Vehicle Roadside Assistance Market Size to grow by USD 10201.9 million between 2024-2028
According to a research report “ Vehicle Roadside Assistance Market” by Application (Passenger cars, Commercial vehicles) Service (Towing, Tire replacement, Fuel delivery, Others) Geography (Europe, APAC, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 10201.9 million, at a CAGR of 7.44% during the forecast period. The global issue of vehicle collisions results in a significant number of fatalities each year, with Technavio estimating that approximately one-third of these tragedies could be prevented through the widespread adoption of advanced safety technologies such as anti-lock braking systems (ABS) and cruise control. In the United States alone, over 5 million vehicular accidents occur annually, resulting in approximately 90 daily fatalities, and motorcycle accidents account for approximately 5% of these yearly highway fatalities. A major contributing factor to this high fatality conversion rate is the lack of seatbelt usage in cars and protective gear utilization in motorcycles..
Browse market data tables, figures, and in-depth TOC on “Vehicle Roadside Assistance Market” by Application (Passenger cars, Commercial vehicles) Service (Towing, Tire replacement, Fuel delivery, Others) Geography (Europe, APAC, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Application, the Passenger cars segment is projected to dominate the market size in 2024
In the global vehicle roadside assistance market, the passenger vehicle segment is poised for significant growth. This segment encompasses both conventional internal combustion engine vehicles and emerging electric powertrain models. The increasing popularity of passenger vehicles, particularly in emerging economies such as Brazil, India, China, and South Africa, as well as Middle Eastern countries including the UAE, Qatar, and Saudi Arabia, is attributed to rising disposable income levels. This economic growth is fueling the expansion of the passenger vehicle market, consequently increasing demand for related services, such as vehicle insurance and roadside assistance.
By Service, Towing segment is expected to hold the largest market size for the year 2024
In the context of business operations, the increasing urbanization rates have led to a significant surge in demand for efficient and reliable transportation solutions. Commercial freight operators are responding to this trend by expanding their fleets of vehicles to accommodate a larger volume of freight transport orders. Vehicle roadside assistance plays a crucial role in ensuring the uninterrupted operation of these fleets, providing essential services such as towing for commercial vehicles. The road mode of freight transport is favored due to its convenience, cost-effectiveness, and speed compared to alternatives like rail, air, or water transport. Therefore, the growing demand for commercial vehicles and the preference for road freight transport are key drivers for the expansion of the vehicle roadside assistance market.
Europe is forecasted to hold the largest market size by region in 2024
The Vehicle Roadside Assistance market is a critical business segment, providing essential services to motorists in distress. This market caters to various roadside emergencies, ensuring swift resolution through services like battery jump-starts, tire changes, fuel delivery, and towing. Market growth is driven by increasing vehicle ownership, frequent long-distance travel, and the growing demand for convenience and reliability. Companies offering roadside assistance must focus on enhancing customer experience, expanding their service offerings, and leveraging technology for efficient operations.
The Vehicle Roadside Assistance Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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 Vehicle Roadside Assistance market is witnessing significant growth due to the increasing demand for full insurance coverage and emergency solutions for both passenger cars and commercial vehicles. Insurance providers offer various services such as winch battery replacement, jump start, fuel delivery, towing, and mechanical repairs to their customers. Car dealers and automotive clubs also provide roadside assistance as part of their membership models or subscription services. The commercial vehicle segment, including heavy and light commercial vehicles, is a significant contributor to the market's growth. Mechanical issues, aging vehicle fleets, accidents, and vehicle breakdowns are common reasons for roadside assistance calls. IoT devices and mobile apps are transforming the market with connected vehicles and autonomous vehicles offering virtual meetings and road safety alerts. Road crashes, dead batteries, flat tires, and electrical mechanical repairs are common issues that require roadside vehicle aid. Automakers like Omega Seiki Mobility, Global Assure, One Moto India, and others are investing in the market to offer battery assistance, tire replacement, and vehicle towing services. The market's growth is also driven by the increasing gasoline costs and labor costs, leading to the popularity of smartphone app-based services for efficient and cost-effective solutions.
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