Valued at $1,152.7 million in 2019, the global automotive cybersecurity market is predicted to attain a valuation of $7,280.2 million by 2030, advancing at a CAGR of 18.5% between 2020 and 2030. The main factors fuelling the growth of the market are the incorporation of artificial intelligence (AI) in level 4 and level 5 autonomous cars, integration of advanced safety features in automobiles, and the implementation of mandatory government regulations for the incorporation of safety features in vehicles in several countries around the world.
Based on vehicle type, the automotive cybersecurity market is categorized into commercial vehicles and passenger cars. Of these, the commercial vehicles bifurcation is predicted to register faster growth in the market in the coming years. This is because of the increasing incorporation of cloud-based solutions by vehicle fleet owners across the world. In addition to this, the governments of many countries are enacting strict regulations for the integration of safety features in commercial vehicles, which is, in turn, powering the progress of the category in the market. The adoption of fleet cybersecurity solutions helps the owners in getting real-time information about connected vehicles in the central control unit, which, in turn, assists in organizing and safeguarding various confidential information such as driver data.
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Under the application segmentation of the automotive cybersecurity market, the major categories are infotainment, advanced driver assistance system (ADAS) and safety system, powertrain, telematics, and body electronics. Out of these categories, the infotainment division held the major market share in the past. Apart from providing information, the infotainment systems also provide entertainment content through built-in hardware and software, thereby enhancing the driver and passenger experience. The consumers can pair their smartphones with these systems for accessing the features of the smartphone, which subsequently increases the demand for in-vehicle cybersecurity solutions for various infotainment applications in order to safeguard and protect the passenger data.
Geographically, the automotive cybersecurity market is predicted to exhibit the highest CAGR in the Asia-Pacific (APAC) region in the forthcoming years. The rapid advancement of the market in this region is because of the soaring automotive production and the rising disposable income of people in the various developing nations of APAC such as China and India. Furthermore, the increasing public awareness about the cybersecurity solutions developed by several original equipment manufacturers (OEMs), rapid technological advancements, and enactment of strict government policies regarding data security and vehicular safety are predicted to cause huge expansion of the market in the region in the upcoming years.
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The COVID-19 pandemic has negatively impacted the progress of the global automotive cybersecurity market primarily on account of the imposition of strict lockdowns in several countries and the subsequent disruption in supply chain and logistics, falling imports and exports of goods, declining availability of raw materials, reducing demand for automobiles, shutting down of OEM factories and manufacturing plants, and decreased output.
The major players operating in the automotive cybersecurity market such as Harman International Industries Inc.,Continental AG, Trillium Secure Inc., Vector Informatik GmbH,Visteon Corporation, Robert Bosch GmbH, NXP Semiconductors N.V., Aptiv Plc, DENSO CORPORATION, and Honeywell International Inc. are increasingly focussing on getting into strategic partnerships with each other and mergers for increasing their available resources and technical expertise in order to improve the quality of their product and service offerings.
