Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "Road Assistance Insurance Market By Vehicle Type, By Coverage, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the global road assistance insurance market was valued at $5.9 billion in 2021, and is estimated to reach $13.9 billion by 2031, growing at a CAGR of 9.4% from 2022 to 2031.
Key Market Players
- Agero, Inc.
- Allstate Insurance Company
- American Express Company
- Erie Indemnity Co.
- GEICO
- USAA
- IFFCO-Tokio General Insurance Company Limited
- Progressive Casualty Insurance Company
- Nationwide Mutual Insurance Company
- Viking Assistance Group
The Road Assistance Insurance Market is likely to experience a significant growth rate of 9.4% from 2022-2031 owing to increasing market demand from the automobile sector.
Roadside assistance is an additional benefit of comprehensive auto insurance that helps customers if the car breaks down in the middle of a trip and leaves them stranded on the highway. By paying an extra fee, one may obtain car roadside assistance. Further, a modest increase in premium for car insurance does not increase the costs immensely, however, it boosts the benefits and enhances the coverage of the car insurance policy.
Key factors driving the growth of the Road assistance insurance market include a rise in demand for roadside assistance coverage among consumers owing to unexpected vehicle failures. In addition, it can cover repairs to the vehicle, as well as medical expenses and personal liability for injuries to other people or their property.
The market also offers growth opportunities to the key players in the market. Several governments have taken steps to encourage the use of hybrid and electric vehicles, such as granting subsidies and tax rebates, in order to reduce carbon emissions.
As a result, hybrid and electric vehicle sales have increased, necessitating the expansion of vehicle roadside help services. Thus, this factor is expected to provide lucrative opportunities for road assistance insurance market to grow in upcoming years.
Key Market Segments
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Coverage
- Towing
- Jump Start/Pull Start
- Lockout/Replacement Key Service
- Flat Tire
- Fuel Delivery
By Distribution Channel
- Independent Agents/Brokers
- Direct Response
- Banks
For more information about this report visit https://www.researchandmarkets.com/r/7dx3e2
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