According to the recent analysis by Fact.MR, the global vehicle roadside assistance market is expected to grow at over 3% CAGR during the forecast period from 2020 to 2030. The passenger vehicle segment is expected to witness the highest growth in the vehicle type category throughout the forecast period.
Driven by the advancements witnessed in the automotive sector, the vehicle road assistance market is expanding quickly. As the demand for vehicle connectivity solutions is increasing, the global market is gaining rapid traction.
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COVID-19 Impact on Vehicle Roadside Assistance Market
In the present year, the outbreak of novel coronavirus has negatively impacted the vehicle roadside assistance market growth. Due to various restraining factors such as closed manufacturing units during lock down, economic crisis, unavailability of manpower, decreased market demand, and others, the market growth has slowed down.
Despite facing a few constraints due to COVID-19, the global vehicle roadside assistance market growth is expected to accelerate consistently during the coming years.
Key Takeaways from Vehicle Roadside Assistance Market Report
- Increase in demand for hybrid and electric vehicles is expected to bolster market growth
- Advancement in automotive sector is forecast to accelerate market growth across the globe
- Passenger vehicles will be a lucrative category among all other vehicle types
- Increase in number of aging vehicles resulting more break-downs is projected to escalate market growth
- Auto manufacturers to maintain the lead as a lucrative service provider throughout the forecast period
- Asia Pacific market being high potential is expected to witness highest growth throughout the forecast period
“The highly advanced automotive sector coupled with the rising number of old vehicles is catering to the global vehicle roadside assistance market growth. Passenger vehicle is set to prevail as a lucrative vehicle type, while auto-manufacturers are set to gain traction during the forecast period,”says a Fact.MR analyst.
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Vehicle Roadside Assistance Market
A recent study by Fact.MR on the vehicle roadside assistance market offers a 7-year forecast from 2020 to 2027. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of vehicle roadside assistance. The study also provides the dynamics that are responsible for influencing future status of the vehicle roadside assistance market over the forecast period.
A detailed assessment of the vehicle roadside assistance value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the vehicle roadside assistance market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Vehicle Roadside Assistance Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the vehicle roadside assistance market across the globe.
A comprehensive estimate on the vehicle roadside assistance market has been provided through an optimistic as well as a conservative scenario, taking into account the sales during the forecast period. Price point comparison by region with global average price is also considered in the study.