Roadside Assistance Market to Hit $47.6 Billion by 2032, Growing at 5.2% CAGR Amid Rising Vehicle Ownership and Safety Awareness

According to a new report published by Allied Market Research, titled, "Roadside Assistance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Service, By Provider, By Vehicle : Global Opportunity Analysis and Industry Forecast, 2023-2032." The global roadside assistance market was valued at $28.9 billion in 2022, and is projected to reach $47.6 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.

The global roadside assistance industry is dominated by Asia-Pacific. Increase in demand for vehicles along with rise in per capita income drive the market growth. In addition, this region is the most attractive automotive market for numerous market players. Penetration of advanced driver assistance and electric vehicles have encountered significant automotive sales in the region and that in turn has increased the road assistance insurance services demand.

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐞𝐫𝐬 :

The report covers segments such as service, vehicle, and provider. The report is studied across different regions such as North America, Europe, Asia-Pacific, and LAMEA.

The study integrates high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.

Over 3,700 product literatures, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/5736

Furthermore, the growth of the market can also be attributed to the increasing road accidents and breakdowns, growing vehicle fleets, and rising demand for mobility solutions in Asia-Pacific. In addition, key players in India adopting various key strategies to drive the growth of the roadside assistance market.

Towing is a crucial component of roadside assistance services. It involves the transportation of a disabled vehicle from its location to a designated repair facility or another desired destination. Towing services are typically provided when a vehicle cannot be immediately repaired on-site or is involved in an accident that renders it inoperable. Roadside assistance providers usually have partnerships or contracts with towing companies or have their own fleet of tow trucks.

Tire replacement assistance is another vital service provided in the roadside assistance market. It aims to assist drivers who experience a flat tire while driving, ensuring their safety, and helping them get back on the road quickly. Tire replacement assistance is designed to provide convenience to drivers who encounter tire problems on the road. It saves them from the inconvenience of changing a tire themselves, especially in unfavorable weather conditions or when they lack the necessary tools or experience.

The rise in the number of older vehicles with numerous electrical and mechanical problems is the major factor driving the growth of the roadside assistance market. In addition, the roadside assistance industry is growing since app-based services have sped up roadside help response times. Extreme weather conditions have an influence on many drivers throughout the world, especially in cold weather when battery power drains and battery jump starts are necessary. Further, icy and snowy driving conditions in some areas increase the occurrence of deadly traffic collisions, necessitating roadside vehicle assistance.

Advanced technologies such as telematics, GPS tracking, and vehicle diagnostics offer immense potential for roadside assistance providers. These technologies enable real-time monitoring of vehicles, allowing providers to proactively identify potential issues, track vehicle locations, and offer faster response times. With precise location information, providers may dispatch assistance more efficiently, minimizing wait times and improving overall service quality. Furthermore, connected car technologies allow for remote diagnostics and troubleshooting, enabling technicians to assess vehicle problems remotely and potentially resolve minor issues without physical intervention.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/roadside-assistance-market/purchase-options

In addition, mobile applications and digital platforms play a crucial role in improving customer experience and convenience. Roadside assistance providers can develop user-friendly mobile apps that allow customers to request assistance, track the arrival of service vehicles, and receive updates in real-time. These digital platforms may also facilitate seamless communication between customers and service providers, enhancing transparency and customer satisfaction. As autonomous and electric vehicles gain traction, it is expected to provide new opportunities for roadside assistance providers to specialize in servicing these specific vehicle types.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The outbreak of COVID-19 led to reduced demand for roadside assistance services due to nationwide lockdowns and restrictions on mobility. The reduction in vehicle usage directly affected the demand for assistance services, resulting in decreased revenue for roadside assistance providers. Furthermore, the economic impact of the pandemic led to financial constraints for individuals and businesses. However, post-pandemic, an increase in demand for vehicles, mobility, and road traffic has encouraged market players to deliver enhanced roadside assistance services to cater to the increase in market demand.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By service, the battery assistance segment is anticipated to exhibit significant growth in the future.

By provider, the OEM segment is anticipated to exhibit significant growth in the future.

By vehicle, the commercial vehicle segment is anticipated to exhibit significant growth in the future.

By region, Europe is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/5736

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Agero

Allianz Global Assistance

Allstate Insurance Company

ARC Europe SA

AutoVantage

Falck A/S

Paragon Motor Club

Roadside Transportation LLC

SOS International

Viking Assistance Group AS

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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This release was published on openPR.