Vehicle Roadside Assistance Market To Cross $38.4 Bn By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Major vehicle roadside assistance market participants include AA PLC, Agero, Allstate Insurance, American Automobile Association, ARC, GEICO, Liberty Mutual Insurance, MAPFRE-ASISTENCIA, National General Motor Club, Nissan Motor

Selbyville, Delaware, Nov. 26, 2024 (GLOBE NEWSWIRE) -- The vehicle roadside assistance market valuation is predicted to exceed USD 38.4 billion by 2032, reported in a research analysis by Global Market Insights Inc. The rising number of vehicles on the road significantly boosts the demand for roadside assistance services. As vehicle ownership increases, so do incidents of breakdowns and accidents. In 2023, the global vehicle count reached 92.7 million, a figure set to rise substantially by 2040 due to factors like economic development, urbanization, and a growing middle class in emerging markets.

Furthermore, the pandemic has shifted commuting trends, leading more people to rely on personal vehicles, further driving the need for roadside assistance. Urbanization is another key factor, with a United Nations report predicting that 68% of the world's population will live in urban areas by 2050, leading to an increased demand for vehicles and, consequently, roadside services.

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The growing shift toward electric vehicles (EVs) is also shaping the market. With rising EV sales, particularly in leading vehicle roadside assistance market, the types of roadside services required are evolving, highlighting the need for specialized services for electric and hybrid vehicles. As the transportation landscape shifts toward sustainable mobility, the demand for reliable and comprehensive roadside assistance services is projected to rise.

In terms of vehicle types, passenger cars dominated the market with a 65% share in 2023. The rising number of personal vehicles on the road and growing consumer demand for safety and convenience drive the need for roadside assistance for passenger vehicles.

The vehicle roadside assistance market is divided into various services, including towing, tire replacement, fuel delivery, lockout/key replacement, and battery assistance. Towing accounted for over 30% of the market share in 2023 and is expected to generate more than USD 12 billion by 2032. As vehicle breakdowns become more frequent, the demand for towing services remains consistent. Whether due to mechanical failures or accidents, professional towing services are essential for moving vehicles to repair facilities, ensuring their significance in the roadside assistance market.

Europe and North America are key regions in vehicle roadside assistance market, with strong demand for roadside services, supported by extensive networks of automotive service providers and insurance companies offering these services as part of comprehensive plans. These regions are expected to remain leading markets due to high vehicle ownership and a strong focus on consumer protection.

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Partial chapters of report table of contents (TOC):

Chapter 1 Methodology & Scope

1.1 Research design

1.1.1 Research approach

1.1.2 Data collection methods

1.2 Base estimates and calculations

1.2.1 Base year calculation

1.2.2 Key trends for market estimates

1.3 Forecast model

1.4 Primary research & validation

1.4.1 Primary sources

1.4.2 Data mining sources

1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis, 2021 - 2032

Chapter 3 Vehicle Roadside Assistance Market Insights

3.1 Industry ecosystem analysis

3.2 Supplier landscape

3.2.1 Software provider

3.2.2 Service provider

3.2.3 Technology provider

3.2.4 Integrator

3.2.5 End use

3.3 Profit margin analysis

3.4 Technology & innovation landscape

3.5 Cost analysis

3.6 Case studies

3.7 Analysis of insurance & warranty integration

3.7.1 Coverage consistency

3.7.2 Cost savings for consumers

3.7.3 Extended benefits

3.8 Key news & initiatives

3.9 Regulatory landscape

3.10 Impact forces

3.10.1 Growth drivers

3.10.1.1 Increasing vehicle ownership

3.10.1.2 Rising technological advancements

3.10.1.3 Increasing shift to electric vehicles

3.10.2 Industry pitfalls & challenges

3.10.2.1 High operational costs

3.10.2.2 Competition from insurance providers

3.11 Growth potential analysis

3.12 Porter's analysis

3.13 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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