Asia Pacific Automotive Cybersecurity Market to Exceed Market Valuation of US$ 5,606.8 Million by 2031: Astute Analytica

Asia Pacific automotive cybersecurity market was valued at US$ 1,468.4 million in 2022 and is expected to reach a valuation of US$ 5,606.8 million by 2031, growing at a CAGR of 16.1% over the forecast period 2023-2031.

New Delhi, March 15, 2023 (GLOBE NEWSWIRE) -- The demand for automotive cybersecurity market in the Asia Pacific region has been increasing rapidly in recent years. This is primarily due to the growing adoption of connected vehicles and the increasing number of cyberattacks targeting the automotive industry. Several countries in the Asia Pacific region, including China, Japan, and South Korea, are among the largest producers and consumers of automobiles in the world. As a result, there is a significant need to secure the vast amount of data generated by these vehicles and protect them from cyber threats.

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The Asia Pacific region has also been a target of several high-profile cyber-attacks in recent years, including the WannaCry ransomware attack that affected organizations across the region. This has led to increased awareness of the need for cybersecurity measures in the automotive cybersecurity market.

Furthermore, the growth of the Internet of Things (IoT) and connected devices has created new vulnerabilities that can be exploited by hackers. As more vehicles become connected, the risk of cyber-attacks increases, making it critical for automotive companies to invest in cybersecurity measures to protect their customers and their business operations.

In response to these challenges, several automotive companies in the region have started to invest heavily in cybersecurity. For instance, Toyota has established a dedicated cybersecurity center in Tokyo, and other companies have formed partnerships with cybersecurity firms to enhance their security posture.

*Key Findings in Asia Pacific Automotive Cybersecurity Market *

· A survey conducted by Astute Analytica found that 86% of automotive executives in Asia Pacific believe that cybersecurity will become a key driver for innovation in the automotive industry.
· According to the same survey, 59% of automotive executives in Asia Pacific view cybersecurity as a key priority in their organizations, while 57% said that their companies plan to invest more in cybersecurity in the next 12 months.
· In 2019, Japan's Ministry of Land, Infrastructure, Transport and Tourism reported that there were 37 cases of cyber-attacks targeting the country's automotive industry, up from 29 cases in 2018.
· The number of connected cars in China is expected to reach 300 million by 2025, which creates a significant need for automotive cybersecurity measures.
· In 2019, the Chinese government issued guidelines for automotive cybersecurity, which requires carmakers to conduct risk assessments and adopt measures to protect against cyber-attacks.
· A study on the Asia Pacific automotive cybersecurity market also found that 64% of consumers in China are concerned about the security of connected cars, highlighting the need for automotive companies to prioritize cybersecurity measures.
· In 2020, South Korea's Ministry of Land, Infrastructure and Transport launched a program to provide cybersecurity training for automotive engineers and technicians, as part of its efforts to enhance the industry's cybersecurity capabilities.
· It was also found that 78% of consumers in India are willing to pay extra for cybersecurity features in their connected vehicles, indicating a strong awareness about cybersecurity measures in the country.

*Report Finds Increasing Demand in Asia Pacific **Automotive Cybersecurity Market Due to Fragmented Regulatory Environment and Lack of Standards*

Astute Analytica found that the adoption of connected vehicles in the Asia Pacific region has led to new cybersecurity challenges for the automotive industry. The highly fragmented regulatory environment and lack of cybersecurity standards in the region pose significant challenges for automotive companies. In addition, the complexity of vehicle architecture and the growth of third-party suppliers increase the cybersecurity risks for connected vehicles.

Furthermore, the report highlighted that ASEAN countries, with their fast-growing digital economies and reliance on connected devices, including vehicles, are highly vulnerable to cyber threats. The lack of cybersecurity expertise and talent, inadequate regulatory frameworks, and insufficient public-private collaboration are significant challenges to addressing cybersecurity risks in automotive cybersecurity market.

These findings underscore the need for companies operating in the Asia Pacific region to invest in cybersecurity measures to safeguard their customers and business operations. To tackle the challenges posed by the region's fragmented regulatory environment and increasing complexity of vehicle architecture, companies must ensure that they have the necessary expertise and talent to address the cybersecurity risks associated with connected vehicles. Lastly, public-private collaboration is vital to developing effective regulatory frameworks that can adequately address the cybersecurity risks in ASEAN countries.

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*Infotainment to Generate More than 35% Revenue of Asia Pacific Automotive Cybersecurity Market *

The infotainment segment is a crucial part of modern cars, and it's often the target of cyberattacks due to its connection to external networks, such as Bluetooth and Wi-Fi. According to a survey by Astute Analytica, 78% of respondents rated the security of infotainment systems as "important" or "very important."

In the Asia Pacific region, the infotainment segment is the most prominent segment of the automotive cybersecurity market, contributing over 35% revenue. This is due to the increasing demand for connected cars and the rise in cyber threats. The Asia Pacific connected car market is expected to reach 76.3 million units by 2025, with China accounting for over 60% of the market share.

The increasing demand for connected cars and the rise in cyber threats have led to a growing awareness of the importance of cybersecurity in the automotive industry. It was found that 75% of consumers rated cybersecurity as a top-three priority when purchasing a new car in the Asia Pacific region.

In line with this, automotive manufacturers and suppliers are also prioritizing cybersecurity in their products and services to ensure the safety and privacy of their customers. For example, in 2020, Hyundai Motor Group launched a new cybersecurity center to strengthen its defenses against cyberattacks. Similarly, in 2021, Bosch and Microsoft announced a partnership to develop a software platform for connected cars that prioritizes safety and cybersecurity.

*Wireless Security to Remain top Priority as the Segment is Projected to Generate around 40% Revenue Share of Asia pacific Automotive Cybersecurity Market *

Wireless security has become a crucial aspect of the market, as more and more cars are becoming connected and utilizing wireless technologies such as Bluetooth, Wi-Fi, and cellular networks. These technologies have become essential for modern connected cars, but they also pose significant cybersecurity risks. As a result, the wireless security segment of the automotive cybersecurity market is expected to grow rapidly in the coming years, with some reports estimating it will capture around 40% market share.

The connected car market is also expected to reach over 70% of cars equipped with telematics and infotainment systems, further highlighting the need for wireless security. In response to these concerns, automotive manufacturers and suppliers are investing in wireless security solutions to ensure the safety and privacy of their customers. As the importance of wireless security continues to grow, it is crucial for the automotive industry to prioritize cybersecurity measures to protect both their customers and their brand reputation.

*Some of the Top Market Players Are:*

· Aptiv
· Argus Cyber Security Ltd.
· ARILOU Automotive Cyber Security
· Capgemini
· Continental AG
· Denso Corporation
· ESCRYPT
· ETAS
· Elektrobit Automotive GmbH
· HARMAN International
· Honeywell International Inc.
· Infineon Technologies AG
· Intel Corporation
· Karamba Security
· Lear Corporation
· NXP Semiconductors
· Robert Bosch Gmbh
· Rockwell Automation
· Saferide Technologies Ltd.
· SBD Automotive Ltd.
· Secunet
· Symantec Corporation
· TTTech Auto AG
· UL LLC
· Vector Informatik GmbH
· Other Prominent Players

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*About Astute Analytica*

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CONTACT: Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com