Increasing demand for hybrid and electric vehicles
Governments of several countries are encouraging the adoption of hybrid and electric vehicles through various initiatives including tax rebates and subsidies. This will not only boost the sales of hybrid and electric vehicles but also help in decarbonizing the environment.
The increasing sales of hybrid and electric vehicles will need vehicle roadside assistance vendors to upgrade their technologies, leading to the growth in the demand for vehicle roadside assistance during the forecast period. This will lead to the expansion of the global vehicle roadside assistance market at a CAGR of close to 4% during the forecast period.
Market Segments & Dynamics
This vehicle roadside assistance market analysis considers sales from types including passenger vehicle and commercial vehicle. The analysis also considers the sales of vehicle roadside assistance in APAC, Europe, North America, South America, and MEA.
In 2018, the passenger vehicles segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increasing purchase of passenger vehicles in countries such as Brazil, India, China, the UAE, Qatar, and South Africa will play a significant role in the passenger vehicles segment to maintain its market position.
Also, the market report looks at factors such as the growth of the automotive industry in emerging economies, increasing demand for hybrid and electric vehicles, and the rising number of accidents.
However, integration of safety systems to increase safety quotient of vehicles, increasing the focus of OEMs on development of autonomous vehicles and developments in automotive battery management system may hamper the growth of the vehicle roadside assistance industry over the forecast period.
Rising demand for a vehicle connectivity solution
Automobile manufacturers are equipping their vehicles with advanced connectivity solutions, which will ensure the high penetration of connected cars in the future. Vehicle telematics systems gain and transfer data regarding vehicles' conditions to service centers, fleet owners, and insurance providers.
Real-time highway alerts and notifications will be easily provided to drivers, and navigation systems will be able to direct the vehicle toward the least fuel-consuming route based on traffic density. This is encouraging manufacturers to equip their vehicles with these systems such as vehicle roadside assistance, which is expected to have a positive impact on the overall market growth.
With the presence of several major players, the global vehicle roadside assistance market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading vehicle roadside assistance manufacturers that include: AA, Falck AS, RAC Group (Holdings), The Allstate Corp, and Viking Redningstjeneste Topco.
Also, the vehicle roadside assistance market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.