According to the recent analysis by Fact.MR, the global vehicle roadside assistance market is expected to grow at over 3% CAGR during the forecast period from 2020 to 2030. The passenger vehicle segment is expected to witness the highest growth in the vehicle type category throughout the forecast period.
Driven by the advancements witnessed in the automotive sector, the vehicle road assistance market is expanding quickly. As the demand for vehicle connectivity solutions is increasing, the global market is gaining rapid traction.
Rising Demand for Vehicle Connectivity Solutions Steering Growth
The rising demand for vehicle connectivity solutions such as weather alert, road safety alerts, and other various solutions are aiding to the vehicle roadside assistance market growth.
With automation gaining traction among end users, the increase in use of various modern vehicle safety & assistance solutions such as cloud based solutions for early risk detection, instant autonomous solution for vehicle break down, is expected. Modern vehicle equipment are getting remarkably popular among customers. This in turn has been paving way for the growth of the market.
Increase in Demand for Passenger Vehicle
Being cost-effective and most widely used transport solution, passenger vehicle is leading all other vehicle types and expected to remain in the dominant position in the coming years.
As passenger vehicles come with a broad ranges of exclusive features, flexibility to use in several ways starting from daily transport to road trips, personal mobility as well as independence, medical emergency, and others, it is highly preferred around the globe.
Furthermore, the rise in the disposable income around the world has been enabling more people to opt for passenger vehicle resulting in escalated growth of the market.
COVID-19 Impact on Vehicle Roadside Assistance Market
In the present year, the outbreak of novel coronavirus has negatively impacted the vehicle roadside assistance market growth. Due to various restraining factors such as closed manufacturing units during lock down, economic crisis, unavailability of manpower, decreased market demand, and others, the market growth has slowed down.
Despite facing a few constraints due to COVID-19, the global vehicle roadside assistance market growth is expected to accelerate consistently during the coming years.
Vehicle Roadside Assistance Market Insights by Vehicle Type
Presently passenger vehicle being cost-effective, most widely preferred, without much hassle in maintenance, and customizable for various purposes, is leading the global market. According to Fact.MR, as the rising demand for this type of vehicle is expected to increase further in the coming years, this type of vehicle is expected to remain dominant in the coming years.
Commercial vehicles being second most popular vehicle type across the world, is expected to remain in the key position in the coming years.
Vehicle Roadside Assistance Market Insights by Service Type
Currently, towing service is the most popular service type in vehicle roadside assistance market. In vehicle towing service the vehicle is pulled by a ‘tow truck’ after a break down or other damage which makes the vehicle unable to move.
As this kind of service is more or less needed by all kind of vehicles, starting from light passenger vehicles to the heavy commercial vehicles, demand witnessed in this segment is forecast to enable growth in the market.
Vehicle towing service being cost-effective, quick and maintenance-free, is enjoying lead in the service type segment, which is expected to remain in the position throughout the forecast period. Tire replacement, fuel delivery, jump start/ pull start, and other services are expected to remain in the key position.
Vehicle Roadside Assistance Market Insights by Provider Type
Auto manufacturer segment is the most popular among all kind of vehicle roadside assistance providers. As the automobile sector is significantly evolving, providing fast, modern, efficient, cost-effective, and diverse range of solutions, this segment is expected to maintain the lead in the near future.
Motor insurance, independent warranty, and other service providers are some of the highly required ones around the world.
Regional Outlook on Vehicle Roadside Assistance Market
North America is highly developed in terms of automobile technologies and solutions. The growing demand for vehicle safety and assistance solutions coupled with the advanced automobile manufacturing units, is catalyzing the North America vehicle roadside assistance market demand. According to Fact.MR, North America market will remain in the position in the coming future.
Europe is occupying the second leading position in the global market. The presence of economically strong manufacturing units, abundance of raw materials, availability of efficient manpower, and other factors are driving the Europe vehicle roadside assistance market. According to Fact.MR, Europe market will remain in the dominating position, while Germany will emerge as the leading country.
In Asia Pacific rising demand for advanced vehicles in countries such as China, Australia, India, and others is aiding the expansion of the market. Besides this, the rising demand for automotive solutions including vehicle safety, handling, and connectivity solutions is forecast to aid growth witnessed in the region.
Vehicle roadside Assistance Market Competitive Landscape
The key companies of vehicle roadside assistance market are-
- Viking Assistance Group A S
- Paragon Motor Club
- RAC Group (Holdings) Limited
- ARC Europe SA
- Allianz Global Assistance
- AA plc
- Allstate Insurance Company
- Paragon Motor Club
- Roadside Masters
- Access Roadside Assistance
Paragon Motor Club has launched their extensive range of vehicle roadside assistance solutions such as vehicle driving and safety solutions, vehicle breakdown and maintenance solutions, vehicle break down prevention solutions, and others.
Roadside Masters has released their largest commercial roadside assistance program for trucks, buses, cars, cans, and others in order to target diverse end users.
AutoVantage has come up with their new roadside assistance solutions with 24-hour nationwide coverage to target broad range of consumers.
According to Fact.MR, the global competitiveness is expected to increase further during the forecast period.
“In order to capitalize on opportunities prevalent in the vehicle roadside assistance market, key players are focusing more on providing more advanced automated solutions. Furthermore, the surging demand for vehicle safety and connectivity solutions have been encouraging market players to invest in advancements that will ensure greater performance in vehicle without compromising on safety. This will aid the overall expansion of the market.”
Vehicle Roadside Assistance Market – Scope of the Report
Fact.MR has published an exclusive forecast report on the vehicle roadside assistance market from 2020 to 2030. The foremost objective of this report is to pitch insights on the market scenario, demand generators, and technological advancements in the vehicle roadside assistance market. Also, the study addresses key dynamics expected to diversify the sales and future prominence of the market.
The report begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the vehicle roadside assistance market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the vehicle roadside assistance market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for vehicle roadside assistance.
A recent study by Fact.MR on the vehicle roadside assistance market offers a 7-year forecast from 2020 to 2027. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of vehicle roadside assistance. The study also provides the dynamics that are responsible for influencing future status of the vehicle roadside assistance market over the forecast period.
A detailed assessment of the vehicle roadside assistance value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the vehicle roadside assistance market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Vehicle Roadside Assistance Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the vehicle roadside assistance market across the globe.
A comprehensive estimate on the vehicle roadside assistance market has been provided through an optimistic as well as a conservative scenario, taking into account the sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Vehicle Roadside Assistance Market – Segmentation
Fact.MR’s research study assesses the global vehicle roadside assistance market in terms of vehicle type, service, provider, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global vehicle roadside assistance market.
Key Questions Answered in Fact.MR’s Vehicle roadside assistance Market Report
- Which regions will continue to remain the most profitable regional markets for vehicle roadside assistance market players?
- Which factors will induce a change in the demand for vehicle roadside assistance during the assessment period?
- How will changing trends impact the vehicle roadside assistance market?
- How can market players capture the low-hanging opportunities in the vehicle roadside assistance market in developed regions?
- Which companies are leading the vehicle roadside assistance market?
- What are the winning strategies of stakeholders in the vehicle roadside assistance market to upscale their position in this landscape?
Vehicle roadside assistance Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the vehicle roadside assistance market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic and business environment outlook), which are expected to have a momentous influence on the growth of the vehicle roadside assistance market during the forecast period.
Country-specific valuation on demand for vehicle roadside assistance market has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Vehicle roadside assistance Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the vehicle roadside assistance market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the vehicle roadside assistance market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the vehicle roadside assistance market report as a primary resource.
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