Vehicle Roadside Assistance Market – Snapshot
Vehicle roadside assistance is a service that assists the driver of a vehicle in case of a breakdown. Vehicle roadside assistance offers on-site assistance to vehicle owners and drivers with basic support, which includes on-site minor electrical and mechanical repair, flat tire support, battery jump start, misplaced or lost keys (lockout service), towing of the vehicle, and fuel delivery service. Vehicle roadside assistance is an effort by auto service professionals to sort minor mechanical and electrical repairs and adjustments in an attempt to make a vehicle drivable again.
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The global vehicle roadside assistance market is primarily driven by an increase in the number of aging vehicles, which are more likely to witness breakdown and several mechanical & electric issues, which in turn demands vehicle roadside assistance services. Moreover, surge in installation of app-based services has led to a reduction in response time for vehicle roadside assistance services, which in turn is propelling the global vehicle roadside assistance services market. Extreme weather affects millions of drivers across the globe, especially cold weather where frigid air causes electrochemical reactions in batteries of vehicles, which in turn drains battery power and leads to battery jumpstarts. Furthermore, icy and snowy terrain across several countries leads to treacherous driving conditions and is likely to increase the risk of fatal road accidents, which in turn demands vehicle roadside assistance services. Surge in vehicle sales and registrations across the globe has also led to an increase in road fatalities and vehicle breakdowns. Reduction in vehicle loan interest rates, easy availability of finance with customized financial schemes, and increase in per capita income of consumers are key factors driving vehicle sales and production. This, in turn, is anticipated to boost the global vehicle roadside assistance market during the forecast period.
Higher cost of vehicle roadside assistance service during the pay per use service is a key factor restraining the global vehicle roadside assistance market. This is primarily due to labor and service charge rates, which are included in membership plans; however, they are charged in pay per use service. All services are offered by the service provider in terms of membership plan, which are considerably cost-effective, as it remains valid for one year and above; however, different vehicle roadside assistance service providers have different terms and conditions.
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In terms of service, the towing service segment accounted for a major share of the global vehicle roadside assistance service market, in terms of revenue, generated in fiscal year 2018. Towing due to collision or breakdown comprises the most basic request for emergency road assistance. Therefore, the towing segment held a major share of the market. Demand for vehicle roadside assistance due to tire replacement arising due to tire burst, puncture, & loss of inflation, jump start/pull start, battery assistance, and lockdown/key replacement services was also notably high.
In terms of provider, the global vehicle roadside assistance market was dominated by the auto manufacturer segment, which is primarily attributed to an increase in preference of auto manufacturers to provide road assistance services as a part of warranty. Several vehicle manufacturers, such as Honda, are providing vehicle assistance services in several countries. Several other vehicle manufacturers such as General Motors, Hyundai, Toyota, Ford, and Mitsubishi are expected to provide roadside assistance services for vehicle owners and hence, the auto manufacturer segment is estimated to lead the global vehicle roadside assistance market during the forecast period.
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Passenger vehicle was a highly attractive segment and held a prominent share of the vehicle roadside assistance market across the globe in 2018. Passenger vehicles are primarily covered under the auto manufacturers’ free warranty and hence, accounted for a notable share. The passenger vehicle segment is followed by the light commercial vehicle sub-segment. Moreover, truckers are purchasing roadside assistance in order to avoid operational losses, thus propelling the heavy commercial vehicle segment of the market.
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