Vehicle Roadside Assistance Market Size Worth USD 29 Bn by 2026

LOS ANGELES, Nov. 27, 2019 /PRNewswire/ --   Acumen Research and Consulting, Recently Published Report on "Vehicle Roadside Assistance Market Size, Share, Growth, Sales, Trends and Forecast, 2019 - 2026".

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Vehicle roadside assistance is an additional service which is covered in auto insurance policy when a person opts for car insurance. Roadside assistance coverage helps the driver in critical situations such as when the vehicle breaks down on highways and remote locations. In this the vehicle insurance company and the roadside assistance service provider's partner with each other in order to provide the service. In this the closest and reliable service provider is sent on the location for assistance. In the roadside assistance policy various services are covered such as fuel delivery, car towing, battery service, flat tire service.

With the flourishing automotive sector across the globe, rising passenger vehicle sale in developing countries, along with consumers approach towards vehicle safety and assistance during critical situations is resulting in increasing adoption of vehicle roadside assistance. Increase in number of car failure incidences across the globe is a major factor providing a growth prospective to the global vehicle roadside assistance market. In addition, developing automotive industry standards and stringent government regulation related to insurance policy are factors expected to support the growth.

Moreover, rising awareness among consumers, coupled with service providers providing advanced services such as real time location, flat rate pricing, transparency are among other factors that are expected to positively impact the global market growth. Furthermore, rising number of road accidents in developed and developing countries, along with demand for on-site repair and medical assistance is another factor support the growth of global market. According to Fédération Internationale de l'Automobile, in 2018 ADAC Service GmbH responded to 3,926,533 on and off cases of road assistance from motorists with car trouble in Europe and Middle East & Africa.

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However, high cost associated to service which is further increasing the cost of insurance policy which is resulting in low adoption of these services this is a major factor expected to pose a threat to the global market. Terms and conditions related to vehicle assistance differ from company to company, coupled with lack of transparency in these services ultimately paying higher than the mentioned cost is further resulting in lowering the adoption. In addition, availability of standalone garages and service providers on highways and distant places are acting as a substitute to the insurance service which is expected to hinder the growth of target market.

Increasing adoption of technologically advanced products in order to provide better service such as remote assistance and real time locator, coupled with various discounts offerings during the peak working hours in order to attract customers is expected create new opportunities in terms of revenue further supporting the growth.

There is an increase in mechanical failure among cars which leave the driver in serious situation when on remote location. Increase in demand for service such as towing and jump start/pull start among consumers, along with service providers offerings reliable and charge free service is expected to support the growth of the target segment.

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Increase in demand for luxury vehicles and stringent government regulation related to car insurance is resulting in adoption of vehicle roadside assistance service which is a major factor expected to drive the growth of the target market in North America. In addition, with the advent of IoT in automotive sector, rising demand for electric vehicles in the country such as US, and availability of service providers who provide faster, safe and most reliable roadside assistance experience, all with low of no subscription or membership fee are some other factors expected to optimistically impact the regional market growth.

Increase in number of road accidents in the country, owing to various mechanical failures is resulting in approach towards adoption of vehicle roadside assistance services. In 2015, in the US there were 6.3 Mn fatal injury, and property damage crashes.

Furthermore, major service providers operating in the country are inclining towards increase their business presence in order to augment the company revenue. Thus approach towards strategic partnerships and agreements is expected to further support the market growth in North America.

Some of the major players operating in the target market include Viking assistance group, AutoVantage, Jack Rabbit USA LLC, Best Roadside Provider, Urgent.ly, Access Roadside Assistance, Paragom Motorclub, Roadside Masters, Viking Assistance Group AS, ARC Europe SA, and SOS International A/S.

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