Connected Roadside Assistance Solutions Market Size, Share, Growth, Trends 2021-2028
The global connected roadside assistance solutions market was valued at USD 1,450 million in 2020 and is projected to grow at a notable CAGR of 15% over the forecast period 2021 to 2028. Some of the key factors driving market growth are digitization across different industries, technical improvements, growing usage of smart devices, and smart mobility. North America was the largest market in 2020; however, Asia Pacific is expected to be the fastest growing region by 2028, with a CAGR of over 16%.
Connected roadside assistance solution is a service that assists the vehicle drivers in case of a breakdown. Roadside assistance offers on-site assistance to vehicle owners and drivers with basic support, which includes on-site repair of minor electrical and mechanical support, flat tire support, battery jump start, lockout service, towing of the vehicle and fuel delivery service. Roadside assistance is an initiative taken by auto service providers to sort minor mechanical and electrical repairs to adjust the components in order to make vehicle drivable again.
The global connected roadside assistance market is primarily driven by an increase in the number of aging vehicles (vehicles used over 5 years of their lifespan), which are more likely to have breakdown and several mechanical & electric issues, which rises the demand for roadside assistance services. Moreover, installation of app-based services has reduced response time for roadside assistance services. Fluctuating weather conditions affect drivers across the globe, especially cold weather where frigid air causes electrochemical reactions in batteries of vehicles resulting in power drainage.
Growth Drivers
Rising Automobile Demand
With the prominent rise in the automotive sector and aging of the vehicles that can more easily experience a breakdown on the roads. The rising incorporation of technologies such as artificial intelligence, accurate GPS systems and in-build vehicle monitoring systems have enabled drivers to get the necessary assistance in minimum period of time. The application-driven services have minimized the response period of vehicle roadside assistance service.
Moreover, reduction in vehicle loan interest rates along with increase in per capita income of consumers are some of the factors driving vehicle sales and production which results in higher roadside assistance solutions.
Government Regulations
Government has made it mandatory for non-government organizations to provide vehicle roadside assistance solution to the vehicle owners or drivers. Additionally, cold weather, snowy, and icy terrain or slopes have led to road fatalities in many countries. This has led to government bodies taking measures such as offering vehicle roadside assistance to drivers in tough environmental conditions and other emergencies such as flat tire, lock down and engine knocking.
Restraints
The high cost associated with connected roadside assistance solutions during the pay per use service act as the key factor due to labor and service charge rates. All services are offered by the service provider in terms of membership plan. Also, limited geographical coverage by the service providers also limit the adoption of connected roadside assistance solutions.
Key players:
Market Segmentation
By Mechanic Service
By Vehicles
By Service Type
By Geography
The global connected roadside assistance solutions market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of connected roadside assistance solutions market for the base year 2021 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global connected roadside assistance solutions market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the connected roadside assistance solutions market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted connected roadside assistance solutions market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the connected roadside assistance solutions capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of connected roadside assistance solutions by regions (countries) and application.
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers