Transparency Market Research has released a new market report titled “Vehicle Roadside Assistance Market (Service: Towing, Tire Replacement, Fuel Delivery, Jump Start/Pull Start, and Others; Provider: Auto Manufacturer, Motor Insurance, and Others; Vehicle: Passenger Vehicle and Commercial Vehicle; and Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” According to the report, in terms of revenue, the global vehicle roadside assistance market is estimated to expand at a CAGR of about 4% during the forecast period.
All kinds of vehicles are prone to typical roadside issues such as dead batteries, flat tires, misplaced keys, and other minor mechanical and electrical problems. Moreover, automobiles that are more than 10 years old are twice as likely to end up stranded by the road side, as compared to newer vehicles, and subsequently, with the odds of necessitating a tow quadruples. When a vehicle breaks down, or is involved in a road crash, vehicle roadside assistance fixes the issue on the spot, most of the times. Moreover, expansion of network coverage for roadside assistance owing to app-based services has led to increased service offering and has eliminated the stress and complexity of roadside assistance, which in turn is driving global vehicle roadside assistance market. Moreover, rising number of aging vehicles is fueling the demand for roadside assistance services.
Demand for towing services is increasing owing to the increasing complexity of vehicles and integration of more electronics, making on-the-spot repair difficult. Towing due to collision or breakdown comprises the most basic request for emergency road assistance. The towing segment accounted for a major share of the global vehicle roadside assistance market in 2018. Moreover, vehicles that are older than 5 years require battery assistance. Rise in the adoption of roadside assistance among ageing vehicles and sales of hybrid and battery electric vehicles are expected to boost the battery assistance segment of the market.
Auto manufacturers are the leading providers of vehicle roadside assistance. Most new vehicles sold across several developed countries benefit from roadside assistance under warranty. Honda vehicles manufactured after 2015 have 3-year/ 36,000 mile roadside assistance coverage. Automakers such as General Motors, Hyundai, Toyota, Ford, and Mitsubishi have similar plans for new vehicles for a period ranging from 2 years to 7 years. Therefore, the auto manufacturer segment of the global vehicle roadside assistance market is projected to dominate during the forecast period. Motor insurance companies are major service providers; however, they account for a relatively minor share of the market, in terms of revenue, due to their low premium charges.
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The passenger vehicle segment held a major share of the global vehicle roadside assistance market. New passenger cars are generally provided roadside assistance under the auto manufacturer’s warranty. Passenger vehicles witness high renewal conversion; consumers prefer to purchase roadside assistance after the expiry of its cover in warranty and hence, the segment held a dominant share of the market. Several light commercial vehicles, such as those manufactured by Ford and General Motors, are covered under auto manufacturer road side assistance. Moreover, the light commercial vehicle segment accounted for a prominent share of the market, in terms of revenue, generated in fiscal year 2018 due to the high sales and on-road registration numbers of light commercial vehicles.
Europe comprises several developed countries, where raised per capita income and availability of roadside assistance service providers have led to prominent revenue generation from the roadside assistance services. Moreover, increase in number of aging vehicles across Europe and North America is fueling the demand for roadside assistance services. Increase in number of fleet vehicles, which is attributed to expansion of shared mobility services and increase in transportation activities, is fueling the demand for roadside assistance services. Europe accounted for leading share of the global vehicle roadside assistance market, followed by North America.
Key players operating in the global vehicle roadside assistance market are ARC Europe SA, Viking Assistance Group AS, SOS International A/S, Swedish Auto, Falck A/S, Allianz Global Assistance, AAA, Agero, Inc., Allstate Insurance Company, AutoVantage, Best Roadside Service, Paragon Motor Club, Roadside Masters, Access Roadside Assistance, Good Sam Enterprise, LLC, Emergency Road Services Corporation, Better World Club, National General Insurance, Honk technologies, URGENT.LY INC., spanwings, TVS Auto Assist India Limited, Twenty Four OTR Pvt Ltd, RESCUE Vehicle Services Private Ltd., ASSURANT, INC., CHUBB LIMITED, Emirates Insurance Co. (PSC), Arabian Automobile Association, and Prime Assistance Inc.
The global vehicle roadside assistance market has been segmented as follows:
- Global Vehicle Roadside Assistance Market, by Service
- Tire Replacement
- Fuel Delivery
- Jump Start/Pull Start
- Lockout/ Replacement Key Services
- Battery Assistance
- Trip Routing/ Navigational Assistance
- Other Mechanic Services
- Global Vehicle Roadside Assistance Market, by Provider
- Auto Manufacturer
- Motor Insurance
- Independent Warranty
- Automotive Clubs
- Global Vehicle Roadside Assistance Market, by Vehicle
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Global Vehicle Roadside Assistance Market, by Region/ by Country/ Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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