Northbrook, IL 60062 -- (SBWIRE) -- 05/16/2022 -- The global Automotive Cybersecurity Market size is projected to grow from USD 2.0 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 21.3%.

The key growth drivers of the market are the increasing sales of luxury vehicles, electric vehicles and connected vehicles, and the adoption of regulations related to automotive cybersecurity. Also, the increasing usage of electronics per vehicle, growing cloud-based applications, and rising penetration of V2X enabled services are also expected to fuel the demand for automotive cybersecurity solutions in the coming years globally.

Browse 253 market data Tables and 102 Figures spread through 369 Pages and in-depth TOC on "Automotive Cybersecurity Market"

The Automotive Cybersecurity Market is dominated by global players such as Robert Bosch GmbH (Germany), Continental AG (Germany), Harman International (US), DENSO Corporation (Japan), Aptiv PLC (Ireland), Karamba Security (Israel), SafeRide Technologies (Israel), Arilou Technologies (Israel), GuardKnox Cyber Technologies Ltd. (Israel), Upstream Security Ltd. (Israel), and Green Hills Software.

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Wireless network security is estimated to grow at a higher CAGR during the forecast period

The wireless network security segment is expected to be the fastest-growing security type segment of the automotive cybersecurity market. This segment is expected to witness significant growth in the Asia Pacific, followed by Europe and North America. Transportation authorities in these regions are focusing on improving infrastructure. Startups are focusing on providing wireless network services in order to cater to the growing connectivity features in automobiles.

Overall, the incorporation of wireless technologies in vehicles by respective automotive manufacturers, increasing focus on connected vehicle technology, and rising security concerns to prevent remote access to vehicle electronics are key factors anticipated to augment projected revenues for the wireless network security solution during the forecast period.

Endpoint security is expected to be the fastest-growing security type in the global automotive cybersecurity market.

The endpoint security segment is expected to witness the fastest growth in Europe and the Asia Pacific during the forecast period. This growth can be attributed to the increased use of mirror link apps in these regions. Increasing safety and security concerns in these regions are also likely to propel the demand for endpoint security solutions. Presently, new vehicles contain approximately 100 million lines of code and are deployed with complex software by automobile manufacturers. To maintain the safety as well as security of a vehicle's entire code base, OEMs are opting for endpoint security solutions. Moreover, the trend of a mobile workforce, BYOD, social media, and cloud synchronizing tools is expected to influence the expenditure on endpoint security solutions.

By vehicle type, the passenger vehicles segment is expected to be the largest in the automotive cybersecurity market during the forecast period

By vehicle type, the passenger vehicles segment is expected to lead the automotive cybersecurity market during the forecast period, owing to the demand for connected vehicle services and growing sales of mid-luxury and luxury vehicles. The electrical/electronic (E/E) architecture of passenger vehicles is more complex and critical than that of LCVs and HCVs. Passenger vehicles are equipped with a considerable number of ECUs and are more prone to cyberattacks compared with the other two categories of vehicles. The key factor driving the passenger vehicles segment is the increasing adoption of V2X technologies due to the growing concerns over traffic, safety, and pollution levels. There are a number of passenger cars equipped with V2X available in the market, such as the Audi A4 and Cadillac CTS.

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Recent Developments:

1. In November 2021, NXP Semiconductors collaborated with Ford Motor Company to deliver enhanced driver experiences, convenience, and services like over-the-air updates across its global fleet of vehicles, including the 2021 Ford F-150 pickup, Mustang Mach-E, and Bronco SUVs.
2. In October 2021, Renesas Electronic Corporation acquired Celeno Communications (Israel) to develop more advanced Wi-Fi connectivity capabilities to deliver end-to-end connectivity solutions for clients and access points.
3. In September 2021, Harman International collaborated with Renault (France) to provide the Harman Kardon sound system to the Renault Mégane E-TECH 100% electric that is expected to be launched in 2022.
In July 2021, ETAS Korea, a subsidiary of Robert Bosch GmbH, signed a partnership agreement with Suresoft Tech Co., Ltd. (South Korea) to offer consulting services and solutions related to cybersecurity testing of in-vehicle systems to Korean automotive manufacturers and suppliers.
4. In July 2021, NXP Semiconductors collaborated with Moter Technologies, Inc. (US) to combine its new S32G2 high-performance automotive processors with MOTER's insurance data science expertise and software. This is expected to enable vehicle data monetization with new and improved automotive insurance services.
5. In May 2021, ESCRYPT, a subsidiary of ETAS Inc, which is a subsidiary of Robert Bosch GmbH, partnered with Alyne GmbH and KPMG to offer joint expertise in developing the Product Security Organisation Framework (PROOF).
In April 2021, Elektrobit collaborated with SUSE (Germany) to supply its EB combos Linux OS to carmakers and Tier 1 suppliers in China.
6. In May 2021, Harman International introduced an end-to-end 5G Testing Lab for 5G CP devices in India. It is expected to equip technology providers like device manufacturers, chipmakers, Telcos, etc., to execute a variety of protocols and functional tests. This also helps validate and examine applications in a real 5G radio environment.
7. In December 2020, Elektrobit selected ArcherMind Technology (Nanjing) Co., Ltd. as a value-added distributor in China for reselling their software products as well as providing engineering and customer support services to their customers.