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Global Automotive Cyber Security Market Projected to Grow at a CAGR of 23.1% between 2021 and 2026

According to a new report by EMR titled, ‘Global Automotive Cyber Security Market Report and Forecast 2021-2026’, the global automotive cyber security market reached a value of nearly USD 1.6 billion in 2020. It is further expected to attain a value of USD 5.57 billion by 2026, growing at a CAGR of 23.1%.

The global automotive cyber security market is propelled by the increasing safety concerns in the automotive sector. Regionally, North America is the most dominant market for automotive cyber security due to the increased demand for automobiles. Increasing investments as well as critical actions undertaken by local governments to address cyber-attacks on sectors like the automotive industry will also drive the market growth in the region. Due to changing consumer lifestyle and increasing purchasing power, along with rapid urbanisation in the region, the Asia Pacific is expected to be the second largest market for automotive cyber security. In Europe, another significant regional market for automotive cyber security, the involvement of major automotive manufacturers such as Porsche, Audi, Ford (NYSE: F), Opel, BMW, Volkswagen and Mercedes-Benz in Germany aided the automotive cyber security industry growth in the region in 2018.

The increasing focus on enabling stricter cyber security rules is significantly supporting the growth of the automotive cyber security industry. In 2018, Siemens (OTCMKTS: SIEGY) and eight industry partners signed the first joint charter for greater cybersecurity at the Munich Security Conference. The Charter of Trust, initiated by Siemens, calls for binding rules and standards to build confidence in cybersecurity and advance digitalization further. With Automotive OEMs expanding their revenue streams to include connected automotive phones, the demand for cyber security in the automotive sector is witnessing a further boost.

Market Analysis by Security, Application, Form, Vehicle, Electric Vehicle, and Region:

  • Based on security, the market is segmented into endpoint security, application security, and wireless network security.
  • It finds its applications in telematics system, infotainment system, powertrain system, body control and comfort control, communication system, and ADAS and safety system.
  • Automotive cyber security is available in in-vehicle and external cloud service forms.
  • It is further segmented on the basis of vehicle into passenger car and commercial vehicle.
  • The electric vehicle can be further segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV).
  • The major regions in the market include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growth of the automotive cyber security market is being propelled by the strengthening of the guidelines by regulatory bodies regarding vehicle data protection.
  • The rising number of cloud-based applications, along with technological advancements in the vehicles, is aiding the growth of the industry.
  • The application security sector is projected to grow at a faster rate owing to the rising demand for luxury vehicles.
  • The in-vehicle segment is expected to grow at a faster pace in developing regions like India due to the increasing demand for in-vehicle applications.

Key Offerings of the Report:

  • The EMR report provides an overview of the global automotive cyber security market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the security, applications, forms, vehicles, electric vehicles, and regional markets of automotive cyber security.

The key players in the global automotive cyber security market include Harman International Industries, Inc, Continental AG, Robert Bosch GmbH, DENSO CORPORATION, Symantec Corporation, Honeywell International Inc., Trillium Secure Inc., and Vector Informatik GmbH, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers, acquisitions and investments, capacity expansions, and plant turnarounds.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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