Pune, India., Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global vehicle roadside assistance market size was valued at USD 23.33 billion in 2022. The market is anticipated to grow from USD 24.34 billion in 2023 to USD 35.73 billion by 2030, exhibiting a CAGR of 5.6% during 2023-2030.
The vehicle road assistance service offers assistance in the events, such as vehicles breaking down or crashing. Vehicle road assistance mainly offers onsite support, including roadside problems and mechanical & electrical repairs, such as dead batteries and flat tires. The increasing road safety concerns and crashes globally are estimated to drive vehicle roadside assistance market growth during the forecast period.
The report provides elaborate information regarding the Vehicle Roadside Assistance market trends, future prospects, growth drivers, regions, and obstacles. Besides these, it highlights all the segments of the market and states the leading ones separately. It further pin-points the competition dynamics to offer comprehensive data about the competitive edge.
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Why Should You Get the Sample Report?
- Gain insights into the market's current state and future projections.
- Understand the impact of the COVID-19 pandemic on Vehicle Roadside Assistance Market.
- Explore the latest Vehicle Roadside Assistance Industry trends and technologies driving the market.
- Learn about key factors driving market growth and potential challenges in Vehicle Roadside Assistance market.
- Stay informed about government policies and initiatives shaping the industry.
- Discover the top industry players and their strategies.
Drivers & Restraints-
Rising Number of Vehicles on the Roads to Boost Market Growth
The likelihood of breakdowns and road accidents has increased due to the increasing number of road vehicles. The increasing number of vehicles worldwide is boosting the market growth during the forecast period. This also increases the number of potential customers requiring roadside assistance services, propelling the vehicle roadside assistance market growth.The limited number of roadside assistance providers leading to longer wait times for drivers is expected to hamper market growth during the forecast period.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 5.6% |
| 2030 Value Projection | USD 35.73 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 24.34 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
New Roadside Assistance Services to Drive Market Growth
The major market players worldwide are launching new and customized roadside assistance services, propelling the market growth during the forecast period. This strategy helps the companies to strengthen their market position during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/vehicle-roadside-assistance-market-105835
Segments-
Rising Passenger Car Sales Aided Segment Growth
By vehicle type, the market is segmented into passenger car and commercial vehicle. The passenger car segment held the largest market share in 2022. The segment’s growth is attributed to the rising car sales in the market.
Increasing Road Crashes to Augment Segment Growth for Towing
By service type, the vehicle roadside assistance market is divided into towing, tire replacement, fuel delivery, and others. The towing segment dominated the market in 2022 and will maintain its dominance during the forecast period. The segment’s growth is attributed to rising road crashes globally.
Rising Automaker’s Focus on Delivering Aftersales Services to Aid Segment Growth
By providers, the market is classified into auto manufacturer, motor insurance, independent warranty, and automotive clubs. The auto manufacturer dominated in 2022 due to the increasing automaker’s focus on delivering aftersales assistance to their customers through free warranties. Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
| Segmentation | By Vehicle Type
|
By Service Type
| |
By Providers
|
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Regional Insights-
Increasing Road Assistance Subscription to Boost Market Growth Across Europe
Europe held the highest vehicle roadside assistance market share in 2022 and will maintain its dominance over the forecast period. The growth is attributed to the increasing road assistance subscriptions across Europe due to strong awareness about vehicle roadside assistance.
Asia Pacific is expected to have a significant growth rate during the forecast period owing to the increasing number of road crashes across the Asia Pacific.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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A list of prominent Vehicle Roadside Assistance manufacturers operating in the global market:
- Viking Assistance Group (Norway)
- ARC Europe SA (Belgium)
- SOS International A/S (Denmark)
- Allianz Partners (France)
- Falck A/S (Denmark)
- Allstate Insurance Company (U.S.)
- American Automobile Association (U.S.)
- Agero, Inc. (U.S.)
- Best Roadside Service (U.S.)
- AutoVantage (U.S.)
