DUBLIN--(BUSINESS WIRE)--The "Vehicle Roadside Assistance Market: Global Industry Analysis, Trends, Size, Share and Forecasts to 2030" report has been added to ResearchAndMarkets.com's offering.
The global vehicle roadside assistance market was valued at USD 20771.58 million in 2022 and is expected to reach USD 36,237.11 million in 2030, with a CAGR of 6.35% during the forecast period 2023-2030.
The study on the vehicle roadside assistance market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.
Vehicle roadside assistance is a service offered by automakers or other service providers to car owners or drivers. This service is an attempt to fix minor mechanical and electrical problems and make changes in attempts to make a car run again.
Vehicle roadside assistance provides basic on-site support, such as on-site minor electrical and mechanical repair, flat tire support, battery jump-start, misplaced or lost keys (lockout service), towing of the vehicle, and fuel delivery service to car owners and drivers.
Due to the rapid increase in the number of vehicle owners and the rise in per capita income, it is expected that the vehicle roadside assistance market is also growing. These services ensure the safety and security of drivers and passengers and they will available to customers 24 /7, throughout the year.
Towing to dominate the Service segment of the Vehicle Roadside Assistance Market
Towing is a highly attractive service segment in the market. Towing is the most basic request in emergency road assistance in case of collision or breakdown.
All types of vehicles, from small passenger cars to large commercial vehicles, require this kind of servicing, and demand in this segment is expected to propel market growth. Due to its speed, cost-effectiveness, and lack of maintenance, the vehicle towing service dominates the service type sector and is expected to maintain this position during the projected period.
As the rise in accidents and collision incidents across the globe, towing services are required to remove damaged vehicles from the scene of the accident and clear the roadway for other traffic. They also provide a safe and efficient way to transport the damaged vehicle to a repair shop or salvage yard. Additionally, towing services can also assist in removing vehicles that are illegally parked or abandoned.
Europe to be the dominant region in the Vehicle Roadside Assistance Market
Europe is expected to generate a significant share of revenue in the vehicle roadside assistance market and is expected to continue its dominance over the forecast years. Higher awareness of the safety and security provided by vehicle roadside assistance services is largely responsible for the higher market share maintained by the Europe region.
Rising car sales across Europe and a significant number of on-road vehicles in the region are some of the key factors driving the market's expansion. The demand for vehicle roadside assistance services in the region is booming as a result of rising per capita income, high standards of living, and an increase in the sale of premium vehicles.
Report Findings
1) Drivers
- The rapid increase in the number of vehicle owners, increase in off-road travel expeditions, and expansion of construction, mining, and energy sectors across the globe.
- The rising demand for improved quality and new equipment with greater performance and stability in electronic appliances propels the growth of the market.
2) Restraints
- A pay-per-use of roadside vehicle assistance is likely to restrain the growth of the market.
3) Opportunities
- A spike in vehicle registration along with the rise in per capita income is likely to boost the demand for vehicle roadside assistance in the coming years.
Segment Covered
The global vehicle roadside assistance market is segmented on the basis of vehicle type, service, and provider.
by Vehicle Type
- Commercial
- Passenger
by Service
- Jump Start/Pull Start
- Towing
- Fuel Delivery
- Tire Replacement
- Lockout/Replacement Key Services
- Others
by Provider
- Auto Manufacturer
- Motor Insurance
- Independent Warranty
- Automotive Clubs
Company Profiles
The companies covered in the report include
- ARC Europe SA
- Viking Assistance Group
- Swedish Auto
- Allianz Global Assistance
- Agero, Inc.
- Best Roadside Service
- National General, (an Allstate company)
- HONK Technologies
- SOS International AB
- AutoVantage
What does this Report Deliver?
1. Comprehensive analysis of the global as well as regional markets of the vehicle roadside assistance market.
2. Complete coverage of all the segments in the vehicle roadside assistance market to analyze the trends, developments in the global market, and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global vehicle roadside assistance market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
For more information about this report visit https://www.researchandmarkets.com/r/1qo9xw
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