According to a latest study by Fact.MR on vehicle roadside assistance market, the global vehicle roadside assistance market is likely to grow in demand for various hybrid and electrical vehicles has significantly risen in the last few years. Vehicle roadside assistance service is capable of providing onsite assistance to vehicle drivers during a breakdown.
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The advancements in automobile manufacturing sectors coupled with the sky-rocketing market demand, especially for the passenger vehicles, are expected to propel the market growth during the forecast period from the year 2020 to 2027.
The global vehicle roadside assistance market is anticipated to grow at over 3% CAGR, between 2020 and 2030.
Key Takeaways from Vehicle Roadside Assistance Market Report
- Increase in demand for hybrid and electric vehicles is expected to bolster market growth
- Advancement in automotive sector is forecast to accelerate market growth across the globe
- Passenger vehicles will be a lucrative category among all other vehicle types
- Increase in number of aging vehicles resulting more break-downs is projected to escalate market growth
- Auto manufacturers to maintain the lead as a lucrative service provider throughout the forecast period
- Asia Pacific market being high potential is expected to witness highest growth throughout the forecast period
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Surging Demand for Vehicle Connectivity Solutions Boosting Growth
As the automotive sectors are evolving fast, they are producing huge number of modern vehicles equipped with the advanced connectivity solutions.
Furthermore, with the rising demand for various vehicle safety and servicing solutions such as real-time highway notifications, weather alerts, and others, the vehicle roadside assistance market demand is increasing fast.
With the technical advancements, various broad ranges of modern systems such as vehicle telematics systems to gain and transfer data regarding vehicles, and others are being incorporated to the vehicle pushing the demand curve further upward.
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As the global vehicle roadside assistance market is expected to expand further, the key market players are giving their best efforts to leverage it fully. Some of the key market players giving tough competition are, The Allstate Corp., Falck AS, RAC Group Ltd., AA plc., and others.
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