Press release
Vehicle Roadside Assistance Market Competition Status, Emerging Trends, Growth Factors 2021-2031
Apart from extending vehicle warranty and free service, automotive companies are providing 24x7 roadside assistance to its customers. Hyundai Motor India is extending the vehicle warranty and free service to its customers who are unable to avail the benefits due to the lockdown imposed during the second wave of 2021. The 24x7 roadside assistance is being made available to customers in order to address any emergency.
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Thus, in order to boost credibility credentials, automotive companies in the vehicle roadside assistance market are initiating programs to expedite relief to people in India by delivering lifesaving oxygen equipment. Extended warranty and free service to customers help ensure adequate support during the unprecedented times. Volkswagen Passenger Cars India, on the other hand, is being publicized for extending its vehicle service and warranty period for select customers. This is likely to drive the vehicle roadside assistance market during the forecast period.
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Rising Insurance Premiums, Operational Costs Hindering Towing Service Industry
The vehicle roadside assistance market is projected to reach US$ 40 Bn by 2031. However, astronomical increase in insurance premiums are leading to poor market sentiment among car users. As such, mandatory insurance of vehicles in countries such as India is helping to narrow the gap between insurance companies and customers. Moreover, the demand for roadside services is growing, owing to the rise in both vehicle miles travelled and average vehicle age climb to all-time highs.
The growing number of disablement events sound promising to towing company owners in the vehicle roadside assistance market. This explains why the revenue of towing services is predicted to be the highest among all services in the market landscape. As such, the service provider community continues to voice concerns over rising operational costs pertaining to labor, insurance, and fuel.
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COVID-19 Pandemic Sparks Demand for Contact-free Service to Customers Directly at Home
Bridgestone - a Japan-based multinational auto and truck parts manufacturer, has announced the launch of the Firestone Direct mobile vehicle service for car owners and fleet operators. These efforts are being made by automotive service centers to provide maximum convenience with safe and contact-free service directly to the vehicle owner's home or workplace. This shows that the COVID-19 pandemic has sparked innovations in service features. Such developments are contributing to the growth of the vehicle roadside assistance market, which is expected to advance at a modest CAGR of 5% during the forecast period.
Service providers in the vehicle roadside assistance market are taking cues from innovations in service to invest in custom-designed and specially equipped vans operated by certified technicians to offer a wide range of maintenance services.
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Proliferation of Connected Cars Creates Potential for Roadside Assistance with Vehicle Data
Vehicle data is emerging as a game changer for stakeholders in the vehicle roadside assistance market. Proliferation of connected cars is helping to generate large amounts of vehicle status and usage data that can provide roadside assistance service providers with crucial information about the vehicle. This involves information about the vehicle location, error codes, fuel level and the likes. Such data can be used to analyze the underlying cause for breakdown and help to implement the required action which promotes quick engagement for improving the quality of service & driver's experience.
Car data puts the roadside assistance company in a better position to understand the reason and assist in fixing the problem in the shortest time. Stakeholders in the vehicle roadside assistance market are realizing the importance of vehicle data in order to improve driver experience.
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