Latest News- Vehicle Roadside Assistance Market: Passenger cars expected to lead the Application segment during 2024-2028

The Vehicle Roadside Assistance Market is being driven by Rising number of road accidents

The Vehicle Roadside Assistance Market is expected to grow at a CAGR of 7.44% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.2 billion. In the automotive industry, connected cars are becoming the norm as advanced telematics systems enable real-time data transfer between vehicles and service centers, fleet owners, and insurance providers. This trend is expected to continue over the next decade, with drivers receiving highway alerts and notifications in real-time, and navigation systems optimizing fuel consumption based on traffic density. To facilitate this, high-speed data connectivity, such as Ethernet, is being integrated into onboard networks. Key players in the automotive sector, including OEMs, technology companies, and component suppliers, are collaborating to develop vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication solutions, ensuring a more connected and efficient future for road transportation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Passenger cars
  • Commercial vehicles
• Service
  • Towing
  • Tire replacement
  • Fuel delivery
  • Others
• Geography
  • Europe
    • France
    • Germany
    • UK
  • APAC
    • China
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of road accidents
• Increasing availability of app-driven services
• Aging vehicle fleet with massive number of vehicles in use

However, the market also witnesses some limitations, which are as follows:

• High cost of vehicle roadside services
• Integration of safety systems to increase safety quotient of vehicles
• Developments in automotive battery management systems

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Market Scope in Vehicle Roadside Assistance Market Research Report

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Research Analysis Overview

The Vehicle Roadside Assistance market is a critical segment of the insurance industry that focuses on ensuring road safety for both commercial and passenger vehicles. Insurance providers offer this service as part of full insurance coverage, providing peace of mind to vehicle owners against unexpected roadside emergencies. These services include winch battery replacement, flat tire change, electrical and mechanical repairs, and towing. Car dealers and automakers often provide roadside assistance as an added value to new vehicle sales. Weather alerts and road safety alerts are increasingly becoming essential features of these services, thanks to automotive connectivity solutions. Insurance services for roadside vehicle aid cover a range of emergencies, from dead batteries to commercial vehicle breakdowns. Labor costs are typically included in the service, making it a cost-effective solution for vehicle owners. Smartphone app-based services have made it easier than ever to access roadside assistance. Aging vehicles and booster services are also becoming popular offerings in the market. The market for roadside assistance is expected to grow as the number of vehicles on the road continues to increase, and the demand for reliable and convenient services continues to rise. In summary, the Vehicle Roadside Assistance market plays a vital role in ensuring road safety and providing peace of mind to vehicle owners. Insurance providers, automakers, and car dealers offer a range of services, from towing to electrical and mechanical repairs, making the road a safer place for all.

Market Research Overview

The specialized consumer services market encompasses the revenue generated by providers offering a range of services, including residential, home security, legal, personal, renovation and interior design, consumer auction, wedding, and funeral services. According to Technavio's market analysis, the market size is determined by the earnings of these specialized service providers. Excluded from this assessment are consumer services categorized under casino and gaming, hotel, resort, and cruise lines; leisure facilities; restaurants; and education sectors. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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