V2X Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Unit (On-Board Units and Roadside Units); By Communication; By Security Type; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3433
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global V2X cybersecurity market was valued at USD 1.37 billion in 2023 and is expected to grow at a CAGR of 18.4% during the forecast period. The extensive increase in the cybersecurity mandates, advancements in the C-V2X technology, and increasing prevalence of cybersecurity threat across the globe coupled with the rising focus on enhancing vehicle safety through integrating adaptive security and surge in the demand for connected vehicles, are primary factors projected to drive the global market growth.
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In addition, the drastically emerging use cases such as autonomous driving, traffic efficiency, and platooning and growing interest among the government and private organizations towards the development of more innovative and advanced security solutions with latest features, will further stimulate the market growth in the near future.
For instance, in January 2022, AUTOCRYPT, a leading provider of autonomous driving solutions, announced the launch of its newest Autocrypt SCMS Version 5.0, a security credential management system for V2X communications. The new version of the solution comes with newly added Certificate Revocation List and improved Misbehavior Detection functionalities.
Moreover, the rapidly growing adoption and sales of electric vehicles all over the world with innovative safety features, will likely to paved the way for higher demand for vehicle-to-grid communication in the near future. Rising investments by major automotive manufacturers including Bayerische, Ford Corporation, Volkswagen, Tesla, and Nissan Motor Corporation, are playing crucial role towards the evolution in the global market.
However, the lack of infrastructure for the effective and proper functioning of various V2X communications, that directly impact its adoption rate and further impacting the revenue growth, is among the major factors hampering the global market growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the V2X cybersecurity market. The rapid emergence of the deadly coronavirus resulted in severe impact on various operations of OEMs from production to R&D, due to temporary closure of production facilities and huge disruptions in the global supply chains. The COVID-19 has been affecting several economies and countries due to lockdowns, travel bans, and business shutdowns, which declined the overall automobile sales.
Industry Dynamics
Growth Drivers
The rise in the demand and prevalence for connected vehicles worldwide, as it enables cars to easily communicate through V2X platform with drivers, other vehicles, cloud, and road infrastructure along with this, it further allows automotive dealers, fleet operators, and drivers to effectively optimize their resource usage, automate various crucial driver functions, and improve safety, that are the major factors driving the global V2X cybersecurity market at rapid pace.
Furthermore, high advancements in the cellular-V2X technology and growing implementation on artificial intelligence and 5G that have been playing an important role in the automotive industry as predictive capabilities are constantly becoming more prevalent in cars for personalizing the overall driving experience, are few other factors expected to boost the demand and growth of the market over the next coming years.
Report Segmentation
The market is primarily segmented based on unit, communication, security type, and region.
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By Unit |
By Communication |
By Security Type |
By Region |
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On-board units segment accounted for largest market share in 2022
The on-board units segment accounted for highest market share in 2022, and is likely to retain its market position throughout the forecast period, which is largely attributed to growing requirements for all types of vehicle-to-everything communications including vehicle to vehicle, vehicle to pedestrian, and vehicle to infrastructure along with this, it has a better control over the wide range of security features in the vehicles.
The roadside units segment is projected to grow at significant growth rate during the anticipated period, on account of growing developments in the network technology know as IoT across the globe for improving the road safety and vehicle security, along with the goal of improved servicing the digital demand of drivers and passengers. Moreover, these types of product and its infrastructure could enable several security, entertainment, and shared mobile applications for vehicles in intelligent transportation systems, which in turn, is further likely to fuel the demand and growth of the segment.
Vehicle to vehicle segment held the significant market revenue share in 2022
The vehicle-to-vehicle segment held the maximum market revenue share in 2022, which is mainly driven its deliver messages efficiently from the surrounding vehicles, that help is determining the risk of accidents and crashes, and it also allows drivers to take early evasive actions in required. In addition, the rapidly increasing concerns regarding the road safety and growing prevalence on enhancing the care safety features, providing better infrastructure including transport planning, enforcing regulations, road safety features, and surging public awareness, that is likely to have a positive impact on the demand and growth of the market.
This type of security solutions includes numerous hardware platforms, programmed chips, and microcontrollers to secure all types of vehicle communications. Thus, the continuous rise in the development of autonomous vehicles across the globe is anticipated to boost the demand for V2V, V2I, and V2P communication, and will support the revenue growth of the segment in the near future.
Cloud security segment expected to hold significant market share over the forecast period
The cloud security segment is expected to account for substantial market share with healthy growth rate over the coming years. The growth of the segment market can be highly attributable to its ability to be benefitted for both drivers and passengers by enhanced entertainment systems, safety features, telematic services, improved navigation systems, and many others, because of the high technological advancements in the mobile technology.
Additionally, the rapid growth in the deployment of Internet of Things (IoT) globally, is help in changing the economy and global value chains, as due to the massive amount of data through these devices, IoTs has significant potential to boost the value and enhanced efficiency. Apart from this, the widespread adoption of linked automobiles and innovations in 5D network would enhance the car safety features and driving capabilities.
Asia Pacific region dominated the global market in 2022
Asia Pacific garnered the majority market share in 2022, which is mainly accelerated to rapid emergence of the APAC region as an automotive hub and presence of various large manufacturing facilities in countries China, Japan, and South Korea, and India. The growing production of automobiles with improved and advanced connected vehicle features to provide the best level of security to safety to customers and growing awareness regarding these features among population, are also fueling the regional market growth.
Competitive Insight
Some of the major players operating in the global market include Blackberry Certicom, Denso Corporation, Green Hills Software, Harman International, Lear Corporation, Onboard Security, Saferide Technologies, STMicroelectronics, Trillium Secure Inc., Vector Informatik GmbH, Karamba Security, Autocrypt, Continental, Qualcomm Technologies, Infineon Technologies, NXP, and Altran.
Recent Developments
- In September 2022, Cohda Wireless introduced advanced V2X connectivity solution including the MK6 Road-Side Unit and On-Board Unit, offering comprehensive connectivity capability. The new solution will strengthen its position as world’s largest provider of connected vehicle technology solutions and give the users reliability, interoperability, and flexibility.
- In October 2021, Infineon Technologies introduced its SLS37 V2X security model, an innovative plug & play security solution for automobiles. The new solution is highly secure, tailored to the rising security needs across V2X applications. The scope of SLS37 V2X HSM is mainly focused of high security risks including storage and generation of signatures.
V2X Cybersecurity Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 1.62 billion |
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Revenue forecast in 2032 |
USD 6.27 billion |
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CAGR |
18.4% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Unit, By Communication, By Security Type, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Blackberry Certicom, Denso Corporation, Green Hills Software, Harman International, Lear Corporation, Onboard Security, Saferide Technologies, STMicroelectronics, Trillium Secure Inc., Vector Informatik GmbH, Karamba Security, Autocrypt, Continental, Qualcomm Technologies, Infineon Technologies, NXP, and Altran. |
FAQ's
The global V2X cybersecurity market size is expected to reach USD 6.27 billion by 2032.
Key players in the V2X cybersecurity market are Blackberry Certicom, Denso Corporation, Green Hills Software, Harman International, Lear Corporation, Onboard Security, Saferide Technologies.
Asia Pacific contribute notably towards the global V2X cybersecurity market.
The global V2X cybersecurity market is expected to grow at a CAGR of 18.4% during the forecast period.
The V2X cybersecurity market report covering key segments are unit, communication, security type, and region.
