Introduction of Favorable Laws & Regulations across Numerous Geographical Regions is driving the Growth of Vehicle Connectivity Services Market.
European parliament has implemented the regulations mandating E-call systems in vehicles, a key initiative by the European government to ensure the passengers safety. According to the analysis report of European government it has been estimated that it will save more than 2,500 lives on road every year. Moreover, countries like Russia and Brazil are also looking forward to mandate such security features into their country.
Global Vehicle Connectivity Services Market Outlook 2024
On the basis of services, the global vehicle connectivity services market is segmented into following categories:-
- Safety And Security
- Information And Navigation
- Remote Monitoring And Control
Web based entertainment and traffic information segment is likely to bounce from USD 7 billion in 2016 to USD 24.5 Billion by the end of 2024.
The global vehicle connectivity services market accounted for USD 21.7 billion in 2015 and is expected to reach USD 86.5 billion by the end of forecast period i.e. 2024. Further the market is likely to project a promising compound annual growth rate of 18.8% over the forecast period i.e. 2016-2024
On account of increasing adoption rate of Internet of things and other advance technologies, North America holds the largest consumer base of global vehicle connectivity services market
Increasing Safety Concerns and Stringent Automotive Regulations: Major Boost
Growing concerns regarding passenger’s safety in vehicles and stringent automotive regulations by regional government are some of the major factors that are fueling the demand of vehicle connectivity services all across the globe. European Union and Russia mandates the new vehicles to be equipped with systems that are able to contact emergency services in case of any accident or collisions. These embedded systems provide advantages such as it will still work if driver’s handset is not working or absence of driver in the car. Brazil, also took the initiative to mandate the implementation of tracking systems that will help to locate the car remotely.
However, increasing concerns towards the privacy and hacking of systems along with existence of some technical glitches related to telecommunication such as cellular coverage are some of the major challenges for the key players. Lack of awareness among people of developing countries is also one of the major factors hampering the growth of global vehicle connectivity services market.
“Global Vehicle Connectivity Services Market Outlook 2024” contains detailed overview of the global vehicle connectivity services market in terms of market segmentation services Type, by telematic offerings type, by Communication type. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global vehicle connectivity services market which includes profiling of companies of Apple, Qualcomm, BOSCH, Verizon, BMW, Google, Harman etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on global vehicle connectivity services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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