By the end of 2033, it is predicted that the market for automotive cyber security would be valued US$ 26,492.6 million, up from an estimated value of US$ 2,143.1 million in 2022. The market for automotive cyber security is projected to grow at a CAGR of 25.8% from 2023 to 2033, reaching US$ 2,661.7 Mn in 2023.
Automotive cyber security also safeguards the networks that enable communications between vehicles, connected devices, and the cloud. This ensures complete automotive data security and prevents unauthorised access to the vehicle.
|Automotive Cyber Security Market Size (2023)||US$ 2,661.7 Mn|
|Projected Market Value (2033)||US$ 26,492.6 Mn|
|Global Market Growth Rate (2023-2033)||25.8%|
|Hardware Segment Market Share (2022)||43.4%|
|India Market Growth Rate (2022)||25.4%|
|Fuel-based Vehicle Segment Market Share (2022)||62.2%|
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Key Takeaways from Study
- OEMs and cyber security tech players are continuously collaborating with each other to develop advanced cyber security solutions to deal with highly sophisticated attacks.
- Among the application, ADAS & safety systems are expected to witness high growth, owing to wide adoption in autonomous driving vehicles across the globe.
- Among the regions, South Asia & Pacific is exhibiting a high growth rate, owing to expected rise in automobile production over the coming years
- Infotainment systems will continue being the primary contributor to the growth of the automotive cyber security market on a global scale.
- The market in the U.S. is projected to expand at a CAGR close to 7%, while that in the U.K. at nearly 8% through 2031.
- Demand for automotive cyber security solutions in India is expected to surge at a CAGR of more than 13% over the next ten years.
“Rise in consumer demand for luxurious features and growing demand for passenger electric vehicles (EVs) would propel growth of automotive cyber security solutions,” says a Persistence Market Research analyst.
Continuous Rise in Number of Automotive ECUs to Drive Market Growth
The last decade has seen a phenomenal increase in the use of electronic components in automotive systems, resulting in the replacement of manual driving vehicles with autonomous vehicles. All these changes have been made possible due to the presence of Electronic Control Units (ECUs). Several types of ECUs are placed inside a vehicle to control various functions, ensuring a smooth and safe driving experience.
Some automobile models running today have around 80 different ECUs present in them, and even more than 150 in luxury cars. The application of ECUs is done in a variety of systems in a vehicle, such as ADAS, infotainment, body control, and comfort system, among others, which means massive amount of information or data is been created and processed by an ECU during each drive.
There is a huge role of ECUs in enabling safety and security in every vehicles. Hardware security modules (HSMs) anchor security functions directly in the ECU’s main processors.
These are combined with security software stacks to prevent unauthorized access of in-vehicle communications and vehicle control. Increasing adoption of ECUs in vehicles would also increase demand for HSMs modules, resulting in high growth in the automotive cybersecurity market. The HSM segment is expected to dominate the market, and is estimated to account for 43% of the total market value share in 2021.
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Impact of COVID-19 Outbreak
The COVID-19 pandemic has had a swift and severe impact on the global integrated automotive industry. Widespread impact of the pandemic has revealed a significant vulnerability in corporate supply chains. Factory closures, supply chain disruptions, and diminishing demand have all taken their toll. The impact caused global disruption in the exports of Chinese parts, large-scale manufacturing interruptions across Europe, and closure of assembly plants in the U.S.
The automotive industry makes a significant contribution to the global economy. The industry’s annual turnover is equivalent to the world’s sixth-largest economy. However, amid the COVID-19 pandemic, the automotive industry faced a sharp drop in demand and investments. It is estimated that, manufacturing factory closures in Europe and North America caused around 2.2 million passenger vehicles to be removed from production schedules, at a cost of around US$ 70 billion in lost revenue for automotive and parts manufacturing companies. Moreover, as per estimates, the top 20 OEMs in the global auto sector will see profits decline by approximately US$ 100 billion in 2020.
During the outbreak, production as well as development of automotive cyber security products and solutions declined by nearly 6%-8% in Q1-Q2 2020, due to plunging production across Chinese factories, as they are one of the world’s major hardware security product manufacturers and suppliers. However, according to estimates, production has become quite stable from the last two quarters of 2020, and demand has started to gain traction again.
Key Companies Profiled
- Vector Informatik GmbH
- Karamba Security
- Upstream Security
- Sectigo Limited
- RunSafe Security, Inc.
- Trend Micro
- Harman International
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Key Segments of Automotive Cyber Security Market Industry Research
- Hardware Security Modules (HSMs)
- Secure Vehicle Network Gateways
- Trusted Platform Modules (TPM)
- Embedded Firewalls
- Encryption & Cryptography
- Biometrics & Authentication
- Professional Services
- Security Consulting & Risk Assessment
- Integration & Deployment
- Support & Maintenance
- Managed Security Services
- Professional Services
- Infotainment Systems
- Powertrain Systems
- ADAS & Safety Systems
- Body Control Systems
- Fuel-based Vehicles
- Passenger Cars
- Commercial Vehicles
- Electric Vehicles
- Passenger Cars
- Commercial Vehicles
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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