The “Automotive Cybersecurity Market – A Global and Regional Analysis: Focus on Product, Application, and Country Analysis – Analysis and Forecast, 2022-2031” report has been added to ResearchAndMarkets.com’s offering.
The automotive cybersecurity market was valued at $2.76 billion in 2022, and it is expected to grow at a CAGR of 22.97% and reach $17.73 billion by 2031.
The growth in the automotive cybersecurity market is expected to be driven by the increasing use of electronics per vehicle, the growing number of connected vehicles, rising cyber threats owing to the increase in data and connectivity of vehicles, and rising sales of electric vehicles.
Market Lifecycle Stage
The automotive cybersecurity market is still in a nascent phase. Latest advancements in connected and autonomous vehicles and the growing number of electronic control units (ECUs) in electric vehicles are majorly responsible for the rapid growth of this market.
Automotive cybersecurity solution providers are increasingly partnering with other key stakeholders in the automotive cybersecurity ecosystem to expand their global footprint. Moreover, the rising number of cyber-attacks is increasingly impacting automotive original equipment manufacturers (OEMs), resulting in significant financial losses.
Leading automotive OEMs have also been working on automotive cybersecurity solutions in-house to provide an extra or added layer of vehicle security for their offerings.
With increased adoption of connected vehicles being anticipated during the forecast period, the competition among established and emerging companies in the automotive cybersecurity solutions market is likely to continue growing to maintain leading market positions in the automotive cybersecurity industry.
Impact
The automotive cybersecurity market is driven by several factors, such as the rising number of ECUs in electric vehicles for enhanced performance and increased sophistication, the increasing number of cyber-attacks in the automotive industry, and the growing adoption of connected and autonomous vehicles.
Automotive cybersecurity solution providers are partnering with other key stakeholders and investing significantly toward the development of advanced automotive cybersecurity solutions to mitigate the growing number of cyber-attack vectors. With growing concerns regarding vehicle security amongst automotive OEMs, the automotive cybersecurity market is expected to grow significantly during the forecast years.