Friday, 28 April 2023 09:33 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / April 28, 2023 / Transparency Market Research Inc. - The roadside assistance market for vehicles was valued at USD 21.1 billion in 2021 and is expected to reach USD 26.6 billion by 2031.
Globally, the market is expected to grow at a CAGR of 6.3% between 2022 and 2031. Since vehicle infrastructure is developing rapidly, and the need for roadside assistance in remote areas is on the rise, the number of roadside assistance services for small and large vehicles is expected to grow in the coming years.
To Remain Ahead of your Competitors, Request for a Sample@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=56106
Mobile fuel delivery services are transforming the market for vehicle roadside assistance. "Booster," a US-based startup that delivers mobile fuel, is rapidly gaining traction for its services on corporate campuses, in residential buildings, and for fleet operators. A roadside assistance service offers onsite assistance for such things as electrical and mechanical repairs, tire changes, and battery replacements. The automakers offer roadside assistance to attract a diverse customer base and increase revenue in the market. Automobile sales worldwide are growing rapidly, which is one of the key factors driving the market.
Globally, road safety concerns and the increasing frequency of road crashes are expected to boost market growth over the next several years. The adoption of autonomous and connected vehicles is expected to increase market demand. An increasing number of accidents and growing concerns about road safety are driving market growth. Growth in the logistics and trucking industry is predicted to be driven by rising sales of new-generation equipment to reduce operating costs.
Key Findings of the Market Report
- Towing services are expected to dominate the global vehicle roadside assistance market in 2023, accounting for the highest revenue share.
- Increasing motor insurance will lead to a significant increase in vehicle roadside assistance sales.
- With urbanization accelerating and smart cities becoming increasingly popular, passenger cars are becoming increasingly popular.
- Electric vehicle sales will increase demand for app-based roadside assistance.
- Demand for roadside assistance will continue to rise as commercial vehicle sales grow.
Get Customized Solution to Meet Your Research Requirements: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=56106
Global Vehicle Roadside Assistance: Growth Drivers
- The increasing consumer base contributes significantly to the development of the market. With the advent of mobile platforms and other digital technologies in the auto industry, more brands are offering remote vehicle maintenance to consumers.
- Some of the factors driving this market are fully automated applications, attractive offers, and a strong focus on customer service. increased demand for hybrid and electric automobiles. Subsidies and tax rebates have been offered by several governments to encourage hybrid and electric vehicle use.
- Vehicle roadside assistance has expanded in response to the increase in hybrid and electric vehicle sales. This will drive the growth of the global vehicle roadside assistance market over the forecast period. Roadside assistance demand is expected to rise due to increased vehicle registration and increased GDP over the next few years.
Global Vehicle Roadside Assistance: Regional Landscape
- Services for roadside assistance are highly sought after in Europe.
- Increasing automotive manufacturers and raw materials availability are expected to boost vehicle roadside assistance market demand in Europe.
- Germany's high-end car market is predicted to grow further in the next few years.
- North America has a high awareness of these services, which will result in an expansion of the market for these services.
- Asia Pacific's growing automotive sales will increase the market demand for vehicle roadside assistance.
Global Vehicle Roadside Assistance Market: Key Players
New entrants and a few recognized companies dominate the market. In response to vehicle roadside assistance market trends, many major players are entering into strategic alliances and partnerships with OEMs, which will likely present them with lucrative opportunities in the market.
- Royal Sundaram General Insurance Co. Limited, India's first private sector insurer, launched the 'Smart Save' Add-on cover for private vehicles, 'Roadside Assistance' Add-on cover for two-wheelers, and 'Return to Invoice' Add-on cover for motorcycles. As part of the 'Smart Save' Add-on, Royal Sundaram will give customers an upfront discount on their Own Damage Insurance premium when the vehicle is repaired at one of its pre-determined trusted repair shops.
- In April 2023, Audi opened its first 3S (sales, service, and spare parts) facility in Raipur, Chhattisgarh. The state-of-the-art facility is located on Ring Road No 1, Sarona, and combines new car sales with a workshop and Audi approval. In addition to 24/7 roadside assistance, Audi India offers complete vehicle histories before purchasing a vehicle through its Audi Approved: plus program.
Buy this Premium Research Report | Immediate Delivery Available at https://www.transparencymarketresearch.com/checkout.php?rep_id=56106<>
Global Vehicle Roadside Assistance Market: Segmentation
Service Type
- Towing
- Tire Replacement
- Fuel Delivery
- Jump Start/Pull Start
- Lockout/Replacement Key Services
- Winch
- Battery Assistance
- Trip Routing/ National Assistance
- Others
Service Provider
- Auto Manufacturers
- Motor Insurance
- Independent Warranty
- Automotive Clubs
Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Propulsion
- IC Engine
- Diesel
- Gasoline
- Electric
- Battery Electric
- Hybrid Electric
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Latest Automotive Industry Reports : -
- Drivers of Automotive Lubricant Market
- Increase in Demand for Fuel-efficient Vehicles Drives Automotive Steering System Industry Growth
- Actuator Market Overview
- Asia Pacific and Europe Offer Profitable Revenue Opportunities for Automotive Battery Market Contributors
- Drivers of Infrastructure-as-a-Service (IaaS) Market
- Advanced Driver Assistance Systems Market Forecast
- Growth Opportunities for Manufacturers in Vehicle Wrapping Market
- Challenges for Automated Parking Management System Industry
- Automotive Sunroof Market Outlook
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: [email protected]
SOURCE: Transparency Market Research inc.