October 11, 2024
Vehicle Roadside Assistance Market Growth 2024 To 2033

Vehicle Roadside Assistance Market Size To Hit USD 41.76 Bn by 2033

The global vehicle roadside assistance market size was valued at USD 24.87 billion in 2023 and is expected to hit over USD 41.76 billion by 2033, poised to grow at a CAGR of 5.32% from 2024 to 2033.

Key Points

  • Europe contributed more than 38.14% of revenue share in 2023.
  • By Service, the towing service segment captured the biggest revenue share in the global market in the year 2023.
  • By Provider, the auto manufacturer segment is likely to dominate the market in the forecast years.
  • By Vehicle, the passenger vehicle is a significant revenue share in the market.

The Vehicle Roadside Assistance Market refers to the industry involved in providing services such as towing, fuel delivery, battery jump-start, and tire replacement to stranded motorists in need of assistance. This market has witnessed significant growth in recent years due to increasing vehicle sales, rising awareness about the importance of roadside assistance services, and the adoption of advanced technologies to improve service efficiency and response times.

Growth Factors

Several factors contribute to the growth of the Vehicle Roadside Assistance Market. The primary driver is the expanding global automotive industry, leading to a higher number of vehicles on the road. Additionally, the growing preference for subscription-based roadside assistance services among vehicle owners and the increasing integration of telematics and GPS technologies in vehicles have spurred market growth. Moreover, the rising trend of long-distance travel and the need for prompt assistance in case of emergencies further fuel the demand for roadside assistance services.

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Europe  Vehicle Roadside Assistance Market in 2024 To 2033

The Europe vehicle roadside assistance market size surpassed USD 9.48 billion in 2023 and is predicted to grow over USD 16.50 billion by 2033, growing at a CAGR of 5.69% from 2024 to 2033.

The Vehicle Roadside Assistance Market exhibits a global presence, with significant traction observed across various regions. North America and Europe dominate the market due to the high vehicle density, robust infrastructure, and well-established roadside assistance service providers. However, emerging economies in Asia-Pacific, Latin America, and Africa are witnessing rapid market expansion owing to increasing vehicle sales and improving road infrastructure.

Vehicle Roadside Assistance Market Scope

Report Scope Details
Market Size in 2023 USD 24.87 Billion
Market Size By 2033 USD 41.76 Billion
Growth Rate from 2024 to 2033 CAGR of 5.32%
Base Year 2023
Largest Market Europe
Fastest Growing Region Asia Pacific
Segments Covered Service, Providers, Vehicle, Region
Companies Mentioned 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

Vehicle Roadside Assistance Market Dynamics

Drivers:

Several drivers propel the growth of the Vehicle Roadside Assistance Market. Key among them are the growing vehicle parc globally, stringent regulations mandating roadside assistance provisions, and the increasing consumer preference for hassle-free mobility solutions. Furthermore, the integration of advanced technologies such as artificial intelligence, IoT, and mobile apps enhances service efficiency, customer experience, and operational effectiveness for roadside assistance providers.

Restraints:

Despite the promising growth prospects, the Vehicle Roadside Assistance Market faces certain restraints. These include challenges related to high operational costs, intense competition among service providers, and the complexity of managing a diverse range of assistance services. Moreover, regulatory complexities and legal liabilities associated with providing roadside assistance further hinder market growth in some regions.

Opportunities:

The market presents several opportunities for expansion and innovation. These include the untapped potential in emerging markets, the introduction of value-added services such as remote diagnostics and predictive maintenance, and partnerships with automotive manufacturers to integrate roadside assistance solutions directly into vehicle systems. Additionally, catering to the growing demand for eco-friendly and electric vehicle roadside assistance services presents a promising avenue for market players.

Challenges:

Despite the growth prospects, the Vehicle Roadside Assistance Market faces several challenges. These include the need for continuous investment in infrastructure and technology to ensure prompt service delivery, the recruitment and training of skilled personnel, and maintaining service quality standards across geographically dispersed operations. Moreover, the unpredictable nature of roadside emergencies and adverse weather conditions pose operational challenges for service providers.

Read Also: Monorail System Market Size to Hit USD 9.71 Bn by 2033

Recent Developments

  • In March 2022, One Moto India, a British Electric Vehicle brand partnered with a roadside assistance company Global Assure to provide 24*7 customer support for any automotive breakdown along with other assistance services.
  • In November 2021, Omega Seiki Mobility, an electric vehicle maker partnered with Europ Assistance to offer roadside assistance to create a secure environment for its entire range of vehicles and customers.
  • In November 2021, Force Motors announced the introduction of free roadside assistance for all its Gurkha SUV owners.

Competitive Landscape:

The Vehicle Roadside Assistance Market is characterized by intense competition among both established players and new entrants. Key players in the market include AAA, Allstate Roadside Services, National General Insurance, and AutoVantage. These companies compete based on service quality, coverage options, pricing, and technological capabilities. Moreover, strategic alliances, mergers, and acquisitions are common in the market as players seek to enhance their market presence and expand their service offerings. Additionally, innovation in service delivery models and the adoption of emerging technologies such as AI, telematics, and blockchain further intensify competition in the market.

Vehicle Roadside Assistance Market Companies:

  • 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
  • Good Sam Enterprise, LLC
  • Access Roadside Assistance
  • Better World Club
  • Emergency Road Services Corporation
  • Honk technologies
  • National General Insurance
  • span wings
  • LY INC.
  • Twenty Four OTR Pvt Ltd
  • TVS Auto Assist India Limited
  • ASSURANT, INC.
  • RESCUE Vehicle Services Private Ltd.
  • Emirates Insurance Co. (PSC)
  • CHUBB LIMITED
  • Prime Assistance Inc.
  • Arabian Automobile Association

Segments Covered in the Report

By Service

  • Tire Replacement
  • Towing
  • Jump Start/Pull Start
  • Fuel Delivery
  • Lockout/Replacement Key Service
  • Battery Assistance
  • Winch
  • Trip Routing/Navigational Assistance
  • Other Mechanic Service

By Provider

  • Motor Insurance
  • Auto Manufacturer
  • Automotive Clubs
  • Independent Warranty

By Vehicle

  • Commercial Vehicle
    • Light Commercial Vehicle
    • Heavy Commercial Vehicle
  • Passenger Vehicles
    • Hatchback
    • Sedan
    • Utility Vehicles

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

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