NEW YORK, Dec. 10, 2021 /PRNewswire/ -- The vehicle roadside assistance market has been segmented by application (passenger cars and commercial vehicles) and geography (Europe, North America, APAC, MEA, and South America).
By application, the passenger vehicle segment is expected to have significant market share growth during the forecast period. Passenger cars include variants that have internal combustion engines, as well as electric powertrain vehicles. The rising demand for these vehicles is expected to fuel the passenger car segment of the vehicle roadside assistance market during the forecast period. The high sales of premium-segment passenger cars, along with improved mileage and long-range capacity provided by electric vehicles, are also expected to drive the growth of the vehicle roadside assistance market.
By geography, Europe is expected to dominate the market, accounting for 34% of the market's growth during the forecast period. The UK and Germany are the key countries for the vehicle roadside assistance market in Europe. However, the growth rate of the market in Europe will be slower than the growth of the market in other regions. The rising number of aging vehicles and the increasing penetration of electric cars will drive the growth of the vehicle roadside assistance market in Europe during the forecast period.
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The vehicle roadside assistance market is expected to grow by USD 5.39 bn from 2020 to 2025, as per Technavio. The growth momentum of the market will accelerate at a CAGR of 5.02%. The year-over-year growth rate of the market in 2021 is 3.39%.
Read the 120-page report with TOC on "Vehicle Roadside Assistance Market Analysis Report by Application (passenger cars and commercial vehicles) and Geography (Europe, North America, APAC, MEA, and South America), and the Segment Forecasts,2021-2025".
The market is driven by factors such as the rising number of accidents. With the increasing number of vehicles on the road, road accident injuries and fatalities have increased over the decade, which has raised the demand for towing and other roadside assistance services. This will drive the growth of the global vehicle roadside assistance market during the forecast period. However, the high cost of services may impede market growth.
Major Vehicle Roadside Assistance Companies:
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Vehicle Roadside Assistance Market Application Outlook (Revenue, USD bn, 2020-2025)
Vehicle Roadside Assistance Market Geography Outlook (Revenue, USD bn, 2020-2025)
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Vehicle Roadside Assistance Market Scope |
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Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.02% |
Market growth 2021-2025 |
USD 5.39 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.39 |
Regional analysis |
Europe, North America, APAC, MEA, and South America |
Performing market contribution |
Europe at 34% |
Key consumer countries |
US, UK, Germany, China, and India |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AA Ltd., Allianz Group, ARC Europe SA, Best Roadside Service, Falck AS, Generali Group, Good Sam Enterprises LLC, RAC Group (Holdings) Ltd., Sampo Plc, and The Allstate Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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