The global V2X cybersecurity market growth is projected to grow from USD 43 million in 2023 to USD 778 million by 2030, at a CAGR of 51.3%. The growth of the V2X cybersecurity market is primarily driven by the rapid expansion of connected and autonomous vehicles on the roads. As the automotive industry increasingly integrates V2X communication technologies to enhance vehicle safety, efficiency, and traffic management, the risk of cyber threats becomes more pronounced. The escalating sophistication and frequency of cyber-attacks on connected vehicles propel the demand for robust cybersecurity solutions. Governments and regulatory bodies also emphasize securing V2X communication to ensure public safety, fostering a favorable regulatory environment for cybersecurity solutions. Additionally, the rising awareness among automotive manufacturers and stakeholders about the potential vulnerabilities in V2X networks further accelerates the adoption of advanced cybersecurity measures, creating a robust market landscape for V2X cybersecurity solutions.
Commercial vehicles are estimated to grow faster in the V2X cybersecurity market throughout the forecast period. Commercial vehicles encompass light and heavy commercial vehicles, including trucks, buses, and vans. These vehicles are utilized for transporting goods or fare-paying passengers. Given the increasing integration of Internet of Things (IoT) services in commercial vehicles, they face a heightened risk of cyberattacks. While V2X technology for commercial vehicles is currently in the developmental and testing phase, connected technologies are on the rise in these vehicles, contributing to enhanced safety and efficiency. V2X implementation in commercial vehicles offers real-time location monitoring and provides drivers with valuable information on traffic, accidents, weather conditions, and congested routes. The platooning feature, wherein vehicles travel in a closely coordinated convoy with minimal spacing, is a key driver for the commercial vehicle segment, particularly trucks. As V2X technology advances, the commercial vehicle segment is expected to witness significant growth in the V2X cybersecurity market. The growth of this market is intricately linked to the expansion of V2X communication, reinforcing the anticipated significance of the commercial segment during the forecast period.
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Electric vehicles (EV) is estimated to constitute the largest share in V2X cybersecurity market during the forecast period. EVs have undergone rapid advancements driven by ongoing developments in EV-related technologies and batteries. Technological progress in the EV market includes innovations such as ultra-fast charging, Vehicle-to-Vehicle (V2V) charging, battery swapping, advanced battery technologies, and the production of components like in-wheel motors and e-axles. Significant investments by automakers, including Tesla (US), Volkswagen (Germany), Mahindra & Mahindra (India), Ford (US), Nissan (Japan), BMW (Germany), and General Motors (US), with substantial R&D budgets, are anticipated to meet the escalating demand for EVs and contribute to the evolution of the EV market. While electric vehicles represent a noteworthy advancement in addressing pollution-related environmental concerns, the growing energy requirements for EVs pose challenges to the stability of the power grid. This heightened demand is expected to drive the adoption of Vehicle-to-Grid (V2G) technology. V2G allows EVs to export their unused battery capacity to the grid, filling gaps in renewable energy generation. Electric vehicles with Vehicle-to-Everything (V2X) technology enable an additional V2G function compared to Internal Combustion Engine (ICE) vehicles. The V2G function facilitates the regulation of EV charging rates or the return of surplus electricity to the grid when not needed by the EV, thereby enhancing EVs’ economic, environmental, and operational aspects.
In-vehicle is expected to hold the largest share in V2X cybersecurity market during the forecast period. In-vehicle V2X cybersecurity primarily focuses on safeguarding vehicles against external vulnerabilities that could lead to hacking. V2X technology serves various applications, such as infotainment, communication, Advanced Driver Assistance Systems (ADAS) and safety, and telematics. Potential threats involve hackers exploiting in-vehicle networks to carry out unauthorized actions. Original Equipment Manufacturers (OEMs) and V2X cybersecurity solution providers are actively engaged in developing security solutions within vehicles to ensure the integrity of V2X communications. In-vehicle security solutions encompass diverse hardware platforms, microcontrollers, and programmed chips designed to secure various forms of vehicle communication. The United Nations Economic Commission for Europe (UNECE) has ratified a regulation mandating vehicle cybersecurity. UNECE WP.29 stipulates that cybersecurity must be a prerequisite for the type approval of vehicles, implying that a vehicle can only be sold if it is validated to be cybersecure. The proliferation of V2X-enabled vehicles is poised to drive the demand for Vehicle-to-Vehicle (V2V), Vehicle-to-Pedestrian (V2P), and Vehicle-to-Infrastructure (V2I) communication, contributing to the revenue growth of the in-vehicle segment within the V2X cybersecurity market. Automated and connected vehicle technologies are integrated and applied across major automotive sectors, with prominent OEMs such as Audi (Germany), BMW (Germany), Ford (US), Jaguar Land Rover (UK), Mercedes-Benz (Germany), Nissan (Japan), Tesla (US), and Volvo (Sweden) globally providing Level 2 driver assistance features.
Asia-Pacific is expected to the largest market in V2X cybersecurity market during the forecast period. It encompasses countries such as China, South Korea, Japan and India. China is poised for significant growth in the V2X cybersecurity market over the forecast period. The Chinese government has undertaken various initiatives to advance the implementation of V2X technologies, establishing itself as a leader in C-V2X deployments. Domestic automobile manufacturers in China are at the forefront, already introducing vehicles equipped with this technology. In February 2020, 11 central-level Chinese governmental departments announced the Smart Car Innovation and Development Strategy, including the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT). This strategic initiative aggressively promotes the development of intelligent transportation systems and smart city-related infrastructure, specifically focusing on wireless communication networks, such as LTE-V2X, for automobiles. Furthermore, the NDRC unveiled plans for intelligent vehicle innovations and development in January 2018, aiming to have 50% of new vehicles classified as intelligent in the coming years. The roadmap includes integrating the “person-vehicle-road-cloud” feature into these intelligent vehicles, paving the way for 5G-V2X. The increasing demand for vehicles featuring advanced connected car technologies is expected to propel the Chinese V2X cybersecurity market throughout the forecast period.
Japan is among the developed countries in Asia Pacific. It is home to key players such as Nissan Motor Corporation and DENSO Corporation. The presence of these companies has a significant effect on the growth of the Japanese V2X cybersecurity market. The state-of-the-art technology that Japan possesses would enable companies to improve the performance of V2X at lower costs. However, growing data protection threats would require innovative cybersecurity for these V2X systems. Further, South Korea is one of the most advanced and largest automobile manufacturers in Asia Pacific. The country’s market trends are similar to those in the Japanese automotive market. The automotive industry in South Korea is likely to witness an increase in demand for V2X technology, cybersecurity related to advanced technologies, connected mobility, and autonomous vehicles, among others. The European Union (EU) and South Korea have announced plans to develop 5G technology in South Korea which would help increase the demand for V2X technology. The development of autonomous vehicles by domestic automakers is expected to fuel V2X adoption.
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