According to Acumen Research & Consulting, the Global Vehicle Roadside Assistance Market size is projected to be valued USD 38.5 Billion by 2028, with a CAGR of 5.5% throughout the projected timeframe.
Roadside emergencies can be uncomfortable, frustrating, and sometimes dangerous. However, there is a growing emergency service that gives effective solutions for such roadside automotive situations. In this context, vehicle roadside assistance is a service that aids a vehicle’s driver or owners in the event of a system collapse. Vehicle roadside assistances are an endeavor by automotive service technicians to solve minor electrical and mechanical repairs and changes to improve a vehicle’s roadworthiness. Vehicle roadside assistance offers on-site assistance to vehicle drivers and operators, including tire puncture assistance, minor mechanical and electrical repairs, forgotten or lost keys locking service, battery jump-start, vehicle relocation, and gasoline delivery service. There are also several membership levels available, as well as insurance options varying from the most basic to executive and comprehensive.
The vehicle roadside assistance industry encompasses onsite solutions that include a range of services that support vehicle owners and drivers in locating emergency and off-road locations. The availability of such a broad array of services, as well as drivers’ lack of understanding of car technical needs, fuels the market for vehicle roadside assistance. Every vehicle has common roadside issues such as electrical problems, misplaced ignition, flat tires, as well as other modest electrical or mechanical concerns. Furthermore, the advancement of smartphone applications for easily accessible to service providers has increased the number of incidents in need of a provider, eliminated the stress of unavailability, reduced response time, and reduced the sophistication of restoring by clients themselves, which drives the vehicle roadside assistance market.
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Global Vehicle Roadside Assistance Market Growth Aspects
The major drivers of the vehicle roadside assistance market growth are an uptick in the population of aging vehicles with the potential for breakdown or electrical and mechanical issues, an increase in consumer per capita income, a decrease in car loan interest rates, and easy access to capital through comprehensive financial schemes. The expanding use of app-based technology has also contributed to increase the vehicle roadside assistance market value, as these solutions reduce response time for vehicle roadside assistance programs. Harsh weather affects numbers of drivers worldwide; this industry has enormous potential in icy and snowy terrain across several nations with hazardous and extreme road conditions and a high risk of road traffic accidents. Furthermore, the industry is hampered by the expensive cost of roadside assistance vehicles, as well as a lack of services on extended trips, causing connectivity issues in isolated regions when aid is most needed.
Additionally, rising demand for electric and hybrid automobiles, as well as increased need for vehicle connectivity technologies, are expected to boost the expansion of the vehicle roadside assistance market size. Manufacturers are constantly implementing innovative autonomous vehicle technologies into their vehicles to improve the user experience, such as in-built wifi systems, telematics systems, sensors, real-time highway alerts, and global positioning systems. These systems are electronic, and faults can arise at any time. As a result, the aforementioned factors contribute to the enlargement of the vehicle roadside assistance market trends.
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Growing Demand for Electric Vehicles is Boosting the Vehicle Roadside Assistance Market
The growing adoption of hybrid and electric vehicles is among the major contributing factors impacting the growth of the market for vehicle roadside assistance. To reduce carbon emissions, many governments have implemented programs such as tax incentives and subsidies to encourage the usage of electric and hybrid vehicles. As a result, demand for electric and hybrid vehicles has increased, necessitating the creation of vehicle roadside support services. As a result, during the forecast period, this factor is predicted to drive the expansion of the worldwide vehicle roadside assistance market.
Vehicle Roadside Assistance Market Segmentation
According to Acumen Research and Consulting, the global vehicle roadside assistance market is segmented by service, vehicle, and provider. By service, the market is separated into towing, battery assistance, tire replacement, lockout/ replacement key services, fuel delivery, winch, trip routing/ navigational assistance, jump start/pull start, and other services. By vehicle, the market can be divided into commercial vehicle (heavy commercial vehicle, light commercial vehicle), and passenger vehicle. By provider, the segment is further segmented into auto manufacturer, motor insurance, automotive clubs, and independent warranty.
Vehicle Roadside Assistance Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the Vehicle Roadside Assistance market. According to the vehicle roadside assistance market forecast, Europe will lead the market in the next years. Europe’s fast growth in the automobile industry has positioned the region as the leading source of revenue for the worldwide vehicle roadside assistance market in 2021. Rising new car sales across Europe, as well as a substantial majority of on-road vehicles in the region, are some of the primary reasons driving the market growth. Moreover, increased per capita incomes, a high level of life, consumer taste for opulence, and an increase in the sale of premium cars are fueling the region’s need for vehicle roadside assistance market.
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Vehicle Roadside Assistance Market Players
Some of the prominent vehicle roadside assistance market companies are Viking Assistance Group AS, Paragon Motorclub, SOS International A/S, ARC Europe SA, Best Roadside Service, Roadside Masters, Auto Vantage, and Access Roadside Assistance.
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Frank Wilson
Acumen Research and Consulting
E-mail: [email protected]