Press release
Road Assistance Insurance Market to Hit $13.9 Billion by 2031, Driven by Rising Vehicle Support Demand
According to a new report published by Allied Market Research, titled, "Road Assistance Insurance Market," The road assistance insurance market was valued at $5.9 billion in 2021, and is estimated to reach $13.9 billion by 2031, growing at a CAGR of 9.4% from 2022 to 2031.๐๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/A31872
Various companies are expanding their current services to meet the continuous rise in demand with increase in demand for state farm roadside assistance. For instance, in September 2022, FixiGo and Roadzen announced their partnership to provide 24x7 nationwide roadside assistance (RSA) services. The roadside assistance cover will be accessible via a toll-free number or the FixiGo mobile app. It will include on-call support, repair-on-spot, towing for mechanical and electrical breakdown and accidental cases, vehicle repatriation services, fuel delivery in case of fuel run-out, minor on-site repair, battery jump-start, on-demand assistance, and key retrieval support. Customers will also benefit from new features like real-time access, dedicated DID (direct inward dialing) numbers, hotel assistance, medical assistance, vehicle custody services, luggage transportation, hotel/house medical assistance during travel, chauffeur on-demand, replacement/courtesy cars, and chauffeur on-call for mobile applications.
"๐๐๐ ๐๐ฃ๐๐ง๐๐๐จ๐๐ฃ๐ ๐๐๐ข๐๐ฃ๐ ๐๐ค๐ง ๐ง๐ค๐๐๐จ๐๐๐ ๐ซ๐๐๐๐๐ก๐ ๐๐จ๐จ๐๐จ๐ฉ๐๐ฃ๐๐ ๐ค๐ฃ ๐ฉ๐๐ ๐๐ค ๐๐จ ๐๐ค๐ค๐จ๐ฉ๐๐ฃ๐ ๐ฉ๐๐ ๐๐๐ข๐๐ฃ๐ ๐๐ค๐ง ๐ง๐ค๐๐ ๐๐จ๐จ๐๐จ๐ฉ๐๐ฃ๐๐ ๐๐ฃ๐จ๐ช๐ง๐๐ฃ๐๐ ๐ข๐๐ง๐ ๐๐ฉ. ๐๐ช๐ง๐ฉ๐๐๐ง, ๐ฉ๐๐ ๐ช๐ฃ๐ง๐๐ก๐๐๐๐๐ก๐๐ฉ๐ฎ ๐ค๐ซ๐๐ง ๐ซ๐๐๐๐๐ก๐ ๐๐ง๐๐ฃ๐๐จ ๐ค๐ฌ๐๐ฃ๐ ๐ฉ๐ค ๐ช๐ฃ๐๐ญ๐ฅ๐๐๐ฉ๐๐ ๐๐๐ข๐๐๐๐จ ๐๐จ ๐๐ช๐๐ก๐๐ฃ๐ ๐ฉ๐๐ ๐๐ง๐ค๐ฌ๐ฉ๐ ๐ค๐ ๐ฉ๐๐ ๐ข๐๐ง๐ ๐๐ฉ."
Furthermore, market players are expanding their market share by introducing various new products in the roadside assistance progressive cover. For instance, in October 2020, Walmart-owned digital payments firm PhonePe launched insurance products for private cars and two-wheelers in India, partnering with Bajaj Allianz General Insurance for the service. The customers can get renewals, cashless repair services at an extensive countrywide network of garages and instant claim settlement within 20 minutes. Further, PhonePe users can also customize their car insurance plan based on their needs with a range of value-added offerings such as zero depreciation, 24X7 roadside assistance and engine protection.
๐๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐ ๐จ๐๐๐๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐ฉ๐๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ :
https://www.alliedmarketresearch.com/request-for-customization/A31872
By distribution channel, the independent agents/brokers segment acquired the major share for the road assistance insurance market. This is attributed to the fact that brokers are aware of the terms and conditions, coverages and exclusions and costs of a wide range of competing insurance policies, so they can help clients find the most appropriate cover for client's circumstances.
Region-wise, Europe dominated the road assistance insurance market share in 2021. This was attributed to the escalated per capita income, consumer preference for lavishness, high standard of living, and rise in the sale of premium vehicles.
There has been a significant shift in consumer patterns for road assistance insurance industry during the pandemic. In addition, the lockdown restrictions decreased the demand for road assistance insurance. Further, decrease in purchase of the coverage had a negative impact on road assistance insurance industry. However, the increase in demand for road assistance insurance coverage with adoption of electric vehicles boosts the road assistance insurance market growth during the pandemic.
There has been a significant shift in consumer patterns for road assistance insurance market trends during the pandemic. In addition, the lockdown restrictions decreased the demand for road assistance insurance. Further, decrease in purchase of the coverage had a negative impact on road assistance insurance industry. However, the increase in demand for road assistance insurance coverage with adoption of electric vehicles has boosted the road assistance market growth during pandemic.
๐๐๐ฎ๐ฒ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐ @
https://www.alliedmarketresearch.com/checkout-final/f7d0132b90f4e62968a7b02181369085
Key Findings of the Study
By distribution channel, the independent agents/brokers segment accounted for the highest road assistance insurance market share in terms of revenue in 2021.
On the basis of vehicle type, the indirect commercial vehicle segment is expected to exhibit the fastest growth rate during the forecast period.
Region-wise, Europe generated the highest revenue in 2021 in road assistance insurance market size.
The key players operating in the road assistance insurance market analysis include Agero, Inc., Allstate Insurance Company, American Express Company, Erie Indemnity Co., GEICO, IFFCO-Tokio General Insurance Company Limited, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, USAA, and Viking Assistance Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
๐๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐:
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Credit Bureaus Market https://www.alliedmarketresearch.com/credit-bureaus-market-A323733
Small Business Loans Market https://www.alliedmarketresearch.com/small-business-loans-market-A324248
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Credit Card Cash Advance Market https://www.alliedmarketresearch.com/credit-card-cash-advance-market-A323716
Virtual Cards Market https://www.alliedmarketresearch.com/virtual-cards-market-A17176
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