V2X Cybersecurity Market Set for Explosive Growth, Reaching USD 5.7 Billion by 2031 at 21.6% CAGR
V2X Cybersecurity Industry Size
According to the report, the global V2X Cybersecurity industry size is predicted to garner a revenue of $5.7 billion by 2031. The market was valued at $0.72 billion in 2021 and is forecasted to rise at a CAGR of 21.6% during the 2022-2031 period. The report provides a comprehensive study of evolving market trends, major investment pockets, and the competitive landscape of the industry.
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Primary growth determinants
The growth of the global V2X cybersecurity market is attributed to the developments in cellular-V2X technology is anticipated to be the primary driver of the market. Moreover, growth in cybersecurity mandates and a rise in threats associated with automotive cybersecurity might push the growth rate of the market. On the contrary, high implementation costs of V2X cybersecurity solutions might restrict the growth of the market. Nevertheless, growing demand for vehicle security using adaptive security is expected to open up new growth opportunities in the market.
Leading Companies in the Industry
Altran – France
ESCRYPT GmbH (a Bosch company) – Germany
Karamba Security – Israel
APTIV PLC – Ireland
Green Hills Software LLC – United States
NXP Semiconductors N.V. – Netherlands
AUTOCRYPT Co., Ltd. – South Korea
HARMAN International (a Samsung company) – United States
Qualcomm Technologies, Inc. – United States
Autotalks Ltd. – Israel
ID Quantique SA – Switzerland
SafeRide Technologies – Israel
Continental AG – Germany
Infineon Technologies AG – Germany
Vector Informatik GmbH – Germany
The on-board unit segment to be the most profitable by 2031
Based on unit type, the on-board unit segment accounted for the highest market share in 2021 with around three-fifths of the total market revenue. Moreover, the segment is predicted to demonstrate the fastest CAGR of 21.9% during the 2022-2031 period. Rising adoption of advanced drive assist systems (ADAS) is anticipated to propel the market ahead.
The light commercial vehicle segment to grow rapidly by 2031
Based on vehicle type, the light commercial vehicle segment is likely to showcase a CAGR of 22.3% during the analysis timeframe. Widespread adoption of V2X technology by various light commercial vehicles to establish communication between vehicles and the transportation infrastructure is estimated to push the segment ahead. On the other hand, the passenger car segment is projected to gather the highest revenue in 2021 with around two-thirds of the total revenue. Escalating demand for semi-autonomous cars is predicted to play a huge role in the industry’s rise.
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The electric and hybrid segment to flourish immensely by 2031
Based on propulsion type, the electric and hybrid segment accounted for the largest market share in 2021 with nearly half of the total revenue. Rising adoption of fuel-efficient and high-performance vehicles owing to stringent government legislations will help the market to expand. On the other hand, the ICE segment is estimated to demonstrate the fastest CAGR of 23.6% during the analysis timeframe. Widespread adoption of V2X and ADAS technologies might widen the scope of the market.
The vehicle-to-vehicle segment to offer numerous lucrative opportunities by 2031
Based on communication, the vehicle-to-vehicle segment is predicted to have the fastest CAGR of 22.9% during the analysis timeframe. Additionally, the segment accounted for the highest market share in 2021 with around one-third of the total share. Growing adoption of vehicle-to-vehicle communication for enhancing traffic management is expected to propel the segment’s rise.
Europe region to have the highest market share
Based on region, the Europe V2X cybersecurity market generated the maximum revenue in 2021 with around one-third of the total share. Moreover, the same region is anticipated to rise at a CAGR of 23.0% during the analysis timeframe. Extensive use of telematics & GNSS in fleet management services is expected to strengthen the position of the market.
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Key Highlights of the Report:
The study on the V2X cybersecurity market encompasses analysis across seven countries. It includes both country-specific and segment-specific evaluations, presenting values ($billion) for the projected period of 2021-2031.
Employing a research approach that integrates high-quality data, professional insights, and critical independent perspectives, this study aims to offer a well-rounded understanding of regional markets. Stakeholders can leverage this information to make informed decisions that align with their ambitious growth objectives.
To ensure comprehensive insights, the research extensively reviewed over 3,700 pieces of product literature, annual reports, industry statements, and comparable materials from major industry participants. This thorough examination enhances our understanding of the market dynamics.
David Correa
Allied Market Research
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