New York, NY, May 06, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Vehicle Roadside Assistance Market by Service (Towing, Fuel Delivery, Jump Start/Pull Start, Lockout/ Replacement Key Services, Battery Assistance, Trip Routing/ Navigational Assistance, Winch, Tire Replacement, and Other Mechanic Services), Providers (Motor Insurance, Independent Warranty, Auto Manufacturer, Automotive Clubs), and by Vehicle Type (Commercial Vehicle, Passenger Vehicle): U.S. and Canada Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”.
“According to the research report, the U.S. and Canada Vehicle Roadside Assistance Market was estimated at USD 5,300 Million in 2020 and is expected to reach USD 6,632 Million by 2026. The U.S. and Canada Vehicle Roadside Assistance Market are expected to grow at a compound annual growth rate (CAGR) of 3.66% from 2020 to 2026”.
Vehicle Roadside Assistance Market: Key Market Insights Overview
When your car breaks down and you're stranded, emergency roadside assistance is an add-on coverage that comes to your rescue. It comes in handy when you have a flat tire, need to jump your car's battery or run out of gas. Most businesses have phone operators on call 24 hours a day, seven days a week. Regardless of when or where you're trapped, a phone call will get help sent quickly. Even the newest cars are susceptible to common roadside issues such as flat tires, dead batteries, and lost keys, but vehicles more than 10 years older are four times more likely to experience a problem severe enough to necessitate a tow to repair centers. Car insurance providers allow you to report an emergency incident via SMS or phone call. Once the insurer has been contacted, a mechanic/patrol vehicle will be sent to the vehicle's location as soon as possible. The car will receive the required maintenance and will either be restarted or towed to a reputable garage. Some auto insurance providers have this cover as a standard feature of their comprehensive policy. Others sell it as an optional add-on insurance policy that the vehicle owner may choose to purchase.
When comparing roadside assistance insurance, the two most important factors to remember are what's covered and how much you'll pay. The cost of coverage under your current car insurance policy could range from USD 15 to USD 60 a year. A year's membership in a roadside assistance plan will cost anywhere from USD 50 to USD 360.
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Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Vehicle Roadside Assistance Market?
2) What is the market size, share of the Vehicle Roadside Assistance Market?
3) Who are the top market players in Vehicle Roadside Assistance Market?
4) What will be the future market of the Vehicle Roadside Assistance Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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U.S. and Canada Vehicle Roadside Assistance Market: Industry Major Market Players
- Allstate Insurance Company
- Intact Financial Corporation
- AXA Assistance Canada
- Access Roadside Assistance
- Canadian Automobile Association (CAA)
- Mopar Canada
- AutoVantage
- American Automobile Association (AAA)
- Hyundai Canada
- Better World Club,
- Encore Protectio
- National Motor Club (NMC)
- Hagerty
- BCAA
- Lexus
- Chubb Limited
- Emirates Insurance Co.
- Arabian Automobile Association
- Urgently Inc.
- TVS Auto Assist India Limited
- Blink
- Good Sam
- Abrams Towing Services Canadian Tire
- belairdirect
- Assistance Services Group
- a SYKES company
- Desjardins Roadside Assistance
- Paragom Motorclub
- Best Roadside Service
- Roadside Masters
- Expedite Towing
- Road America
- Agero
- HONK technologies
- NationSafe Drivers
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Market Dynamics
The growth of the US and Canada vehicle roadside assistance market was primarily driven by an increase in the number of aging vehicles in the region. The average age of light vehicles in service (VIO) in the United States has risen to 11.2 years in 2019, according to the Bureau of Labor Statistics. When looking back over the last 15 years, this acceleration of average age is readily visible. The average age of light vehicles in the United States rose by 3.7 percent between 2004 and 2009. However, between 2010 and 2016, the rise was 11.6 percent. The average age rise has returned to its more conventional pace in the last five years, rising by 4% during that period. Improved technology and overall vehicle quality continue to be major factors in the increasing average vehicle age, owing to the recession's 40% decline in new vehicle sales, the average age has accelerated to levels never seen before. However, in the last few years, the average age has increased at a more conventional pace.
