Commercial Vehicles Cybersecurity Market to Grow with a CAGR of 6.13% Globally through to 2028
Increasing Connectivity and Digitization
in Commercial Vehicles, Escalating Cybersecurity Threats, and Attacks,
Increasing Adoption of Electric and Autonomous Commercial Vehicles are factors
driving the Global Commercial Vehicles Cybersecurity market in the forecast
period 2024-2028.
According to TechSci Research report, “Global Commercial
Vehicles Cybersecurity Market – Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Commercial Vehicles Cybersecurity
Market stood at USD 2.7 billion in 2022 and is anticipated to grow with a CAGR
of 6.13% in the forecast period, 2024-2028. The global commercial vehicle
cybersecurity market is witnessing significant growth and transformation as the
commercial transportation industry becomes increasingly connected and
digitized. With the integration of advanced technologies such as telematics
systems, Internet of Things (IoT) devices, and autonomous features, commercial
vehicles are more susceptible than ever to cyber threats. These threats
encompass a wide range of risks, from data breaches and remote hacking to
potential disruptions in fleet operations and even safety hazards. As a result,
there is a growing demand for robust cybersecurity solutions to protect the
integrity and security of commercial vehicle systems and data. The market is
responding with innovative cybersecurity measures, including intrusion
detection systems, firewall solutions, and over-the-air (OTA) update
mechanisms. As the commercial vehicle industry continues to evolve, with the
adoption of electric and autonomous vehicles on the horizon, the global
commercial vehicle cybersecurity market is poised for continued growth and
innovation, driven by the imperative to safeguard vehicles, data, and
operations in an increasingly connected and digital landscape.
Browse over market data Figures
spread through 180 Pages and an in-depth TOC on “Commercial Vehicles Cybersecurity Market.”
The global commercial vehicle cybersecurity market is
undergoing a profound transformation, shaped by the dynamic interplay of
technological advancements, regulatory imperatives, and evolving cyber threats.
This market segment finds itself at the nexus of the automotive and
cybersecurity industries, serving as a crucial safeguard against the growing
spectrum of digital threats facing commercial vehicles. The ubiquity of
connectivity and digitization in modern commercial vehicles is both a boon and
a challenge. Fleets now rely on telematics systems, IoT devices, and advanced
software for efficient fleet management and route optimization. However, this
connectivity also creates an expanded attack surface for cyber threats. As
commercial vehicles become more interconnected, the demand for robust
cybersecurity solutions to protect against unauthorized access, data breaches,
and disruptions in operations is on the rise.
The global rise in cyber threats targeting commercial
vehicles is a potent driver for cybersecurity solutions. Cybercriminals are
drawn to the transportation industry due to the potential for financial gain
and operational disruption. Ransomware attacks, data breaches, and remote
vehicle hacking attempts can lead to financial losses and safety hazards. This
escalating threat landscape necessitates continuous innovation in cybersecurity
solutions to counter these evolving risks effectively. Governments and regulatory
bodies worldwide are imposing stricter cybersecurity regulations on commercial
vehicle manufacturers and operators. The UNECE WP.29 regulation and ISO 21434
standard are examples of efforts to standardize cybersecurity guidelines for
the automotive industry. Compliance with these regulations is mandatory and
vital for maintaining consumer trust. This regulatory environment drives the
demand for compliance-focused cybersecurity solutions tailored to meet specific
standards.
The commercial vehicle landscape is evolving with the
increasing adoption of electric and autonomous vehicles. Electric vehicles
(EVs) rely on complex battery management systems and charging infrastructure,
while autonomous vehicles (AVs) are heavily dependent on data from sensors and
cameras for safe navigation. These technologies introduce new cybersecurity
challenges. Solutions are needed to secure EV battery systems, protect
communication channels, and ensure the safety of AV operations, contributing to
market growth. Awareness of cybersecurity risks in the commercial vehicle
industry is growing among fleet operators, OEMs, and stakeholders. High-profile
cyberattacks on commercial fleets have underscored the importance of robust
security measures. This heightened awareness is driving investments in
cybersecurity. Fleet operators are incorporating cybersecurity considerations
into their procurement criteria, demanding secure systems from vehicle
manufacturers and technology suppliers. This shift is fostering innovation and
competition among cybersecurity solution providers and promoting the adoption
of proactive cybersecurity measures.
Major companies operating in Global Commercial
Vehicles Cybersecurity Market are:
- Intel Corporation
- Escrypt Embedded Systems
- Arilou Commercial Vehicles Cybersecurity
- DENSO CORPORATION
- Continental AG,
- HARMAN International
- Robert Bosch GmbH
- Cisco Systems Inc.
- Argus Cyber Security
- Karamba Security
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“The global
commercial vehicle cybersecurity market is experiencing rapid growth due to the
increasing connectivity and digitization of commercial vehicles. With the
integration of advanced technologies, such as telematics, IoT devices, and
autonomous features, commercial vehicles have become vulnerable to cyber
threats. The escalating cyber threat landscape, stringent regulatory
requirements, and the adoption of electric and autonomous vehicles are driving
the demand for robust cybersecurity solutions. Fleet operators and
manufacturers are prioritizing cybersecurity to protect against data breaches,
operational disruptions, and safety hazards. This market's growth is further
fueled by heightened awareness and investments in cybersecurity measures. As
the commercial vehicle industry evolves, the need for comprehensive
cybersecurity solutions remains paramount to ensure the integrity and security
of commercial vehicle systems and data.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Commercial
Vehicles Cybersecurity Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Vehicle Type (Passenger Cars,
Commercial Vehicles), By Security Type (Application, Network, Endpoint), By
Application Type (ADAS & Safety System, Infotainment, Body Electronics,
Powertrain, Telematics), By Region, By Competition, 2018-2028”, has
evaluated the future growth potential of Global Commercial Vehicles Cybersecurity
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Commercial Vehicles Cybersecurity
Market.
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