V2X Cybersecurity Market Forecasts to 2030 – Global Analysis By Vehicle Type (Heavy Commercial Vehicle, Passenger Vehicle and Light Commercial Vehicle), Communication, Unit, Propulsion, Security, Connectivity, Form, Application and By Geography

V2X Cybersecurity Market Forecasts to 2030 – Global Analysis By Vehicle Type (Heavy Commercial Vehicle, Passenger Vehicle and Light Commercial Vehicle), Communication, Unit, Propulsion, Security, Connectivity, Form, Application and By Geography

According to Stratistics MRC, the Global V2X Cybersecurity Market is accounted for $1.4 billion in 2023 and is expected to reach $5.1 billion by 2030 growing at a CAGR of 20.1% during the forecast period. A vehicle can connect with other vehicles, other road users, and infrastructure to the communication technology known as V2X. This technology's main goals are to increase road safety, energy efficiency, and traffic flow. Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication systems, as well as vehicle-to-pedestrian (V2P), vehicle-to-grid (V2G), vehicle-to-cloud (V2C), and vehicle-to-device (V2D) communication systems, are among the essential elements. Because cloud updates to store data and improve security require constantly evolving security standards, this cybersecurity needs external cloud services.

According to Mimecast (IT security company), there's a higher than 95% likelihood that cyber-attacks will rise as cyber criminals take advantage of the pandemic's panic and disruption. According to the International Telecommunication Union (ITU), globally, there was a gap between the 85% coverage of 4G in urban areas and the inadequate 29% coverage in rural areas.

Market Dynamics

Driver

Increasing demand for electric automobiles

The demand for vehicle-to-grid communication will probably expand as the acceptance and sales of electric vehicles grow globally. Massive expenditures by automakers are going to be made to meet the spike in demand for electric vehicles and play a key role in the market's development. To safeguard the data, V2X cybersecurity providers may need to combat cyberattacks on V2C, V2G, and V2I communications. During the projected period, all of the aforementioned factors are anticipated to favorably impact the market.

Restraint

Difficulties in developing secure applications

One advantage of switching to Linux-based platforms is the capability to enable third party programs and services that may be pre-installed or added by car users. This has various potential advantages for all parties concerned, but it also creates new opportunities for assault. Black hat hackers will concentrate their efforts in this area if they employ platforms that are familiar to them, notwithstanding OEMs' ability to check which services and applications are provided to automobiles. During the projected period, a rise in attacks on cars using weak mobile applications is anticipated to restrain market growth.

Opportunity

Growing demand for connected vehicles

Through the V2X platform, connected vehicles can communicate with other vehicles, drivers, road infrastructure, and the cloud. These services produce useful data, such as vehicle performance and road conditions, and allow auto dealers, fleet operators, and drivers to optimize resource utilization, increase safety, and automate some driver responsibilities. As a result, the desire for basic vehicle connectivity applications like real-time updates, navigation, and in-car infotainment systems is largely to blame for the rise in demand for connected car services.

Threat

Inadequate infrastructure

One of the things that could limit the market's ability to increase its revenue to some level is the absence of infrastructure necessary for V2X communication to function properly. V2X technology's poor performance will have a direct influence on adoption rates, which will have an impact on market revenue growth. Furthermore, mobility business models that depend on reliable connectivity could be severely hampered by a lack of 5G availability in rural areas.

Covid-19 Impact

Consumer habits and behaviors have undergone significant modifications as a result of the Covid-19 epidemic. Globally, it is hastening the development of connected mobility, autonomous vehicles, and smart cities. This has created new prospects for the automotive sector and other related intelligent solutions, such as V2X, have stood out. The pandemic badly disrupted supply chains and production schedules, which had an adverse effect on car production and sales, which in turn had an adverse effect on the market for V2X cybersecurity.

The vehicle-to-vehicle (V2V) segment is expected to be the largest during the forecast period

The vehicle-to-vehicle (V2V) segment is expected to be the largest during the forecast period. A wireless information exchange between automobiles is known as vehicle-to-vehicle (V2V). Within a specified area, the system can transmit messages from neighbouring cars that help assess the likelihood of collisions and, if necessary, enable a driver to take immediate evasive action. Rising concerns about traffic safety are anticipated to fuel market expansion for vehicle-to-vehicle (V2V) communication.

The on-board units segment is expected to have the highest CAGR during the forecast period

The on-board units segment is expected to have the highest CAGR during the forecast period. For all vehicle-to-everything communications, including vehicle-to-vehicle, vehicle-to-pedestrian, and vehicle-to-infrastructure, vehicles need on-board units, whereas roadside units are mostly needed for vehicle-to-infrastructure communications. The on-board unit is also in charge of the vehicle's security features in general.

Region with largest share

North America is projected to hold the largest market share during the forecast period due to increase in the demand for automobiles, and advent of the connected vehicle ecosystem. Vehicles require on-board units for all vehicle-to-everything communications, such as vehicle-to-vehicle, vehicle-to-pedestrian, and vehicle-to-infrastructure, whereas roadside units are mostly required for vehicle-to-infrastructure communications. The overall security aspects of the vehicle are also controlled via the on-board unit.

Region with highest CAGR

Asia Pacific is projected to hold the highest CAGR over the forecast period due to the increased production of passenger cars with advanced connected vehicle features. The demand for in the region has been sparked by the populations rising spending power and growing environmental concerns. Other factors that are influencing the adoption of connected cars include the rise in demand for connection solutions and the application of the internet of things (IoT) in the automotive sector.

Key players in the market

Some of the key players in V2X Cybersecurity market include Continental AG, Lear Corporation, Qualcomm Technologies, Karamba Security, Harman International, SafeRide Technologies, Denso Corporation, Infineon Technologies, STMicroelectronics, Blackberry Certicom, Green Hills Software, Autotalks Ltd., Trillium Secure Inc., NXP Semiconductors and HARMAN International.

Key Developments

In June 2023, STMicroelectronics and Airbus have signed an agreement to cooperate on power electronics Research & Development to support more efficient and lighter power electronics, essential for future hybrid-powered aircraft and full-electric urban air vehicles.

In April 2023, BlackBerry Limited and Solutions Granted today announced an extended partnership, naming the leading cybersecurity services provider a Master Managed Security Services Provider (MSSP), enabling it to better scale and meet the growing demand for cybersecurity services among small and medium-sized businesses (SMBs).

In March 2023, Qualcomm Technologies International, Ltd. and Arrow Electronics, Inc. have expanded their strategic collaboration. The establishment of Edge Labs – an Arrow Center of Excellence (CoE) - will help customers accelerate the development of connected intelligent edge devices based on solutions from Qualcomm Technologies.

Vehicle Types Covered
• Heavy Commercial Vehicle
• Passenger Vehicle
• Light Commercial Vehicle

Communications Covered
• Vehicle-to-Grid (V2G)
• Vehicle-to-Cloud (V2C)
• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Pedestrian (V2P)
• Vehicle-to-Vehicle (V2V)

Units Covered
• Roadside Units
• On-Board Units


Propulsions Covered
• Electric Vehicles
• Internal Combustion Engines

Securities Covered
• Cloud Security
• Software Security
• Endpoint Security

Connectivity’s Covered
• Dedicated Short-Range Communications (DSRC)
• Cellular

Forms Covered
• External Cloud Services
• In-Vehicle

Applications Covered
• Connected motorcycles
• Trucks and platooning
• Heavy machinery
• Racecars
• Off-road
• Communication
• Telematics
• Advanced Driver Assistance Systems
• Infotainment
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements