New Castle, DE, USA, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Roadside Assistance Market by Service (Towing, Tire Replacement, Fuel Delivery, Jump Start/Pull Start, Lockout/ Replacement Key Service, Winch, Battery Assistance, Trip Routing/Navigational Assistance, and Others), Provider (OEM, Motor Insurance, Independent Service Provider, and Others), and Vehicle (Commercial Vehicles and Passenger Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global roadside assistance industry generated $28.9 billion in 2022, and is anticipated to generate $47.6 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.
Download Sample Pages - https://www.alliedmarketresearch.com/request-sample/5736
It a privilege to have roadside assistance in unfortunate situations. It acts as a brilliant cover that enables drivers who encounter vehicle breakdowns or emergencies to get their vehicles back on the road or to a safe location in an urgent situation. 24x7 roadside assistance offers services that take care of any emergency situations created due to mechanical defect, running out of fuel, or any other factors.
Prime determinants of growth
The major impacting factors in the growth of the roadside assistance market include growth in vehicle ownership, increase in consumer awareness and convenience, and rise in the need for safety and security of supplying activities. However, increase in technology complexities and rise in insurance and fuel prices hamper the growth of the market. Furthermore, increase in aging vehicle fleet and adoption of advanced technologies are factors expected to offer growth opportunities during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $28.9 billion |
| Market Size in 2032 | $47.6 billion |
| CAGR | 5.2% |
| No. of Pages in Report | 261 |
| Segments covered | Service, Provider, Vehicle, and Region |
| Drivers | Increase in vehicle ownership Increase in consumer awareness and convenience Rise in the need for safety and security of supplying activities |
| Opportunities | Increase in aging vehicle fleet Adoption of advanced technologies |
| Restraints | Increase in technology complexities Rise in insurance and fuel prices |
COVID-19 Scenario
- The pandemic reduced the demand for roadside assistance services due to nationwide lockdowns and restriction on mobility. The reduction in vehicle usage directly affected the demand for assistance services.
- Post-pandemic, increase in demand for vehicles, mobility, and road traffic has encouraged market players to deliver enhanced roadside assistance services to cater to increase in market demand.
The towing segment to maintain its leadership status during the forecast period
Based on service, the towing segment held the highest market share in 2022, accounting for nearly one-third of the global roadside assistance market revenue and is estimated to maintain its leadership status during the forecast period. Towing is a crucial component of roadside assistance services. It involves the transportation of a disabled vehicle from its location to a designated repair facility or another desired destination. Towing services are typically provided when a vehicle cannot be immediately repaired on-site or is involved in an accident that renders it inoperable. The battery assistance segment is expected to register the highest CAGR of 6.8% from 2023 to 2032. Battery assistance is particularly valuable when drivers are stranded due to a dead battery, especially in situations where they are unable to start their vehicles or lack the necessary tools and knowledge to jump-start the battery themselves.
Interested to Procure the Research Report? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/5736
The others segment to maintain its leadership status during the forecast period
Based on provider, the others segment held the highest market share in 2022, accounting for more than one-thirds of the global roadside assistance market revenue and is estimated to maintain its leadership status during the forecast period. Other providers such as automotive clubs, rental car companies, unorganized players, and others offer specialized services or cater to specific segments of the market. They contribute to ensuring the safety and convenience of drivers by providing prompt and reliable assistance during roadside emergencies. The OEM segment is also projected to manifest the highest CAGR of 5.8% from 2023 to 2032. Original Equipment Manufacturers (OEMs) expected to play a significant role in the roadside assistance market by offering their own branded roadside assistance services to vehicle owners. Several OEMs such as Mercedes-Benz roadside assistance, Toyota roadside assistance, Ford roadside assistance, and BMW roadside assistance actively participate in the roadside assistance market by providing their own branded services.
The passenger vehicle segment to maintain its leadership status during the forecast period
Based on vehicle, the passenger vehicle segment held the highest market share in 2022, accounting for nearly two-thirds of the global roadside assistance market revenue and is estimated to maintain its leadership status during the forecast period. Roadside assistance services are designed to provide convenience, safety, and peace of mind to passenger vehicle owners, ensuring they have access to timely and professional assistance in unexpected situations. The commercial vehicle segment is projected to manifest the highest CAGR of 5.7% from 2023 to 2032. Roadside assistance provides financial protection to commercial vehicles and covers the business from any losses and damages.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global roadside assistance market revenue. The increase in road accidents and vehicle fleet expansions, as well as the increased need for mobility solutions, are the contributing factors that drive the growth of the roadside assistance market in the Asia-Pacific region. Europe is expected to witness the fastest CAGR of 5.7% from 2023 to 2032 on account of factors such as surge in awareness among consumers about road safety and rise in demand for roadside assistance services by commercial vehicle owners across major countries including the UK, Germany, France, and others.
Leading Market Players: -
- Agero
- Allianz Global Assistance
- Allstate Insurance Company
- ARC Europe SA
- AutoVantage
- Falck A/S
- Paragon Motor Club
- Roadside Transportation LLC
- SOS International
- Viking Assistance Group AS
Procure Complete Research Report Now - https://www.alliedmarketresearch.com/roadside-assistance-market/purchase-options
The report provides a detailed analysis of these key players of the global roadside assistance market. These players have adopted strategies such as new product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Automotive Industry:
Car Breakdown Recovery Services Market Research Report 2023-2035
Automotive Quality Service Market Research Report 2023-2035
Automotive Innovation Market Research Report 2023-2035