In the year 2020, the towing service had the largest revenue share in the US and Canada vehicle roadside assistance industry. The most common causes of towing service demand are breakdowns and collisions. According to the US Department of Transportation and the National Highway Traffic Safety Administration, there were 6,734,000 motor vehicle accidents in 2018. When it comes to emergency roadside assistance, towing is the most popular service. Furthermore, advances in towbar technology such as retractable, electric, and detachable towbars are expected to boost towing services during the forecast era.
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U.S. and Canada Vehicle Roadside Assistance Market: Segmentation
The U.S. and Canada vehicle roadside assistance market is segregated into services, packaging type, distribution channel, and regions. Based on services, the market is categorized into towing, fuel delivery, jump start/pull-start, lockout/ replacement key services, battery assistance, trip routing/ navigational assistance, winch, tire replacement, and other mechanic services. In terms of revenue, the towing service segment accounted for more than 30% of the U.S. and Canada vehicle roadside assistance service market in the fiscal year 2020. The most basic request for emergency road assistance is towing due to a crash or breakdown. As a result, the towing category is dominating the market. The market is expected to grow at a CAGR rate of 3.66%. Vehicle roadside assistance facilities, such as tire repair due to burst, jump start/pull-start, puncture, or lack of inflation, lockdown/key replacement, and battery assistance, were also in high demand. The battery assistance category is expected to register the highest CAGR of 4.29% from 2021 - 2026. Based on providers, the market has been bifurcated into Motor Insurance, Independent Warranty, Auto Manufacturer, and Automotive Clubs. The auto manufacturer segment accounted for around 40% of the U.S. and Canada vehicle roadside assistance service market in the fiscal year 2020. This segment is expected to register the highest CAGR of 3.69% during the forecast timeline. These services are catered to commercial and passenger vehicles. The passenger vehicle segment holds more than 55% of the total market share. It is due to the rise in the number of production of passenger vehicles in recent years.
Based on packaging type, the market has been categorized into pump bottles and sachets, among others. In terms of distribution channels, the industry has been bifurcated into hypermarkets & supermarkets, drug stores, and online.
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U.S. is expected to Lead the Vehicle Roadside Assistance Market in Analysis Period
The vehicle roadside assistance market can be divided into two regions: U.S. and Canada. The combination of a large number of on-road vehicles and an aging vehicle fleet and increased the number of vehicle accidents, which has increased demand for roadside assistance services in the United States and Canada. The involvement of premium vehicle manufacturers and the availability of roadside assistance service providers drive the demand for roadside assistance in the United States. The rise in per capita income improved living standards, customer preference for pricing, and increased sales of luxury vehicles are all driving the vehicle assistance market in Canada.
The heart of North America's largest vehicle-producing area, the Great Lakes automotive manufacturing cluster, is home to Canada's automotive industry. Canada is one of the top ten light vehicle manufacturers in the world. FCA, Ford, GM, Honda, and Toyota are the five global OEMs that assemble more than 2 million vehicles in Canada each year. Their plants are fueled by a thriving ecosystem of nearly 700 component suppliers, including local Tier 1 firms including Magna, Linamar, and Martinrea. One of the five machine-tool-die-and-mould (MTDM) manufacturing clusters in the world is located in Canada.
Browse the full “Vehicle Roadside Assistance Market by Service (Towing, Fuel Delivery, Jump Start/Pull Start, Lockout/ Replacement Key Services, Battery Assistance, Trip Routing/ Navigational Assistance, Winch, Tire Replacement, and Other Mechanic Services), Providers (Motor Insurance, Independent Warranty, Auto Manufacturer, Automotive Clubs), and by Vehicle Type (Commercial Vehicle, Passenger Vehicle): U.S. and Canada Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/vehicle-roadside-assistance-market.
The US and Canada vehicle roadside assistance market is segmented as follows:
By Service:
- Towing
- Fuel Delivery
- Jump Start/Pull Start
- Lockout/ Replacement Key Services
- Battery Assistance
- Trip Routing/ Navigational Assistance
- Winch
- Tire Replacement
- Other Mechanic Services
By Providers:
- Motor Insurance
- Independent Warranty
- Auto Manufacturer
- Automotive Clubs
By Vehicle Type:
- Commercial Vehicle
- Passenger Vehicle
By Country:
- US
- Canada
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
- Manufacturing and Production Cost Structure Analysis including Labor Cost, Raw Material Expenses, and Other Manufacturing Expenses, wherever relevant
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
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