Fort Collins, Colorado, March 13, 2024 (GLOBE NEWSWIRE) -- The Vehicle Roadside Assistance Market was valued at USD 24.3 Billion in 2023 and is anticipated to grow CAGR at 5.7% to reach USD 39.9 Billion by 2032.
Roadside assistance for vehicles refers to the services provided by insurance companies or auto manufacturers to vehicle owners stranded due to vehicle breakdowns caused by crashes, flat tires, battery or fuel issues, lockout assistance, and other such issues. These services are offered within cities and during long-distance travel on highways. They are available for all kinds of vehicles, from personal cars and motorcycles to commercial cars and trucks.
As the number of vehicles continues to grow, there is an increasing demand for a reliable vehicle assistance system. Such a system helps people save time and provides help in the event of a vehicle breakdown, regardless of location. Those in an accident or stranded due to a car breakdown can receive services like towing or repair within a specified time frame. This assistance saves time and effort for the person in need.
Apart from vehicle malfunctions, road accidents also play a significant role in the surging demand for roadside assistance services. The frequency of road mishaps has been increasing worldwide owing to reckless driving, non-adherence to road safety regulations, and substandard road infrastructure.
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Segmentation Overview:
The global vehicle roadside assistance market has been segmented into vehicle type, service type, providers, and region. Passenger vehicles dominate the vehicle type segment of the roadside assistance market due to the increasing demand for road travel. The convenience of daily commutes and wider road connectivity make it a preferred choice over other modes of transport. Road trip trends are also growing, making hassle-free travel possible anytime, anywhere. Towing is a significant service type in the market, provided in case of car breakdowns and accidents. It can be availed by calling the vehicle insurance provider or company-operated service stations at any time of the day.
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Vehicle Roadside Assistance Market Report Highlights:
- The global Vehicle Roadside Assistance market growth is anticipated at a CAGR of 5.7% by 2032.
- Vehicle roadside assistance is a service provided by insurance companies or auto manufacturers to vehicle owners stranded due to vehicle breakdowns caused by crashes, flat tires, battery or fuel issues, lockout assistance, and other such issues. They are available for all vehicles, from personal cars and motorcycles to commercial cars and trucks. This assistance saves time and effort for the person in need and is increasingly demanded due to the growing number of vehicles and road accidents worldwide.
- North America has a significant share of the vehicle roadside assistance market due to the increasing trend of traveling by personal vehicles and road trips, leading to a rising demand for reliable road assistance services.
- Some prominent players in the Vehicle Roadside Assistance market report include Viking Assistance Group, Allstate Insurance Company, Agero Inc., Autovantage, Good Sam Enterprises, Assurant Inc., Prime Assistance Inc., Access Roadside Assistance, Honk Technologies, Paragon Motor Club, and others.
Industry Trends and Insights:
- HONK Technologies is now managing a co-branded roadside assistance program for Driver Technologies, which provides AI-based automotive technology to improve road safety and lower insurance costs.
- Allstate has partnered with social media creator Katie Feeney to be their first-ever college football correspondent. She will give fans an exclusive look into some of the most anticipated college football games, including her travels to the stadium using Allstate Drivewise®, interactions with fans, and capturing the overall excitement of the games.
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Vehicle Roadside Assistance Market Segmentation:
By Vehicle Type: Passenger Vehicle and Commercial Vehicle
By Service Type: Towing, Tire Replacement, Fuel Delivery, and Others
By Providers: Auto Manufacturers, Motor Insurance, Independent Warranty, and Automotive Clubs
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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