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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:
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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.
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