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The automotive cybersecurity market is in an early stage of development, propelled by recent advancements in connected and autonomous vehicles, along with the growing prevalence of electronic control units (ECUs) in electric vehicles. As the adoption of connected vehicles is expected to rise, the competition among established and emerging companies in the automotive cybersecurity solutions market is poised to intensify to maintain dominant positions in the industry.
The Europe automotive cybersecurity market (excluding the U.K.) was valued at $793.5 million in 2022, and it is expected to grow at a CAGR of 24.08% and reach $5,533.3 million by 2031.
The escalating frequency of cyberattacks is significantly impacting original automotive equipment manufacturers (OEMs), resulting in substantial financial losses. In response, leading automotive OEMs are developing in-house automotive cybersecurity solutions to enhance the security of their vehicles. To expand their global reach, providers of automotive cybersecurity solutions are increasingly forming partnerships with key stakeholders in the automotive cybersecurity ecosystem.
BIS Research, a leading market research firm, has released a report titled- Europe Automotive Cybersecurity Market, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the automotive cybersecurity market in Europe.
Some major companies operating in the Europe automotive cybersecurity market are:
Market segmentation comprises four main categories. The first is by application, encompassing communication, advanced driver assistance system (ADAS), on-board diagnostic (OBD), infotainment, telematics, EV charging station, and others. The second category is based on vehicle type, distinguishing between passenger and commercial vehicles. The third category focuses on security types, including network, software, cloud, and hardware security. The fourth category is by form, distinguishing between in-vehicle and external cloud services. This segmentation provides a detailed breakdown, addressing diverse applications, vehicle types, security aspects, and forms to cater to various industry needs.
Several demand drivers influence the automotive cybersecurity market. Firstly, the increased use of electronics per vehicle and the proliferation of connected vehicles contribute to the growing demand. Secondly, the rise in cyber threats is attributed to the increased data and connectivity of vehicles, further emphasizing the need for cybersecurity measures. Moreover, the surging sales of electric vehicles are driving the demand for robust cybersecurity solutions.
However, the market faces challenges, including the growing complexity and the escalating number of electronics in vehicles. Financial impacts due to vulnerabilities and the increasing motivation of cyber hackers pose additional hurdles. Moreover, the market operates within a highly complex ecosystem characterized by the involvement of multiple stakeholders, adding to the challenges faced by the automotive cybersecurity sector.
BIS principal analyst: “Europe held the largest market share in the automotive cybersecurity market in 2021. The region is one of the largest markets for connected and autonomous vehicles and is home to some major players operating in the automotive cybersecurity market. Moreover, the adoption of automotive cybersecurity regulations, primarily by the European Union (EU) member nations, is further expected to boost the market growth in the region. These regulations aim to pave the way for connected and autonomous vehicles (CAVs) and dealing with the cybersecurity threats associated with connected vehicles.”
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