Portland, OR, Jan. 30, 2023 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the overall roadside assistance insurance market raised $5.9 billion in 2021 and is expected to generate $13.9 billion by 2031, growing at a CAGR of 9.4% from 2022 to 2031. The report provides an in-depth analysis of the changing dynamics of the market, major segments, value chain, competitive scenario and regional landscape. . This research offers valuable guidance for key players, investors, shareholders, and startups to design sustainable growth strategies and gain competitive advantage in the market.
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Report coverage and details:
|Year of reference||2021|
|Market size in 2021||$5.9 billion|
|Market size in 2031||$13.9 billion|
|Number of pages in the report||230|
|Segments Covered||Vehicle type, coverage, distribution channel and region.|
|Drivers||Increase in the number of older vehicles with numerous electrical and mechanical problems|
|Opportunities||In order to reduce carbon emissions, several governments have taken measures to encourage the use of hybrid and electric vehicles, such as the granting of subsidies and tax breaks|
|Constraints||The pay-as-you-go service for vehicle roadside assistance insurance services|
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global roadside assistance insurance market, due to the implementation of global lockdown which has resulted in the temporary shutdown of production facilities.
- The supply chain has been disrupted due to import and export restrictions. Manufacturers had to deal with a shortage of labor and the unavailability of raw materials.
- However, with the easing of restrictions, demand for roadside assistance insurance is expected to increase post-pandemic.
The research provides detailed segmentation of the global roadside assistance insurance market based on vehicle type, coverage, distribution channel and region. The report discusses the segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize based on the most revenue-generating and fastest-growing segments mentioned in the report.
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Based on vehicle type, the passenger vehicle segment held the highest share in 2021, accounting for more than two-thirds of the global roadside assistance insurance market, and is expected to maintain its leading status over the period. forecast. However, the commercial vehicle segment is expected to register the highest CAGR of 12.8% from 2022 to 2031.
Based on coverage, the towing segment accounted for the highest share in 2021, contributing nearly two-fifths of the global roadside assistance insurance market, and is expected to maintain its revenue lead over the period. forecast. However, the lock/replace key service segment should manifest the Highest CAGR of 14.1% from 2022 to 2031.
Based on distribution channel, the independent agent/broker segment accounted for the highest share in 2021, holding more than two-fifths of the global roadside assistance insurance market, and is expected to maintain its leading status over the course of the year. forecast period. However, the direct response segment is expected to grow at the highest CAGR of 11.7% during the forecast period.
Based on region, Europe held the largest share in 2021, contributing nearly two-fifths of the global roadside assistance insurance market share. Furthermore, Asia-Pacific is expected to show the fastest CAGR of 13.1% during the forecast period and is expected to maintain its dominant revenue share in 2031.
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Key players of global roadside assistance insurance market analyzed in the research include Agero, Inc., Allstate Insurance Company, American Express Company, Erie Indemnity Co., GEICO, USAA, IFFCO-Tokio General Insurance Company Limited, Progressive Casualty Insurance Company, National Mutual Insurance Company, Viking Assistance Group.
The report provides a detailed analysis of these key players in the global roadside assistance insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable for highlighting the business performance, operating segments, product portfolio, and strategic moves of market players to present the competitive scenario.
MAIN BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of market segments, current trends, estimates and dynamics of data analysis in the banking market analysis from 2021 to 2031 to identify the predominant opportunity in the insurance market roadside assistance.
- The market study is offered with information related to key drivers, restraints, and opportunities in the Roadside Assistance Insurance market forecast.
- Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
- In-depth analysis of roadside assistance insurance market segmentation helps in determining the existing market opportunities.
- Major countries in each region are mapped according to their revenue contribution in the global market.
- The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.
- The report includes analysis of regional and global Roadside Assistance Insurance market trends, key players, market segments, application areas and market growth strategies.
Roadside Assistance Insurance Market Report Highlights
- Quick start/pull start
- Replacement lock/key service
- Flat tire
- Fuel delivery
- Independent Agents/Brokers
- Direct response
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key market Players : Agero, Inc., Allstate Insurance Company, American Express Company, Erie Indemnity Co., GEICO, USAA, IFFCO-Tokio General Insurance Company Limited, Progressive Casualty Insurance Company, Nationwide Mutual Insurance Company, Viking Assistance Group
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