The global V2X cybersecurity market to witness growth owing to developments in cellular-V2X technology.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, “V2X Cybersecurity Market by Unit Type (On-Board Unit, Roadside Unit), by Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), by Propulsion Type (ICE, Electric and Hybrid, Others), by Communication (Vehicle-To-Vehicle, Vehicle-To-Infrastructure, Vehicle-To-Grid, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031“. According to the report, the global V2X Cybersecurity market 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.
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.
Leading Companies in the Industry
- Karamba Security
- Green Hills Software LLC.
- NXP Semiconductors
- AUTOCRYPT Co., Ltd.
- HARMAN International
- Qualcomm Technologies, Inc.
- Autotalks Ltd.
- ID Quantique SA
- SafeRide Technologies
- Continental AG
- Infineon Technologies AG
- Vector Informatik GmbH
The report also studies the major companies in the market along with different strategies adopted by them, including mergers and acquisitions, to establish their dominance in the industry.
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.
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Regional/ Country Specific Research Report We Have:
North America V2X Cybersecurity Market Research Report 2023-2032
Europe V2X Cybersecurity Market Research Report 2023-2032
Asia-Pacific V2X Cybersecurity Market Research Report 2023-2032
LAMEA V2X Cybersecurity Market Research Report 2023-2032
U.S. V2X Cybersecurity Market Research Report 2023-2032
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