Analysis of Vehicle Roadside Assistance market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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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.
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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.
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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.
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.
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.
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.
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.
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.”
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.
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.
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