Yahoo Finance Vehicle Roadside Assistance Market - US$ 38.5 Bn Value Anticipated To Reach By 2028
The global market for vehicle roadside assistance is expected to grow at a CAGR of around 5.5% from 2021 to 2028.
TOKYO, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Vehicle Roadside Assistance Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028.”
Report coverage
Market | Vehicle Roadside Assistance Market |
Analysis Period | 2017 - 2028 |
Base Year | 2020 |
Forecast Data | 2021 - 2028 |
Segments Covered | By Service, By Provider, By Vehicle and By Geography |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Key Companies Profiled | Viking Assistance Group AS, AutoVantage, Best Roadside Service, Access Roadside Assistance, Paragon Motorclub, Roadside Masters, ARC Europe SA, and SOS International A / S, among others |
Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Customization Scope | 10 hrs of free customization and expert consultation |
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Europe dominates the market; Asia Pacific set to record fastest growing CAGR for vehicle roadside assistance market
Europe accounted for nearly US$ 6,962.1 Mn in market size in 2018 and this trend is expected to continue until the forecast period of 2021 to 2028. This is due to an increase in vehicle registrations and sales in Europe, which has resulted in increased sales over the last few years. This has also resulted in a significant increase in the number of vehicle breakdowns on roads and highways. On the other hand, cold climatic conditions in European provinces have resulted in vehicle breakdowns on highways and roadways, resulting in a massive demand for vehicle roadside assistance services in the European Union (EU). Furthermore, the easy availability of vehicle roadside support services or assistance makes it a profitable region, contributing to the market's overall growth.
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In contrast, Asia Pacific is expected to have the fastest growing CAGR of nearly 4.0% in the vehicle roadside assistance market in the coming years. Positive factors such as rising automotive production and a large demand for tow vehicle, particularly in countries such as India and China, will help the Asia Pacific vehicle roadside assistance industry progress. The increase in vehicle production has resulted in massive purchases of these vehicles as the population's per-capita income has risen, resulting in traffic jams, vehicle collisions, and breakdowns. As a result of the government mandating organizations to provide vehicle roadside assistance to owners or drivers, the market for vehicle roadside assistance as a whole in the APAC region has increased.
COVID-19 impact on the global vehicle roadside assistance market
During the COVID-19 pandemic, the automotive and mobility industries were hit the hardest. Approximately 51% of global respondents intend to travel less than they did prior to COVID. However, in terms of COVID-19 infections, public transportation and shared mobility modes are regarded as more or less safe. However, the picture is improving as car dealerships become busier and many are eager to acquire more inventories to sell. Overall mobility is improving, though not to pre-COVID levels. Furthermore, the utility of shared mobility services and public transportation is increasing significantly, while regions where many commuters and their employees accept the practicalities of working from home are slowly recovering. The global interest in buying cars entirely online has remained flat at nearly 59%, with regional variations. Furthermore, the outlook for aftermarket services has improved, and in recent months, customers have been exposed to maintenance and repairs done rather than waiting, resulting in a significant increase in net intent for the next few months. With the slow growth of the vehicle roadside assistance market during the pandemic, it has begun to gain a competitive edge in the global market through advanced car dealers becoming busier, and the majority of them eagerly seeking more inventories to sell.
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Market Drivers
Motor insurance: a rising boon for the global vehicle roadside assistance market
Roadside assistance provides car owners with much-needed relief in the event of a vehicle breakdown or mechanical failure on the road or at home. Being stranded in an unfamiliar location with no access to a mechanic can be extremely inconvenient. This is where the roadside assistance coverage comes in handy. Some motor insurance companies provide this protection because vehicle roadside assistance is an inherent part of a comprehensive car insurance policy. Other companies offer it as an optional additional insurance cover that the car owner can select. Furthermore, auto insurance companies allow you to report an emergency incident via SMS or phone call. Once the insurer is notified, a mechanic/patrol vehicle will be dispatched to the vehicle location, and the car will be provided with the necessary service and restarted or towed to a reputable workshop.
Technology is at the heart of global vehicle roadside assistance market
The advent of digitization within the automotive industry is opening lucrative opportunities due to changing consumer behavior and their preferences towards customized services push automakers, insurers, dealers, and repairers to develop solutions that can ultimately increase engagement levels for the customer base. As a result, roadside assistance is one such niche market that is currently undergoing digital disruption as businesses strive to provide integrated and robust solutions that provide real-time visibility, consistent reporting across different lengths of transit, and high-quality service in the event of a vehicle breakdown. Today, it is obvious that in order to improve client experience, there must be real-time transparency with roadside events involving the digitization of the entire value chain. This takes time and effort, but it all comes down to spending time with service providers, understanding their needs, and developing a product roadmap that addresses the key needs of all different segments through roadside assistance. Customers are looking for advanced services that provide augmented ease as the popularity of on-demand app solutions grows. For example, if a tow truck driver wants to participate in the on-demand app, he can effectively create his own roadside assistance mobile application. Customers will benefit from improved services as a result of the influx of advanced technology. Such factors fuel the expansion of the global vehicle roadside assistance market.
Vehicle roadside assistance market is consolidated by large number of manufacturers. The companies profiled in the vehicle roadside assistance market include major business strategies, company overview, and revenues. Some of the leading competitors are Viking Assistance Group AS, AutoVantage, Best Roadside Service, Access Roadside Assistance, Paragom Motorclub, URGENT.LY INC., Roadside Masters, ARC Europe SA, and SO S International A/S, among others.
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Some of the key observations regarding vehicle roadside assistance Market include:
In June 2021, URGENT.LY INC. announced partnership with SparkCharge to introduce bring on-demand electric vehicle charging to the roadside and mobility assistance programs that powers for the global brands including insurance, automotive, telematics, and new technology transportation industries.
Segmental Analysis
The global vehicle roadside assistance market is segmented based on service, provider and vehicle. Based on service, the market is segmented as towing, fuel delivery, jump start/pull start, lockout/ replacement key services, battery assistance, trip routing/ navigational assistance, winch, tire replacement, and other mechanic services. By provider, the market is segregated as motor insurance, independent warranty, auto manufacturer, and automotive clubs. Furthermore, vehicle segment is bifurcated into commercial vehicle and passenger vehicle. Commercial vehicle is further split into light commercial vehicle and heavy commercial vehicle.
Based on service, towing segment will dominate the overall vehicle roadside assistance market by recording dominating share during the projected period of 2021-2028. By provider, motor insurance will dominate the segment by accounting significant share during the analysis period. Based on vehicle segment, passenger vehicle will record highest revenue share during the analysis period of 2021-2028.
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