As per a report by the Transparency Market Research, the global vehicle roadside assistance market is set to expand at a stable growth rate of 5 % over the forecast period of 2021 to 2031. The report places the evaluation of the global vehicle roadside assistance market at US$ 21.4 billion in the year 2020. Some of the major drivers for the development of the global vehicle roadside assistance market include increasing demand for personal vehicles which can result in rising vehicle density in various larger metropolitan cities. This, in turn, can lead to rise in traffic congestion and increase the risk of human error, which can increase the probability of accidents and collisions. This is anticipated to fuel the demand for services in the global vehicle roadside assistance market.
The COVID-19 pandemic impacted the global vehicle roadside assistance market severely. Owing to the lockdown situations in various countries across the world, supply chains were disrupted and various industries that supplement the transportation, such as manufacturing, production, and tourism were shut. This hampered the growth in the global vehicle roadside assistance market in the past couple of years.
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Passenger Vehicle Segment Takes the Lead in Vehicle Roadside Assistance Market
Segments in the global vehicle roadside assistance market by the type of vehicle include passenger vehicle (including hatchback, utility vehicles, and sedan) and commercial vehicle (including heavy commercial vehicle and light commercial vehicle). The passenger vehicle segment held a major share in the global vehicle roadside assistance market recently in terms of revenue. This trend can be attributed to several factors such as rising number and volume of passenger vehicles being manufactured yearly as compared to commercial vehicles, existence of multiple types of roadside assistance coverage including new sales warranty at the time of purchase as well as motor insurance coverage.
Segments in the global vehicle roadside assistance market by the type of provider include motor insurance, automotive clubs, auto manufacturer, and independent warranty). Among these, the auto manufacturer segment led the global vehicle roadside assistance market in recent past. Followed by the auto manufacturer, another segment to hold a major share in the global vehicle roadside assistance market is auto clubs. This can be attributed to various benefits offered through the auto club membership such as travel discounts, as well as the discounts on food and entertainment.
Types of services offered by the players in the global vehicle roadside assistance market include tire replacement, jump start or pull start, winch, trip routing or navigational assistance, towing, fuel delivery, lockout or replacement key services, and battery assistance, among other mechanic services.
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Europe Dominates the Vehicle Roadside Assistance Market
Key regions operational within the global vehicle roadside assistance market include Latin America, Asia Pacific, North America, Europe, and Middle East and Africa. Geographically, Europe region held the largest share in the global vehicle roadside assistance market owing to high awareness regarding the importance of vehicle roadside assistance services as well as rising disposable income in various economies in the region. Furthermore, presence of massive number of auto manufacturers and auto clubs including Allstate Motor Club, AARP, GM Motor Club, BP Motor Club, AAA, Paragon Motor Club, Better World Motor Club, and National Motor Club is also very favorable for the growth of the Europe vehicle roadside assistance market.
Some of the key players functioning within the global vehicle roadside assistance market include AAA, Allstate Insurance Company, Best Roadside Service, Arabian Automobile Association, ASSURANT, Inc., Falck A/S, RESCUE Vehicle Services Private Ltd., Viking Assistance Group AS, Agero, Inc., AutoVantage, Allianz Global Assistance, ARC Europe SA, CHUBB Limited, Prime Assisatnce Inc., and TVS Auto Assist India, among others. Many major players functional within the global vehicle roadside assistance market are offering various attractive and cost effective service packages in order to gain more conusmers.