Global V2X Cybersecurity Market to Witness Huge Growth by Key Players: ESCRYPT, Qualcomm Incorporated, Autotalks, AUTOCRYPT Co., Ltd, and Continental AG and Other - ReportsnReports
The global V2X cybersecurity market is projected to grow from USD 1.2 billion in 2022 to USD 3.2 billion by 2028, at a CAGR of 18.1%.
PUNE, India, Oct. 27, 2022 /PRNewswire/ --
"North America is expected to have significant growth during the forecast period."
The North American region is expected to have significant growth during the forecast period. This region is home to the big automotive OEMs namely General Motors, Ford Motors, and Fiat. The market in North America is typically dominated by automotive OEMs such as General Motors, Ford Motor Corporation, and Fiat-Chrysler Automotive, paired with some established Asian as well as European automotive OEMs such as Nissan (Japan), Toyota (Japan), BMW Group (Germany), Hyundai/Kia (South Korea), Honda (Japan), and Volkswagen Group (Germany). In North America, the US is expected to be the most attractive market as far as vehicle-to-everything technology is concerned. Thus, increasing demand for V2X communication will lead to increase the need for secured communication.
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The global V2X cybersecurity market is projected to grow from USD 1.2 billion in 2022 to USD 3.2 billion by 2028, at a CAGR of 18.1%. Parameters such as increase in demand for autonomous mobility, along with significant growth of automotive V2X market are expected to bolster the revenue growth of the V2X cybersecurity market during the forecast period. In addition, increasing sales of electric vehicles, paired with government support for V2X technology will create new opportunities for V2X cybersecurity market.
"V2C segment is expected to be the largest market during the forecast period, by communication."
The V2Csegment of the V2X cybersecurity market is projected to be the largest segment during the forecast period. The fact that the cloud stores all the personal/private data such as driver information, driving details, location, and vehicle details, thereby securing V2C communications, is one of the highest priorities for cybersecurity companies. Similarly, with upcoming advanced vehicles and an emphasis on infrastructure development, security requirements in V2V and V2I segments would also grow. Furthermore, the increasing demand for connected car technology, in conjunction with increasing investments in autonomous vehicles by automotive OEMs such as Tesla (US), Ford Corporation (US), and Audi AG (Germany) would increase the demand for V2C solutions.
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"Electric vehicles segment is estimated to be the promising segment in the V2X cybersecurity market during the forecast period"
Electric vehicles is expected to be the promising segment by propulsion during the forecast period. This is owing to the increasing penetration of electric vehicles worldwide. In addition, increasing pollution and the threat of global warming have accentuated the need to replace petroleum fuel vehicles with emission-free substitutes. After decades of R&D, the industry has found electric vehicles to be among the best suitable substitutes for traditionally fueled vehicles, which has resulted in the EV market's growth. Hence, the increasing demand for EVs will support EV sales, which is expected to increase the need for V2X technology in the near future.
Vehicle-To-Grid (V2G) transfers the electricity stored in electric vehicle (EV) batteries to the grid, houses, buildings, and other energy-consuming destinations. V2G is regarded among the most promising communications for EVs as it helps to balance the electricity demand and make EVs more profitable. Hence, there will be a massive requirement for cybersecurity for V2G communication. All these abovementioned factors are likely to bolster the revenue growth of the EV segment of the V2X cybersecurity market during the forecast period.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: OEMs - 21%, Tier I- 31%, and Tier II - 48%
- By Designation: CXOs- 40%, Directors - 35%, and Others - 25%
- By Region: North America - 30%, Europe - 50%, Asia Pacific - 15%, and RoW - 5%
The V2X cybersecurity market is dominated by major players including ESCRYPT (Germany), Qualcomm Incorporated (US), Autotalks (Israel), AUTOCRYPT Co., Ltd. (Korea), and Continental AG (Germany). These companies have strong product portfolio as well as strong distribution networks at the global level.
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