The global V2X cybersecurity market accounted for a value of USD 610 million in 2019 and is projected to register growth at a CAGR of 27.6% during forecast period.
COVID-19 has impacted the V2X cybersecurity market. The production of vehicles is suspended and supply chain is disrupted due to lockdown and travel restriction and this lead to temporary shutdown of automotive industry. The vehicle sales have been declined which is a major concern for automotive industry. The chance of market recovery in 2020 is very slim. V2X cybersecurity is likely to boost in coming years due to increase in demand for connected cars technology. The V2X cybersecurity market will witness slow growth in 2021.
For more details, visit: Global V2X Cybersecurity Market By Unit Type (On-board Unit and Roadside Unit), By Connectivity (DSRC and Cellular V2X), By End-Users (Passenger Vehicle and Commercial Vehicle) By Region, Forecast & Opportunities to 2026
The integration of connected technology in vehicles is increasing which increases the chances of cyber attack and the demand is increasing for various technologies which prevent such risks. The trend for autonomous and connected vehicles which is equipped with V2X technologies is increasing around the world. This leads to high demand for V2X cybersecurity and drives growth in this market during forecast period.
On the basis of unit type, the V2X cybersecurity market is segmented into on-board unit (OBU) and roadside unit (RSU). The OBU segment is estimated to hold the largest market share during forecast period. OBU is required by vehicles for all type of V2X communications such as V2P, V2I AND V2V. OBUs are considered to have control over many security features in the vehicle. RSU is required only for V2I communication by the vehicles. This increases the adoption of OBU in vehicles and drives growth in OBU segment during forecast period.
On the basis of end-users, the V2X cybersecurity market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is estimated to hold largest market share during forecast period. The demand for connected car technologies is increasing in passenger vehicles. This makes passenger vehicles segment more prone to data breaches and cyber threats. The number of connected passenger vehicles is higher than commercial vehicle. The people around the world demands V2X communication technologies in passenger cars. The passenger vehicles equipped with V2X technologies are Cadillac CTS, Audi A4 etc. The number of electric vehicles equipped with V2X technologies increasing and this increase demand for V2X cybersecurity in passenger vehicles segment. This drives growth in passenger vehicle segment during forecast period.
Asia-Pacific is estimated to hold largest market share during forecast period. The sales of V2X equipped vehicles are higher in this region. This results in increase in OEMs which produce V2X equipped vehicles in this region. This increases demand for V2X cybersecurity solution in this region. This region is considered to be home for many top companies of V2X cybersecurity such as AutoCrypt, Autotalks and Argus Security. The adoption of electric vehicles is also increasing in this region which leads to increase in demand for V2X cybersecurity solutions. This drives growth in V2X cybersecurity market during forecast period.
The key players in V2X cybersecurity market are Escrypt, Onboard Security, Autotalks Ltd., AutoCrypt, Green Hills Software, Continental AG, Harman International, NXP, Aptiv, Trillum Secure INC., Karamba Security, Infineon Technologies AG, ID Quantique, Altran, Denso Corporation and Thales Group.
- What are the expected industry trends over the next three to five years?
- Which of the V2X cybersecurity connectivity is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?