V2X cybersecurity market is anticipated to grow at a CAGR of 20.3% during the forecast period (2024-2031). V2X cybersecurity solutions help to protect V2X communication, ensuring the security of connected and autonomous vehicles. It is used widely for applications like advanced driver assistance systems (ADAS), autonomous driving, and smart city infrastructure. Rising adoption of connected vehicles, government regulations, growing concern about cybersecurity threats in the automotive industry, and technological advancements in the V2X industry are driving demand for V2X cybersecurity solutions. 

Segmental Outlook 

The global V2X cybersecurity market is segmented by unit type, vehicle type, and communication. Based on the unit type, the market is bifurcated into on-board units and roadside unit. Based on the vehicle type, the market is divided into passenger cars and commercial vehicles. Based on communication, the market is sub-segmented into V2V, V2I, V2G, and others such as vehicle-to-cloud (V2C), vehicle-to-pedestrian (V2P). Among these, the commercial vehicle sub-segment is expected to hold a considerable share of the market owing to the rising sale of commercial vehicles around the globe. For instance, according to the International Organization of Motor Vehicle Manufacturers, the total production of commercial vehicles has increased by 6.0% from 2021 to 2022. With the growth of end-user industries such as transportation and supply chain, growing adoption of technology in transportation to improve operational efficiency, and growing demand for ADAS.

Rising Demand for Image Sensors Is Expected to Grow in Commercial Vehicles

The demand for V2X cybersecurity is expected to grow significantly in passenger cars. With the continuously growing demand for ADAS and technological advancements mainly in autonomous driving and, growing demand for Electric Vehicles, cybersecurity concerns are also growing. To overcome these challenges, researchers are focusing on the identification and mitigation of cyber threats to improve safety and user experience. For instance, In September 2023, Researchers from the Technical University of Berlin, who previously focused on AMD security, investigated Tesla's in-vehicle infotainment (IVI) system. They discovered a way to execute arbitrary code, manipulate the vehicle's configuration (including unlocking paid features), and access stored credentials within the IVI system. To improve the security system, Tesla implemented security measures such as firmware and operating system signing, a boot process chain of trust. Also, the sales of both fuel and electric vehicles are growing significantly globally which is also driving demand for V2X cybersecurity solutions. According to the data from the International Organization of Motor Vehicle Manufacturers, the total production of cars has grown by 8.0% from 2021 to 2022.

Production of Vehicles, 2020-2022 (Million)

Source: International Organization of Motor Vehicle Manufacturers

Regional Outlook

The global V2X cybersecurity market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among regions, the V2X Cybersecurity market is expected to grow significantly in the European region owing to factors such as the growth of the regional electric vehicle market, increasing demand for ADAS in the region, and the significant presence of automotive companies such as Mercedes-Benz Group, Volkswagen Group among others. Apart from these, with growing demand, V2X cybersecurity solutions providers are also increasing their presence in the region which is further driving demand in the region. For instance, in June 2021, AUTOCRYPT, a mobility security solutions provider, opened its first European office in Munich, Germany. The new office, AUTOCRYPT Technologies GmbH, is expected to play a key role in the company's work with European carmakers to develop V2X, in-vehicle, and Plug&Charge security solutions, as well as its ongoing discussions to participate in the development of Europe's Cooperative Intelligent Transport Systems (C-ITS).

Global V2X Cybersecurity Market Growth by Region 2023-2030

The North American Region is Expected to Grow Significantly in the Global V2X Cybersecurity Market

Among these, the demand for V2X cybersecurity solutions and services is expected to grow significantly in the North American region owing to factors such as the growth of automobile sales, and the significant presence of automobile and Information Technology companies such as Tesla Motors, and Qualcomm Technologies, in the region. With the growing demand for ADAS and connectivity solutions in vehicles, and growing government support, the regional V2X sector has been growing significantly which is also driving demand for cybersecurity solutions in the region. For instance, In July 2023, Wallbox, a provider of electric vehicle (EV) charging and energy management solutions, announced that it had been selected to join the United States Department of Energy's (DOE) Vehicle-to-Everything (V2X) Memorandum of Understanding (MOU). This MOU is in collaboration with the US and brings together resources from the DOE, DOE national labs, state and local governments, utilities, and private entities to evaluate and accelerate the technical and economic feasibility of vehicle-grid integration (VGI), including bidirectional charging, into energy infrastructure. The MOU will also advance cybersecurity as a core component of V2X charging infrastructure.

Market Players Outlook

The major companies serving the global V2X cybersecurity market are Trillium Secure Inc., Lear Corporation, Certicom Corp., Harman International, and Infineon Technologies AG. With growing cybersecurity concerns from both public and private organizations, companies are focusing on product development and collaboration for business growth and staying competitive. For instance, in January 2023, INTEGRITY Security Services (ISS) and SaeSol Tech (SST) partnered to provide automotive manufacturers with security technology for connected and autonomous vehicles. Under this partnership, ISS's Device Lifecycle Management (DLM) and Vehicle-to-Anything (V2X) security platforms will combine SST's integration, support, and development services to provide a comprehensive solution for automotive cybersecurity.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the V2X cybersecurity market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.