OTTAWA, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on "Vehicle Roadside Assistance Market (By Service: Tire Replacement, Towing, Jump Start/Pull Start, Fuel Delivery, Lockout/Replacement Key Service, Battery Assistance, Winch, Trip Routing And Other Mechanic Service; By Provider: Motor Insurance, Auto Manufacturer, Automotive Clubs, And Independent Warranty; By Vehicle: Commercial Vehicle (Light Commercial Vehicle And Heavy Commercial Vehicle), Passenger Vehicles) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027".
Vehicle roadside assistance is an on-site vehicle maintenance service that assists driver in case of breakdown or collision. The vehicle roadside assistance service offers basic support to the drivers or vehicle owners that include flat tire support, on-site minor mechanical or electrical repair, lockout service (lost or misplaced key), battery jumpstart, fuel delivery service, and towing of vehicle.
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Growth Factors
Rising number of accidents and vehicle collisions is the major factor driving the vehicle roadside assistance market. As per World Heallth Organization (WHO), approximately 1.35 Mn people die from road traffic crashes every year. Further, 93% of the world on-road fatalities occur on middle and low income countries, even though the 60% of global vehicle are concentrated in those countries.
Moreover, increasing demand for hybrid and electric vehicles along with rising demand for connectivity solution in vehicles expected to fuel the vehicle roadside assistance market growth. Real-time highway alert, telematics systems, sensors, in-built wifi system, global positioning system are some of the advanced vehicle solutions that manufacturers now incorporate in their vehicles to enhance the driver experience. These systems are electronic-controlled and may experience issue at any time. Therefore, aforementioned factors contribute to the growth of the vehicle roadside assistance market.
Nonetheless, extra money charged by the service providers on pay per service may hinders the growth of the market. Every service providers have their membership plan under which they cover all the roadside assistance and emergency services, besides this they charge extra money for each service provided.
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Report Highlights
- Asia Pacific seeks to be the most opportunistic market during the forecast period. Prime factors attributed to this are augmented per capita income, significant number of automotive sales, and rising adoption of electronic assistance features in the vehicle.
- Europe led the global vehicle roadside assistance market in terms of revenue share in 2019. The region is the hub of automotive manufacturers and register significant adoption of advanced vehicle assistance feature by the drivers that in turn fuels the market growth.
- By service, towing service encountered maximum revenue share in the global vehicle roadside assistance market in 2019. It is the most common emergency service offered by the service providers due to fatal roadside accidents and collisions. Furthermore, advanced towing devices have provided ease in the towing service that adds as an advantage to the toeing service market.
- Passenger vehicle captured maximum revenue share in the global vehicle roadside assistance market. Rising sales of passenger vehicles and increased number of vehicle registration has triggered the growth of passenger vehicles in the vehicle roadside assistance market.
Regional Snapshots
Europe was one of the prime revenue contributor in the global vehicle roadside assistance market in 2019 and expected to flourish significantly during the forecast period. Increased number of vehicle registration and sales in the past few years has enormously added to the market growth. Besides this, cold climate of Europe leads to vehicle breakdown or battery drain out that supports the highway vehicle services and boosts the demand for vehicle roadside assistance market.
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Furthermore, North America is another major revenue generating region for the vehicle roadside assistance market. This is attributed to the significant growth of road accidents in the U.S. and Canada. As per the statistics, total number of car accidents per year in the U.S. is nearly 6 Mn out of which 72% accidents cause property damage. Further, Asia Pacific is expected to record fastest growth during the forecast period owing to rising population along with per capita income in the region.
Key Players & Strategies
The global vehicle roadside assistancemarket is very niche and fragmented with high level of competition among the players to offer quality services to their customers. Some of the players also provide collection and delivery service at users place to enhance the service quality. Automotive manufacturers, such as Honda, General Motors, Toyota, Mitsubishi, and many other manufacturers also provide vehicle roadside assistance services to their customers.
Some of the key players of the market are Viking Assistance Group AS, ARC Europe SA, Swedish Auto, SOS International A/S, Allianz Global Assistance, Falck A/S, Allstate Insurance Company, AAA, Agero, Inc., Best Roadside Service, AutoVantage, Roadside Masters, Paragon Motor Club, and Good Sam Enterprise, LLC. Other companies operating in this marketplace are Access Roadside Assistance, Better World Club, Emergency Road Services Corporation, Honk technologies, National General Insurance, span wings, URGENT.LY INC., Twenty Four OTR Pvt Ltd, TVS Auto Assist India Limited, ASSURANT, INC., RESCUE Vehicle Services Private Ltd., Emirates Insurance Co. (PSC), CHUBB Ltd, Prime Assistance Inc., and Arabian Automobile Association among others.
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