Vehicle Roadside Assistance Market Study 2023-2030: A Market Poised for Growth as Demand for Mobile Apps, In-Car Technology Integration, and Personalized Services Explodes
Rationalstat LLC
9 min read
Rationalstat LLC
The global vehicle roadside assistance market is expected to approach US$ 29.4 billion by 2030, with an annual growth rate of more than 4.1%
Wilmington, Delaware, Nov. 19, 2023 (GLOBE NEWSWIRE) -- Global Vehicle Roadside Assistance Market is valued at US$ 22.2 billion in 2023 and is expected to grow at a significant CAGR of over 4.1% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
The growing number of vehicles on the road, including cars, trucks, and motorcycles, was driving the demand for roadside assistance services. As the vehicle ownership rates continued to rise, so did the need for assistance in case of breakdowns, flat tires, accidents, and other roadside emergencies. In addition, the integration of advanced technologies, such as telematics and GPS, into roadside assistance services was enhancing efficiency. These technologies allowed service providers to quickly locate and assist drivers in distress, improving response times and overall customer satisfaction.
Moreover, it has been observed that roadside assistance providers are forming partnerships with automotive manufacturers to offer bundled services. Some vehicles came with built-in roadside assistance programs as part of their warranty or service packages, further expanding the vehicle roadside assistance market.
According to a deep-dive market assessment by RationalStat, the global vehicle roadside assistance market has been analyzed on the basis of market segments, including vehicle type, service, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
Market intelligence for the global vehicle roadside assistance market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global vehicle roadside assistance market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global vehicle roadside assistance market include,
In February 2021, Honk entered into a partnership agreement with Driver Technologies, wherein Honk was entrusted with the administration of a co-branded roadside assistance program for Driver Technologies.
Some of the prominent players and suppliers operating and contributing significantly to the global vehicle roadside assistance market growth include Honk, Allstate Roadside Services, Better World Club, Agero, Inc., Paragon Motor Club, National General Motor Club, Good Sam Roadside Assistance, AutoVantage, Viking Assistance Group, SOS International, Assurant, Inc., RESCUE Vehicle Services Pvt. Ltd., Emirates Insurance Co (PSC), and Chubb, among others.
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RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
Defining the problem by understanding the type of market and data required by the client.
Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
Evaluating and analyzing the data by referring to data sources utilized and leveraged.
Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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