Automotive Cybersecurity Market set to hit $32.41B by 2030 with a 16.6% CAGR

Saturday, February 3, 2024

A recent study by Allied Market Research, titled “Automotive Cybersecurity Market: Global Opportunity Analysis and Industry Forecast, 2021-2030,” examines the market across various dimensions. This report covers the market’s offerings, which include software and hardware, types of security like application, network, and endpoint security, and applications in ADAS & safety, body control & comfort, infotainment, telematics, powertrain systems, and communication systems. It also differentiates between in-vehicle and external cloud services.

The study reveals that the global automotive cybersecurity market, which was valued at $7.23 billion in 2021, is expected to soar to $32.41 billion by 2030. This represents a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period from 2021 to 2030.

COVID-19 Impact Analysis on the Automotive Cybersecurity Market:

The effects of COVID-19 on the automotive cybersecurity market are complex and expected to linger for several years. The pandemic prompted governments worldwide to enact strict lockdown measures and restrict the import and export of crucial raw materials throughout much of 2020 and into some months of 2021. This disruption led to a significant decrease in the availability of essential raw materials needed for automobile manufacturing.

Additionally, the enforcement of nationwide lockdowns led to the partial or complete closure of component manufacturing plants.

The pandemic’s negative consequences have also caused delays in the development and implementation of advanced automotive cybersecurity systems in connected vehicles across the globe.

Analysis of COVID-19’s Impact on the Automotive Cybersecurity Market:

The automotive cybersecurity market has faced multifaceted challenges due to the COVID-19 pandemic, with impacts anticipated to persist over the coming years. The outbreak led to worldwide government-enforced lockdowns and restrictions on the import-export of vital raw materials, causing a notable shortfall in the supplies required for automobile production throughout much of 2020 and into parts of 2021.

Nationwide lockdowns also resulted in the scaling down or complete shutdown of operations at parts manufacturing facilities.

These adverse effects of the pandemic have further led to postponements in the progress and integration of cutting-edge automotive cybersecurity technologies in connected vehicles globally.

Study’s Key Findings:

• The software segment, in terms of offerings, is poised for substantial growth during the forecast period.
• In the realm of security types, significant growth is expected in the application security segment.
• Within applications, the ADAS and safety segment is forecasted to experience considerable growth.
• The external cloud services segment, in terms of form, is expected to dominate the automotive cybersecurity market.
• Geographically, Europe is projected to witness the highest compound annual growth rate (CAGR) during the forecast period.

Leading Market Participants:

• Aptiv PLC
• Arilou Automotive Cybersecurity
• Continental AG
• Denso Corporation
• Guardknox
• Harman International
• Karamba Security
• Robert Bosch GmbH
• SafeRide Technologies
• Vector Informatik GmbH

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