Connectivity is not a new technology for the automotive industry but the advancement in connected vehicle technology has the potential to transform the whole spectrum of automotive industry. The technology is spreading with a rapid pace; automotive manufacturers are now focused to provide a whole new experience of driving to the customers. According to Goldstein Research, all new cars sales by the end of 2024 will be embedded with vehicle connectivity services. In order to deliver superior solutions in efficient way, original equipment manufacturers should focus on passenger safety related functionalities; here they can attract the consumer preference to boost their revenue. The intense competition among hardware manufacturers has increased the price pressure in the market, this resulted in to declining prices of head hardware unit, and this will further boost the growth of Global Vehicle Connectivity Services Market all across the globe.
The growing use of vehicle connectivity services will give rise to entirely new business models which awakens the opportunities for the new entrants to enter into the vehicle connectivity services market. Vehicle connectivity services are changing the automotive industry through its revolutionary technology. To identify the major opportunities of the market, market players need to recognize the cost efficiencies that can benefit their customers. Moreover, to stay ahead in the market, new entrants require a totally new business model which can target the customer’s preference. Regional government bodies are taking initiatives to mandate connectivity services in the vehicles, as the technology have the potential to reduce road deaths. Adoption rate of vehicle connectivity services is higher in developed countries. Networking giants in collaboration with automotive manufacturer are defining new strategy to capture the vehicle connectivity services market. Today customers are more focused on how they can stay connected with the world outside when they are behind the wheels. Strong demand of vehicle connectivity has raised a lot of opportunities in market place.