Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Europe Automotive Cybersecurity Market - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The Europe automotive cybersecurity market (excluding U.K.) was valued at $793.5 million in 2022, and it is expected to grow at a CAGR of 24.08% and reach $ 5.53 billion by 2031. Automotive cybersecurity is expected to grow significantly in Europe. This growth will be primarily driven by factors like the growing number of connected vehicles, the increasing adoption of electronics per vehicle, the increased cyber threats resulting from increased data and connectivity of vehicles, and the rising sales of electric vehicles. 
Business Dynamics
- Business Drivers
- Increase in Use of Electronics Per Vehicle and Growing Number of Connected Vehicles
- Rising Cyber Threats owing to Increase in Data and Connectivity of the Vehicles
- Rising Sales of Electric Vehicles
- Business Restraints
- Growing Complexity and Increase in Number of Electronics in Vehicles
- Financial Impacts due to Vulnerability and Growing Motivation of Cyberhackers
- Highly Complex Ecosystem with the Presence of Multiple Stakeholders
- High Costs of Automotive Cybersecurity Solutions
- Semiconductor Shortage Effect
- Business Strategies
- Product Developments
- Market Development
- Corporate Strategies
- Partnerships, Joint Ventures, Collaborations, and Alliances
- Mergers and Acquisitions
- Business Opportunities
- Rising Demand for Advanced Cybersecurity Solutions and Technological Developments in Autonomous Vehicles
- Introduction of Electric Vehicle Wireless Battery Management
Market Introduction
Numerous factors, including the growing number of ECUs in electric vehicles for improved performance and sophistication, the rise in cyberattacks targeting the automotive sector, and the expanding use of connected and autonomous vehicles, are driving the automotive cybersecurity market.
In order to counteract the increasing number of cyber-attack vectors, automotive cybersecurity solution providers are collaborating with other important stakeholders and making large investments in the creation of cutting-edge automotive cybersecurity solutions. The automotive cybersecurity industry is anticipated to increase significantly over the forecast years due to OEMs' growing worries about vehicle security.
Market Segmentation
Segmentation 1: by Application
- Communication
- Advanced Driver Assistance System (ADAS) and Safety System
- On-Board Diagnostic (OBD)
- Infotainment
- Telematics
- EV Charging Station
- Others
Segmentation 2: by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Segmentation 3: by Security Type
- Network Security
- Software Security
- Cloud Security
- Hardware Security
Segmentation 4: by Form
- In-Vehicle
- External Cloud Services
Segmentation 5: by Region
- Europe
- U.K.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
- ESCRYPT GmbH
- Vector Informatik GmbH
- Irdeto
- Garrett Motion Inc.
- Aptiv PLC
- NXP Semiconductors
Case Studies
- Security Risk Assessment to Enable Safe Digital Growth
- Securing V2X Communications with HSM
- Threat Assessment for Connected Vehicles
- Secure Remote Firmware Updates and ECU Integrity Protection
- Vehicle Electrical/Electronic (EE) Architectures
Key Attributes
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2022-2031 |
| Estimated Market Value (USD) in 2022 | $793.5 Million |
| Forecasted Market Value (USD) by 2031 | $5.53 Billion |
| Compound Annual Growth Rate | 24% |
| Regions Covered | Europe |
For more information about this report visit https://www.researchandmarkets.com/r/o60vyy
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