The National Highway Traffic Safety Administration (NHTSA) defines Cybersecurity, within the context of road vehicles, as the protection of automotive electronic systems, communication networks, control algorithms, software, users, and underlying data from malicious attacks, damage, unauthorized access, or manipulation. According to the Alliance of Automobile Manufacturers, there are seven critical areas in cybersecurity for connected vehicles:
The Global Automotive Cyber Security Market is projected to grow at a CAGR of around 14.8% during the forecast period, i.e., 2022-27. The new cybersecurity compliance, including UNECE WEP.29, Auto Data (China), ISO/SAE 21434, etc., issued by various countries like the US, Europe, & China, has surged the demand for automotive cybersecurity solutions from various OEMs, such as BMW, GM, Ford, Kia, Mahindra, among others.
The rapid escalation in the adoption of technologies like autonomous driving technology, keyless entry, wireless connectivity, etc., coupled with the burgeoning electrification of existing transportation fleets with the deployment of ADAS features, have heightened the demand for automotive security solutions.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China. Japan. India. South Korea. Rest of Asia Pacific|
|Middle East & Africa: Israel, Turkey, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||Infineon Technologies AG, Continental AG (Argus Cyber Security), Robert Bosh GmbH (ESCRYPT GmbH), Garrett Motion Inc., Intel Corporation, Aptiv Plc., C2A Security, Garrett Motion, Harman International Industries, Inc., Denso Corporation, Lear Corporation, SBD Automotive & NCC Group, Arilou Technologies, Karamba Security, Vector Informatik GmbH|
|Unit Denominations||USD Million/Billion|
In addition, the surging demand for connected vehicles & semi-autonomous vehicles and massive investments by automakers in cybersecurity solutions to enhance customer experiences have further boosted the global market to a greater extent.
Moreover, the application of Artificial Intelligence (AI) & 5G to support automated driving systems is growing at a faster pace. Auto OEMs are actively focusing on providing enhanced customer experience by adopting these next-generation solutions and leveraging preventive & predictive maintenance to improve the overall product quality. However, the risk of cyber intrusion increases considerably, and the need for sophisticated automotive cyber security solutions is growing manifold.