The global automotive cybersecurity market was valued at USD 2.4 billion in 2019 and is expected to reach USD 7.5 billion by 2027, growing at a CAGR of 15.2% during 2021-2027. The global automotive cybersecurity market is growing at a double-digit rate during the forecast period. The major reason behind the high growth is security concerns with rise in connection cars and automation vehicle adoption.

Further, it is expected that new cars coming on the road will be connected. These vehicles will be fitted with commanding communications capabilities to enable a lot of driving features and other enhanced features. The internal control systems are expected to exchange data through complex internal networks and from other connected vehicles and outside world through Internet of Things (IoT). This makes the car more vulnerable to cyber risk and hence boost the demand for automotive cybersecurity.

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There is a gradual increase in e-mobility in developing nations in APAC, Africa and Latin America, which is another area with high cyber risk. Therefore, the electric vehicle OEMs, fleets and other stakeholders in the ecosystem count on company fitted security to succeed this complex situation, whether in-vehicle security or network security.

Growing automation in automotive sector and rising adoption of connected car is giving rise to the number of electric components integrated in the vehicle. This is making vehicle more venerable to the cyberattacks. All these factors will impact the automotive cybersecurity progression in the market in near future.

Geographically, APAC, is the largest and fastest growing automotive cybersecurity market with largest number of vehicle production on yearly basis, advancing in-vehicle electronic architecture, and growing number of automotive OEMs and electronic component suppliers in the region. This will further up surge the growth of the China automotive cybersecurity market in years to come.

Some of the key players operating in the automotive cybersecurity market Harman International, Continental AG, Robert Bosch GmbH, Denso Corporation, Aptiv PLC, Symantec Corporation, NXP Semiconductors N.V., Honeywell International Inc., Trillium Secure Inc., and Escrypt GmbH.