Pune, March 30, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Information Technology & Telecommunication market research firm has published a market research report on the "Road Assistance Insurance Market". According to the MMR analysis, The Road Assistance Insurance Market size was valued at USD 6.30 Bn. in 2022 and the total Road Assistance Insurance revenue is expected to grow at a CAGR of 10.3 percent from 2023 to 2029, reaching USD 12.51 Bn.
| Market Size in 2021 | USD 6.30 Bn |
| Market Size in 2029 | USD 12.51 Bn |
| CAGR | 10.3 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 265 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | By Vehicle Type, Coverage, and Distribution Channel |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players' Market Ranking Analysis. |
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Road Assistance Insurance Market Scope and Research Methodology
The report on the Road Assistance Insurance Market provides an in-depth analysis of the industry. The report focuses on market dynamics including market influence factors, market restraining factors, upcoming challenges for the industry, and major challenges that are expected to hamper the market growth. Technological advancements, key initiatives taken by competitors, government initiatives, etc. are all factors that have been thoroughly examined in the report. The Industry analysis forecasts key competitors' revenue growth at the global and national levels, as well as an analysis of the most current market trends in each sub-segment throughout the forecast period. The primary and secondary research method was used to collect the data from the Road Assistance Insurance market. PESTLE and PORTER Analysis provided micro and macro-level insights into the global industry scenario. Organized and Unorganized players have been covered in the report to give the competitive environment structure of the market. SWOT analysis has been done for companies to give more micro details of the Road Assistance Insurance Market.
Road Assistance Insurance Market Overview
Roadside assistance for automobiles is widely provided by automakers and other service organizations. The service offers assistance to the vehicles/moto riders if malfunctions or crashes happen with the automobile. Car roadside assistance offers on-site assistance, including technical errors, mechanical and electrical repairs as well as other typical roadside issues such as dead batteries, spare keys, fuel delivery, flat tires, etc. To remain competitive, attract a diverse client base, and capitalize on revenue growth potential, manufacturers provide roadside assistance insurance services.
Road Assistance Insurance Market Dynamics
One of the major growth driving factors for the Road Assistance Insurance Market is the rapidly increasing global car sales. Additionally, rising demand for automotive connection solutions like road safety alerts, weather alerts, and other road safety and emergency solutions is expected to increase the demand during the forecast period. The automotive industry's digitization has enabled the firm to deliver remote car roadside assistance to clients via different mobile applications and IoT devices, which is favorably affecting the market. The high adoption of electric and hybrid vehicles as well as connected and autonomous vehicles are expected to offer lucrative growth opportunities for the market players. However, the premium package of services is expected to hamper the Road Assistance Insurance Market growth during the forecast period.
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Europe is expected to present potential market opportunities for the industry players
According to the MMR, Europe held the largest market share of 36.5 percent in 2022. High disposable income along with widespread awareness of automobile roadside assistance services is expected to drive market growth. Also, increasing luxury car sales in Europe boost market growth during the forecast period. Asia Pacific region is expected to increase at a rapid pace. A growing number of traffic accidents, as well as increased awareness and inclination for roadside assistance among the people in emerging APAC countries such as China, Japan, India, and others, are expected to drive market growth in the region.
Road Assistance Insurance Market Segmentation
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Coverage:
- Towing
- Jump Start/Pull Start
- Lockout/Replacement Key Service
- Flat Tire
- Fuel Delivery
- Others
By Distribution Channel:
- Independent Agents/Brokers
- Auto Manufacturer
- Motor Insurance providers
- Independent Warranty
- Automotive Club
- Others (Direct Response, Banks)
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Road Assistance Insurance Market Key Players Include:
- Good Sam Enterprise LLC. (Illinois, United States)
- Auto Vantage (Connecticut, United States)
- Best Roadside Service (Texas, United States)
- Falck A/S (Denmark, Europe)
- Roadside Transportation LLC. (Florida, United States)
- DBA, Agero, Inc. (The Cross Country Group) (Florida, United States)
- Allstate Insurance Company (San Francisco, United States)
- Agero, Inc., (Massachusetts, United States)
- American Express Company (New York, United States)
- Erie Indemnity Co. (Pennsylvania, United States)
- GEICO, USAA (Maryland, United States)
- IFFCO-Tokio General Insurance Company Limited (India)
- Progressive Casualty Insurance Company (Ohio, Unites States)
- Nationwide Mutual Insurance Company (Ohio, Unites States)
- Viking Assistance Group (Norway, Europe)
- Access Roadside Assistance (Canada)
- Paragom Motorclub (Texas, United States)
- Roadside Masters (Florida, United States)
- ARC Europe SA, (Belgium, Europe)
- Agero, Inc., (Massachusetts, United States)
- Allianz Global Assistance (Germany, Europe)
- ASSURANT, INC. (New York, United States)
- GM Motor Club (Michigan, United States)
- National Motor Club (Texas, United States)
- SO S International A / S (London, United Kingdom)
Key questions answered in the Road Assistance Insurance Market are:
- What is Road Assistance Insurance?
- What was the Road Assistance Insurance market size in 2022?
- What is the expected Road Assistance Insurance market size by 2029?
- What is the growth rate of the Road Assistance Insurance Market?
- Which are the factors expected to drive the Road Assistance Insurance market growth?
- Which factors are expected to restrain the Road Assistance Insurance market growth?
- Which segment dominated the Road Assistance Insurance market growth?
- Which segment is expected to grow at a significant CAGR during the forecast period?
- What is the demand pattern for the Road Assistance Insurance market?
- Which region held the largest share of the Road Assistance Insurance market?
- Who are the leading players in the Road Assistance Insurance market?
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Key Offerings:
- Past Market Size and Market Competitiveness (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Challenges, and Key Trends by region
- Market Segmentation – A detailed analysis by Breast Cancer Type, Cancer Stages, Drug Type, Drug Mechanism, Types Of Drug Treatment, Route of Administration, Distribution Channel
- Competitive Landscape –A detailed scenario of the competitive environment in the global market
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region based on product Portfolio, End-Users, Revenues, Manufacturing Locations, etc.
- Market Consolidations – Mergers, Acquisitions, Joint Ventures, Partnerships.
- Company Profiles – Business Overview, Financial Overview, Business Strategy, SWOT Analysis, Recent Development.
- PESTLE Analysis
- PORTER's analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Key Takeaways
- Industry Recommendations
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
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Vehicle Access Control Market: The vehicle Access Control Market is expected to reach USD 27.29 Bn by 2029 from USD 13.30 Bn in 2022 at a CAGR of 10.81 percent during a forecast period. Growing car theft incidences in developed countries such as the United States and the United Kingdom are driving market growth.
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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