Written by 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.
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.
Automotive Cybersecurity Market Research Report 2022-2031
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.
North America automotive cybersecurity market
Automotive cybersecurity focuses on cyber risks associated with the automotive environment. The increasing number of ECUs in vehicles, as well as the many ways of communicating with the vehicle remotely and wirelessly, has led to the need for a cyber security branch dedicated to vehicle-related threats. The increase in the vulnerability of vehicles to cyberattacks is leading to recent recalls by prominent automakers. As a result, the global demand for automotive cyber security solutions is growing rapidly in North America.
The North America automotive cyber security market is projected to grow at 23.2% CAGR during the forecast period, 2021–2027.
North America Automotive Cyber Security Market Research Report Forecast to 2027
North America is known for quickly adopting new technologies, owing to the rapidly increasing GDP and high employment rate. In today’s market, both the manufacturer and the buyer place a premium on vehicle safety. The combination of vehicles and mobile devices has significantly increased vehicle connectivity, communication, navigation, and entertainment features. With rising demand for enhanced in-built vehicle software, infotainment systems, and instruments, these have been upgraded with advanced features. Due to the high adoption rate of new technology, industry players are involved in mergers and acquisitions. Increasing foreign direct investments due to supportive government policies positively influences the North American automotive cyber security market over the projected timeframe.