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Automotive Cybersecurity Market worth $5.3 billion by 2026 – Exclusive Report by MarketsandMarkets™

According to the new market research report “Automotive Cybersecurity Market by Form (In-Vehicle, External Cloud Services), Offering (Hardware & Software), Security, Application Type, Vehicle Type, Propulsion, Vehicle Autonomy, Approach, EV Application, and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the global Automotive Cybersecurity Market size is projected to grow from USD 2.0 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 21.3%.

Increasing sales of connected vehicles and semi-autonomous vehicles led to increasing use of electronic component for a vehicle. This increased the complexity of vehicle E/E architecture and software coding thus a vehicle is now becoming more vulnerable against a cyber-attack. Thereby, to safeguard the vehicles from such kind of attack the demand for automotive cybersecurity solutions increased at a rapid pace globally. Moreover, the recent launch of UNECE WP.29 regulation and “Auto Data” regulation are further expected to accelerate the markets growth momentum in the coming years globally.

Passenger vehicle segment is expected to dominate the global Automotive Cybersecurity Market

The passenger vehicles segment is expected to lead the Automotive Cybersecurity Market during the forecast period, owing to the demand for connected vehicle services and growing sales of mid-luxury and luxury vehicles. The electrical/electronic (E/E) architecture of passenger vehicles is more complex and critical than that of LCVs and HCVs. Passenger vehicles are equipped with a considerable number of ECUs and are more prone to cyberattacks compared with the other two categories of vehicles. The key factor driving the passenger vehicles segment is the increasing adoption of V2X technologies due to the growing concerns over traffic, safety, and pollution levels. There are several passenger cars equipped with V2X available in the market, such as Audi A4 and Cadillac CTS. Moreover, the increasing adoption of ADAS features in passenger cars is also another major factor creating the need for cybersecurity solutions globally.

Endpoint security is expected to be the fastest-growing security type in global Automotive Cybersecurity Market.

The endpoint security segment is expected to witness the fastest growth in Europe and Asia Pacific during the forecast period. This growth can be attributed to the increased use of mirror link apps in these regions. Increasing safety and security concerns in these regions are also likely to propel the demand for endpoint security solutions. Presently, new vehicles contain approximately 100 million lines of code and are deployed with complex software by automobile manufacturers. To maintain the safety as well as security of a vehicle’s entire code base, OEMs are opting for endpoint security solutions. Moreover, the trend of a mobile workforce, BYOD, social media, and cloud synchronizing tools is expected to influence the expenditure on endpoint security solutions.

Software segment is expected to dominate the global Automotive Cybersecurity Market.

In terms of market share in the global automotive cybersecurity industry, the hardware to software ratio per vehicle is around 20:80. This is expected to change over the years with variations in hardware prices. Cybersecurity software inside the vehicle requires the implementation of a few security functionalities such as secure protocols, identity and access management, intrusion detection, and abstraction layers for crypto functions. These functionalities are then used by the functional ECUs to secure communications and avoid the creation of backdoors. Therefore, the software segment is expected to hold the largest share in Automotive Cybersecurity Market during the forecast period globally.

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