Automotive Cyber Security Market Size By Security (Hardware Security, Software Security, Network Security, Cloud Security), By Type (Passenger/Consumer Vehicles, Commercial Vehicles), By Application (On-board Diagnostic [OBD], Communication, Safety System

Automotive Cyber Security Market Size By Security (Hardware Security, Software Security, Network Security, Cloud Security), By Type (Passenger/Consumer Vehicles, Commercial Vehicles), By Application (On-board Diagnostic [OBD], Communication, Safety Systems, Infotainment, Telematics), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The automotive cybersecurity market is set to register significant growth through 2030 owing to increasing concerns over consumer safety and mobility. Additionally, surging emphasis on reducing the environmental footprint of the automobile sector is likely to further impel industry growth over the forecast timespan.

Recently, major industry players have been investing in product innovation to improve their business standing, thereby bolstering market expansion. For instance, in July 2022, AUTOCRYPT, a provider of automotive mobility and cybersecurity solutions, received the OCPP 1.6 certification for its “Q Charger”, its electric vehicle (EV) charger for smart billing. This Q Charger can charge at a speed of 3.3 kilowatts and is embedded with a 110-240 V charging cable, which can function in all EVs and can be installed into any wall outlet. The OCPP 1.6 certification validated the security, safety, and durability of the charger.

The automotive cybersecurity market has been bifurcated in terms of security, application, type, and region.

On the basis of security, the market has been divided into cloud security, network security, hardware security, and software security. The cloud security segment is anticipated to grow at a solid CAGR through the forecast period due to the increasing number of cloud-connected vehicles.

Based on application, the automotive cybersecurity market has been segmented into safety systems, infotainment, communication, on-board diagnostic (OBD), telematics, and others. Among these, the safety systems segment was valued at nearly $110.4 million in 2021 and is expected to grow steadily in the upcoming time period. Safety systems find usage in smart automobiles to help drivers avoid collisions. In the UK, more than 1.5 million consumers buy cars equipped with self-activating safety systems.

Besides, the on-board diagnostic segment is estimated to grow at a CAGR of around 22.5% over the study timeline since these devices are widely used by usage-based insurance providers, fleet managers, and customers. The others segment is poised to grow at approximately 16% CAGR through the forecast timeframe.

In the regional context, the automotive cybersecurity market in Europe is expected to register substantial gains up to 2030 as major automotive manufacturers are developing connected car technologies to maintain their market position. The Latin America automotive cybersecurity industry is speculated to grow at a CAGR of roughly 23.5% over the analysis time period owing to mounting consumer interest in automated vehicles in the LATAM region.

Meanwhile, the Middle East & Africa automotive cybersecurity market generated a revenue of more than $20.2 million in 2021 and is primed to further grow through 2030 due to prevalent adoption of autonomous vehicles with added safety features.