V2X Cybersecurity Market to Reach $5.7 Billion, Globally, by 2031 at 21.6% CAGR: Allied Market Research

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Oct 13, 2022, 04:17 ET

Rise in cybersecurity mandates, developments in cellular-V2X technology, and surge in automotive cybersecurity threat have boosted the growth of the global V2X cybersecurity market.

PORTLAND, Ore., Oct. 13, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "V2X Cybersecurity Market by Unit Type (On-Board Unit, Roadside Unit), by Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), by Propulsion Type (ICE, Electric and Hybrid, Others), by Communication (Vehicle-To-Vehicle, Vehicle-To-Infrastructure, Vehicle-To-Grid, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global V2X Cybersecurity industry accounted for $0.72 billion in 2021, and is expected to reach $5.7 billion by 2031, growing at a CAGR of 21.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Major determinants of the market growth

Rise in cybersecurity mandates, developments in cellular-V2X technology, and surge in automotive cybersecurity threat have boosted the growth of the global V2X cybersecurity market. However, high cost of implementation and challenges in making secure applications hinder the market growth. On the contrary, rise in demand for connected vehicles and improving vehicle security using adaptive security would open new opportunities in the future.

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.

The on-board unit segment dominated the market growth

By unit type, the on-board unit segment held the largest share in 2021, accounting for more than three-fifths of the global V2X cybersecurity market. In addition, the segment is expected to manifest the highest CAGR of 21.9% during the forecast period, due to growing demand for advanced drive assist systems (ADAS) and connected vehicles. The report includes a detailed analysis of the roadside unit segment.

The light commercial vehicle segment to manifest the highest CAGR through 2031

By vehicle type, the light commercial vehicle segment is projected to register the highest CAGR of 22.3% during the forecast period. This is owing to increase in the implementation of V2X technology in light commercial vehicles to enable data exchange between vehicles and objects in the surroundings and between vehicles and the transportation infrastructure. However, the passenger car segment held the largest share in 2021, contributing to nearly two-thirds of the global V2X cybersecurity market, due to growing demand for semi-autonomous cars.

The electric and hybrid segment held the lion's share

By propulsion type, the electric and hybrid segment held the largest share in 2021, accounting for more than half of the global V2X cybersecurity market, due to increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules & regulations toward vehicle emission. However, the ICE segment is expected to showcase the highest CAGR of 23.6% during the forecast period, owing to adoption of large number of V2X, ADAS, and other connected features equipped with ICE vehicles.

The vehicle-to-vehicle segment to showcase the highest CAGR by 2031

By communication, the vehicle-to-vehicle segment is expected to register the highest CAGR of 22.9% during the forecast period. Moreover, the segment held the largest share in 2021, contributing to more than one-third of the global V2X cybersecurity market, due to increase in use of vehicle-to-vehicle communication to improve traffic management and reduce accidents. The report includes analysis of the vehicle-to-infrastructure, vehicle-to-grid, and others.

Europe held the largest share

By region, the global V2X cybersecurity market across Europe held the largest share in 2021, accounting for more than one-third of the market. Furthermore, the region is expected to showcase the highest CAGR of 23.0% during the forecast period, owing to rise in adoption of telematics & GNSS in fleet management services and population increase in the region. The report includes an analysis of the market across North America, LAMEA, and Europe.

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Major market players

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
Vector Informatik GmbH

The report analyzes these key players in the global V2X cybersecurity market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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