors for the cybersecurity of their vehicles. Vehicle cybersecurity providers and Tier I suppliers develop the actual software as well as functional components for various vehicles.
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ICE vehicles segment is expected to be the largest in the automotive cybersecurity market during the forecast period
Modern ICE vehicles have various connected features, such as infotainment systems, GPS navigation, and wireless connectivity. These features introduce potential vulnerabilities that hackers can exploit to gain unauthorized access to the vehicle’s systems. Cybersecurity measures are necessary to protect against unauthorized control or manipulation of critical functions, ensuring the safety and privacy of the occupants. This, in turn, is expected to bolster the ICE vehicles segment of the automotive cybersecurity market during the forecast period.
“The Asia pacific automotive cybersecurity market is projected to hold the largest share by 2028.”
Asia Pacific is estimated to account for the largest market share in 2023, followed by Europe and North America. Countries such as China, India, Japan, South Korea, and the Rest of Asia Pacific are considered under Asia Pacific for market analysis. One of the key factors driving the market growth in this region is the large production of passenger vehicles, coupled with the increasing penetration of connected cars and other advanced technologies. China and India are considered manufacturing hubs for the automotive industry. . In addition, the increasing purchasing power of the population and rising concerns over vehicle pollution have triggered the demand for electric vehicles and semi-autonomous vehicles in Asia Pacific. This in turn would also drive the market growth for automotive cybersecurity.
Key Market Players
The global automotive cybersecurity market is dominated by major players such as Continental AG (Germany), Robert Bosch GmbH (Germany), Harman International (US), DENSO Corporation (Japan), Aptiv PLC (Ireland), and Karamba Security (Israel), among others.
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