According to a new report published by Allied Market Research, titled, โV2X Cybersecurity Market,” The V2X cybersecurity market was valued at $0.72ย ย billion in 2021, and is estimated to reach $5.7 billion by 2031, growing at a CAGR of 21.6% from 2022 to 2031.
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The global V2X cybersecurity market is segmented on the basis of unit type, vehicle type, propulsion type, communication, and region. On the basis of unit type, it is divided into on-board unit, and roadside unit. By vehicle type, it is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. By propulsion type, it is divided into ice, electric & hybrid, and others. By communication, it is divided into Vehicle-To-Vehicle (V2V), Vehicle-To-Infrastructure (V2I), Vehicle-To-Grid (V2G), and Others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Covid-19 scenario:
- The Covid-19 outbreak forced governments across the world to impose strict lockdown regulations and social distancing rules. Moreover, governments banned the import-export of non-essential raw materials, which created a huge gap in demand-supply.
- The production of automotive suffered major losses during the pandemic due to lack of skilled workforce and raw materials. On the other hand, while the pandemic hampered the operations of numerous companies, the number of cyber-attacks increased drastically. This increased the demand for cybersecurity.
- The pandemic accelerated the demand for connected mobility, autonomous vehicles, and smart cities, which created new opportunities for the V2X cybersecurity industry.
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In 2021, Europe region dominated the market in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. U.S. and China dominated the V2X cybersecurity market in 2021. The rapid growth of the automobile sector across all segments along with rise in customer inclination toward advancements of the fuel-efficient vehicles propels the growth of the market.
The prominent key factors that drive the growth of the V2X cybersecurity market are increase in cybersecurity mandates, advancement in Cellular-V2X (C-V2X) technology, and growing automotive cybersecurity threat. The increasing adoption of V2X technology in vehicle generates large amount of data related to vehicle, which encourages hackers to threat the security and safety of connected vehicles infrastructure. The hackers can manipulate data transmission that can weaken real-life safety. The successful attempts to attacks on communication and V2X infrastructure can impact all endpoints that potentially lead to danger. Owing to all these factors, the demand for V2X cybersecurity has seen significant growth in recent years.
KEY FINDINGS OF THE STUDY
- By unit type, the on-board unit segment is expected to register a significant growth during the forecast period.
- By vehicle type, the light commercial vehicle segment is projected to lead the global V2X cybersecurity market
- By propulsion type, the ICE segment is projected to lead the global V2X cybersecurity market
- By communication, the Vehicle-To-Vehicle segment is projected to lead the global V2X cybersecurity market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in thisย V2X cybersecurityย market are Altran, APTIV, AUTOCRYPT Co., Ltd., Autotalks Ltd., Continental AG, ESCRYPT, Green Hills Software LLC, HARMAN International, ID Quantique SA, Infineon Technologies AG, Karamba Security, NXP Semiconductors, Qualcomm Technologies, Inc., SafeRide Technologies, and Vector Informatik GmbH.
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