NEW YORK, Sept. 12, 2023 /PRNewswire/ — The vehicle roadside assistance market size is expected to grow by USD 8.90 billion from 2022 to 2027, progressing at a CAGR of 6.95% as per the latest Technavio market research report. The report has been segmented by Application (Passenger cars and Commercial vehicles), Service (Towing, Tire replacement, Fuel delivery, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America). The rising number of road accidents drives the vehicle roadside assistance market. There are thousands of people worldwide die in car accidents every year. Furthermore, factors like passengers not wearing seatbelts in automobiles or protective gear on motorcycles drive the high fatality conversion rate. For instance, around 75% of reported motorcycle crashes result in injury or death, which showcases the high demand for vehicle roadside assistance services. Hence, such factors boost the growth of the vehicle roadside assistance market during the forecast period. Discover insights on market size before buying the full report- Download a sample report
Technavio has announced its latest market research report titled Global Vehicle Roadside Assistance Market 2023-2027
Vehicle Roadside Assistance Market: Segment Overview
This market research report segments the vehicle roadside assistance market by Application (Passenger cars and Commercial vehicles), Service (Towing, Tire replacement, Fuel delivery, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America).
By application, the passenger vehicle segment is expected to have significant market share growth during the forecast period. Passenger cars include variants that have internal combustion engines, as well as electric powertrain vehicles. The rising demand for these vehicles is expected to fuel the passenger car segment of the vehicle roadside assistance market during the forecast period. The high sales of premium-segment passenger cars, along with improved mileage and long-range capacity provided by electric vehicles, are also expected to drive the growth of the vehicle roadside assistance market.
Geography Overview:
Europe is going to have lucrative growth during the forecast period. About 34% of the market’s overall growth is expected to originate from Europe.
For now, get a snapshot of the comprehensive report Download a Sample
Key Factors driving market growth –
Rising number of road accidents
Increasing availability of app-driven services
Aging vehicle fleet with a massive number of vehicles in use
Recent trends influencing the market-
Rising demand for vehicle connectivity solutions is an emerging vehicle roadside assistance market trend. Automobile manufacturers outfit their vehicles with advanced connectivity solutions.
Major challenges hindering the market growth-
The high cost of vehicle roadside services challenges the growth of the vehicle roadside assistance market.
What are the key data covered in the Vehicle Roadside Assistance Market reports:
Historic Market size
Company landscape and analysis including AA Ltd., Agero Inc., ALD SA, Allianz SE, American Automobile Association Inc., ARC Europe SA, AutoVantage, Best Roadside Service, Camping World Holdings Inc., Falck Danmark AS, Assicurazioni Generali S.p.A., Honk Technologies Inc., Paragon Motor Club Inc., Prime Assistance Inc., RAC Group Holdings Ltd., Roda Assistance Pvt. Ltd., Sompo Holdings Inc., SOS International AS, The Allstate Corp., Uber Technologies Inc.
Gain instant access to 17,000+ market research reports Technavio’s SUBSCRIPTION platform
Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
Vendors covered
Vendor classification
Market positioning of vendors
Competitive scenario
Related Reports:
The automotive winches system (AWS) market size is estimated to grow at a CAGR of 5.31% between 2022 and 2027. The market size is forecast to increase by USD 145.44 million. This automotive winches system market report extensively covers market segmentation by type (electric winches and hydraulic winches), vehicle type (passenger vehicle and commercial vehicle), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Rising preference for pickup trucks in emerging countries is one of the key factors driving the growth of the market.
The Electric Commercial Vehicle (ECV) Market size is estimated to grow at a CAGR of 26.02% between 2022 and 2027. The market size is forecast to increase by USD 166.58 billion. This report extensively covers market segmentation by product (LCVs, buses, and heavy and medium commercial vehicles), type (battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV)), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increasing adoption of EVs for improved logistics and transportation drives market growth.
|
Vehicle Roadside Assistance Market Scope |
|
|
Report Coverage |
Details |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.95% |
|
Market growth 2023-2027 |
USD 8.90 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023 (%) |
5.87 |
|
Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
Europe at 34% |
|
Key countries |
US, China, UK, Germany, and France |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AA Ltd., Agero Inc., ALD SA, Allianz SE, American Automobile Association Inc., ARC Europe SA, AutoVantage, Best Roadside Service, Camping World Holdings Inc., Falck Danmark AS, Assicurazioni Generali S.p.A., Honk Technologies Inc., Paragon Motor Club Inc., Prime Assistance Inc., RAC Group Holdings Ltd., Roda Assistance Pvt. Ltd., Sompo Holdings Inc., SOS International AS, The Allstate Corp., and Uber Technologies Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