- Paragon Motor Club (U.S.)
- Good Sam Enterprise, LLC (U.S.)
- Access Roadside Assistance (Canada)
- Honk Technologies (U.S.)
- National General Insurance (U.S.)
- ASSURANT, INC. (U.S.)
- RESCUE Vehicle Services Private Ltd. (India)
- Emirates Insurance Co. (PSC) (UAE)
- CHUBB LIMITED (Switzerland)
- Prime Assistance Inc. (Japan)
- Arabian Automobile Association (UAE)
COVID-19 Impact:
Decreased Vehicle Usage During COVID-19 Pandemic Affected Market Growth
The COVID-19 outbreak had a moderate impact on the vehicle roadside market growth. Vehicle usage decreased due to the strict COVID-19 measures and lockdowns affecting the market growth during the pandemic. The decrease in vehicles on the road led to decreased road accidents, which led to decreased demand for road assistance services during the pandemic.
Notable Industry Development:
November 2022 – ReadyAssist, a roadside assistance startup, has received USD 5 million from Howen International Fund, SPC., as part of its pre-Series A round. The funding will make roadside assistance more accessible to direct consumers and enhance the service network across India.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Impact of COVID-19 Pandemic on Global Vehicle Roadside Assistance Market
- Global Vehicle Roadside Assistance Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- 5.1. Market Analysis, Insights and Forecast - By Vehicle Type
-
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast - By Service Type
- Towing
- Tire Replacement
- Fuel Delivery
- Others
- Market Analysis, Insights and Forecast - By Providers
- Auto Manufacturers
- Motor Insurance
- Independent Warranty
- Automotive Clubs
- Market Analysis, Insights and Forecast - By Region
-
-
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia-Pacific
- 5.5.4. Rest of the World
- North America Vehicle Roadside Assistance Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast - By Service Type
- Towing
- Tire Replacement
- Fuel Delivery
- Others
- Market Analysis, Insights and Forecast - By Providers
- Auto Manufacturers
- Motor Insurance
- Independent Warranty
- Automotive Clubs
- Market Analysis, Insights and Forecast - By Country
- U.S.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Canada
- Market Analysis, Insights and Forecast - By Vehicle Type
- U.S.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Europe Vehicle Roadside Assistance Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast - By Service Type
- Towing
- Tire Replacement
- Fuel Delivery
- Others
- Market Analysis, Insights and Forecast - By Providers
- Auto Manufacturers
- Motor Insurance
- Independent Warranty
- Automotive Clubs
- Market Analysis, Insights and Forecast - By Country
- U.K.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Germany
- Market Analysis, Insights and Forecast - By Vehicle Type
- France
- Market Analysis, Insights and Forecast - By Vehicle Type
- Rest of Europe
- 7.5.4.1. Market Analysis, Insights and Forecast - By Vehicle Type
- U.K.
- Market Analysis, Insights and Forecast - By Vehicle Type
- Asia-Pacific Vehicle Roadside Assistance Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast - By Service Type
- Towing
- Tire Replacement
- Fuel Delivery
- Others
- Market Analysis, Insights and Forecast - By Providers
- Auto Manufacturers
- Motor Insurance
- Independent Warranty
- Automotive Clubs
- Market Analysis, Insights and Forecast - By Country
- China
- Market Analysis, Insights and Forecast - By Vehicle Type
- Japan
- Market Analysis, Insights and Forecast - By Vehicle Type
- India
- Market Analysis, Insights and Forecast - By Vehicle Type
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast - By Vehicle Type
- China
- Market Analysis, Insights and Forecast - By Vehicle Type
- Rest of the World Vehicle Roadside Assistance Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast - By Service Type
- Towing
- Tire Replacement
- Fuel Delivery
- Others
- Market Analysis, Insights and Forecast - By Providers
- Auto Manufacturers
- Motor Insurance
- Independent Warranty
- Automotive Clubs
- Market Analysis, Insights and Forecast - By Vehicle Type
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