Passenger Car to Dominate Asia-Pacific Automotive Cybersecurity Market through 2024
Growing number of connected vehicles and electronic content per vehicle to drive Asia-Pacific automotive cybersecurity market through 2024
According to TechSci Research report, “Asia-Pacific Automotive Cybersecurity Market By Vehicle Type, By Type, By Security, By Solution, By Application, By Country, Competition, Forecast & Opportunities, 2024”, Asia-Pacific automotive cybersecurity market is projected to grow at an impressive CAGR during forecast period on account of growing adoption of advanced vehicles technologies, such as connected cars, automation, self-driving cars, etc., along with surging integration of electronics in vehicles. Owing to increasing trend of digitization, companies have started relying on the digital data, thereby escalating the requirement of automotive cybersecurity. Moreover, with the advent and skyrocketing sales of connected cars, there is increased risk for attacks in various parts of the automobile, which is further likely to drive demand for automotive cybersecurity across Asia-Pacific during forecast period.
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Asia-Pacific automotive cybersecurity market can be segmented based on vehicle type, type, security, solution and application. In terms of vehicle type, the market can be segmented into passenger car, light commercial vehicle and heavy commercial vehicle. In 2018, passenger car segment witnessed extensive adoption of automotive cybersecurity and dominated the market. This was due to the increasing use of vehicle connectivity for navigation, voice recognition and infotainment services, among others, thereby elevating the demand for protecting crucial data from hackers. On the basis of application, the market can be segmented into telematics, infotainment, safety systems, communication and on-board diagnostics. Of all, communication application segment is growing at a fast pace, due to increasing deployment of technologies in vehicles as these technologies allow vehicles to connect with other vehicles.
Major players operating in Asia-Pacific automotive cybersecurity market are Denso Corp., Argus Cyber Security Ltd. (a Continental AG company), Robert Bosch GmbH, Lear Corporation, Symantec Corp., NXP Semiconductors N.V., TowerSec Inc. (a Harman International Industries Inc. company), Vector Informatik GmbH, Trillium Secure, Inc. among others. Companies operating in the market are adopting organic and inorganic strategies such as product launch, investments & expansions and agreements & contracts to ensure growth in the market.
“Asia-Pacific automotive cybersecurity market is anticipated to witness growth over the coming years on account of surging adoption of connected vehicles along with increasing vehicle production across the region. Moreover, several automotive component suppliers and OEMs are entering into the economies such as China and India, which is further expected to drive growth in Asia-Pacific automotive cybersecurity market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Asia-Pacific Automotive Cybersecurity Market By Vehicle Type, By Type, By Security, By Solution, By Application, By Country, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Asia-Pacific automotive cybersecurity market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia-Pacific automotive cybersecurity market.
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