Vehicle Warranty Market to Witness Exponential Growth by 2031

 

Vehicle Roadside Assistance Market: Introduction

According to the report, the global Vehicle Warranty Market was valued over US$ 21.4 Bn in 2020. It is estimated to expand at a CAGR of 5% from 2021 to 2031. Vehicle roadside assistance is a service that assists vehicle drivers in vehicle breakdown coverage. Vehicle roadside assistance is an effort by auto service professionals to sort minor mechanical & electrical repairs and adjustments in an attempt to make a vehicle drivable again. Vehicle roadside assistance offers on-site assistance to vehicle owners and motorists with basic support, which includes on-site minor electrical and mechanical repair, flat tire support, battery jump start, misplaced or lost keys (lockout service), towing of the vehicle, fuel delivery service, and other such services. Increase in demand for such services providing safety and security for vehicles during a journey is expected to drive the global vehicle roadside assistance market during the forecast period.

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Expansion of Vehicle Roadside Assistance Market

The increase in the number of on-road vehicles is expected to drive the global vehicle roadside assistance market. On-road vehicles that are older than 5 years require vehicle assistance services, including battery assistance, jump start/pull start among other mechanic services. The adoption of roadside assistance among ageing vehicles is expected to rise during the forecast period; consequently fueling the global vehicle roadside assistance market. The rise in transportation activities among the population, globally, is expected to boost the demand for vehicles globally. The increase in the per capita income, along with growing industrialization has heightened the sale of passenger vehicles and commercial vehicles across the globe for transportation of people and goods. Additionally, an increase in sales of used vehicles across China, India, ASEAN countries, Middle East, and South African countries, owing to low cost of vehicle ownership and increased number of used vehicles buyers are expected to offer lucrative opportunity for players engaged in the global vehicle roadside assistance market.

Vehicle Roadside Assistance: Market Opportunities

The increase in the demand for SUVs across Europe and North America indicates a rise in preference for off-road driving, which can be primarily attributed to consumer shift toward recreational activities and family outings. The increase in off-road driving fuels the demand for necessity of assistance in case of any emergency. Additionally, mining, construction, and energy sectors across Asia Pacific are expanding at a significant pace, which, in turn, are fueling the demand for vehicles, especially for commercial vehicles. Vehicles operating across the sectors mentioned above are prominently subjected to off-road applications. Garages and fuel stations are generally unavailable across off-road areas, therefore vehicle roadside assistance plays an important role in serving vehicles witnessing breakdown along off-road routes. The rise in the number of on-road vehicles coupled with an increase in average age of vehicles is likely to offer lucrative expansion opportunities for vehicle roadside assistance services globally.

Regional Analysis of Vehicle Roadside Assistance Market

In terms of region, the global vehicle roadside assistance market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe led the global vehicle roadside assistance market, and it is anticipated to maintain its dominance during the forecast period. Higher market share held by the region can be primarily attributed to an increase in awareness about safety and security offered by vehicle roadside assistance services. Followed by Europe, Asia Pacific accounted for the second-largest share of the global vehicle roadside assistance market. The increase in age of on-road vehicles in addition to rise in sales of both new and used passenger vehicles in countries across Asia Pacific, including China, India, and those in ASEAN is excepted to increase the demand for vehicle roadside assistance services in Asia Pacific.

Vehicle Roadside Assistance Market Players

Prominent players operating in the global vehicle roadside assistance market include AAA, Agero, Inc., Allstate Insurance Company, AutoVantage, Best Roadside Service, Allianz Global Assistance, Arabian Automobile Association, ARC Europe SA, ASSURANT, INC., CHUBB LIMITED, Falck A/S, Prime Assistance Inc., RESCUE Vehicle Services Private Ltd., TVS Auto Assist India Limited, Viking Assistance Group AS, SOS International A/S, span wings, Paragon Motor Club, Roadside Masters, Access Roadside Assistance, Good Sam Enterprise, LLC, Emergency Road Services Corporation, Better World Club, National General Insurance, HONK Technologies, and URGENT.LY INC.

Global Vehicle Roadside Assistance Market: Segmentation

• Vehicle Roadside Assistance Market, by Vehicle Type
• Passenger Vehicle
• Hatchback
• Sedan
• Utility Vehicles
• Commercial Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Vehicle Roadside Assistance Market, by Provider
• Auto Manufacturer
• Motor Insurance
• Independent Warranty
• Automotive Clubs

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• Vehicle Roadside Assistance Market, by Service
• Towing
• Tire Replacement
• Fuel Delivery
• Jump Start/Pull Start
• Lockout/ Replacement Key Services
• Winch
• Battery Assistance
• Trip Routing/ Navigational Assistance
• Other Mechanic Services

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