Road Assistance Insurance Market Overview
Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the “Road Assistance Insurance Market”. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The report provides the current state of the Road Assistance Insurance market by thorough analysis.
Road Assistance Insurance Market Growth and Revenue Projection:
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% from 2023 to 2029, reaching nearly USD 12.51 Bn.
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Road Assistance Insurance Market Scope and Methodology:
The report aims to assess and predict the size of the Road Assistance Insurance market. It offers strategic profiles of significant market participants to provide an accurate interpretation of the competitive landscape within the global Road Assistance Insurance. Recent developments such as new product launches, acquisitions, mergers, joint ventures, brand activities, and major players in the Road Assistance Insurance industry have undergone a comprehensive analysis. The report aims to present insights into industry trends, dynamics, and potentials, to assist professionals in staying informed about the latest trends and sector performance. This insight aids in predicting growth and decline in Road Assistance Insurance market share over the forecast period.
An in-depth understanding of the Road Assistance Insurance industry was achieved through a combination of primary and secondary research methods. To ensure the accuracy of our findings, we utilized various methodologies such as PESTLE, PORTER, and SWOT analysis. The SWOT analysis was used to identify the strengths, weaknesses, opportunities, and challenges of the key players within the Road Assistance Insurance industry. Additionally, we used PORTER and PESTLE analysis to gain a better understanding of the microeconomic and macroeconomic factors that influence the Road Assistance Insurance industry.
Road Assistance Insurance Market Segmentation
by Vehicle Type
1. Passenger Vehicle
2. Commercial Vehicle
The global market for roadside assistance insurance is divided into two segments based on the type of vehicle: passenger vehicles and commercial vehicles. With the largest market share of 82% in 2022, the passenger car sector led the market and is predicted to continue leading it by 2029. During the duration of their warranties, a number of passenger automobile manufacturers offered free roadside assistance insurance services. Consequently, growing passenger car sales are anticipated to fuel segment expansion over the course of the projection year. Additionally, a few of auto insurance companies include pay-per-use roadside help services in their insurance plans.
by Coverage
1. Towing
2. Jump Start/Pull Start
3. Lockout/Replacement Key Service
4. Flat Tire
5. Fuel Delivery
6. Others
In terms of coverage, the towing sector led the worldwide road assistance insurance market in 2022 with the most market share of 38%. Over the course of the projection period, the category is anticipated to rise at a CAGR of 10.4% and continue to dominate by 2029. The process of dragging a car behind another car is called towing. The most fundamental service needed when a car breaks down is towing. Therefore, it is anticipated that rising road accidents in developed nations will propel segment growth. In addition, the frequency of brake failures is rising, and technical issues with car parts like a dead battery, a blown tire, a faulty ignition switch, etc. are driving up the need for towing services.
by Distribution Channel
1. Independent Agents/Brokers
2. Auto Manufacturer
3. Motor Insurance providers
4. Independent Warranty
5. Automotive Club
6.Others (Direct Response, Banks)
With the largest market share of 32% in 2022, the auto manufacturers sector led the global road assistance insurance market based on distribution channel. Throughout the projection period, the segment is anticipated to expand at a CAGR of 10.6%. Over the course of the projection period, the segment is anticipated to develop as a result of automakers' growing use of after-sales support programs to assist consumers through complimentary warranties. In addition, factors that are anticipated to bolster the expansion of the market include the availability of financing options for vehicle purchases, crowded public transit, and a rise in passenger car sales brought on by growing living standards.
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Road Assistance Insurance Market Regional Insights
Regional insights play a crucial role in understanding the nuanced dynamics of the Road Assistance Insurance market. The Road Assistance Insurance market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report comprehensively examines factors, market size, growth rate, and import and export activities within each region. The Regional Analysis section presents the current status of the Road Assistance Insurance market in the countries covered in the report.
Road Assistance Insurance Market Key Players
1. Good Sam Enterprise LLC. (Illinois, United States)
2. Auto Vantage (Connecticut, United States)
3. Best Roadside Service (Texas, United States)
4. Falck A/S (Denmark, Europe)
5. Roadside Transportation LLC. (Florida, United States)
6. DBA, Agero, Inc. (The Cross Country Group) (Florida, United States)
7. Allstate Insurance Company (San Francisco, United States)
8. Agero, Inc., (Massachusetts, United States)
9. American Express Company (New York, United States)
10. Erie Indemnity Co. (Pennsylvania, United States)
11. GEICO, USAA (Maryland, United States)
12. IFFCO-Tokio General Insurance Company Limited (India)
13. Progressive Casualty Insurance Company (Ohio, Unites States)
14. Nationwide Mutual Insurance Company (Ohio, Unites States)
15. Viking Assistance Group (Norway, Europe)
16. Access Roadside Assistance (Canada)
17. Paragom Motorclub (Texas, United States)
18. Roadside Masters (Florida, United States)
19. ARC Europe SA, (Belgium, Europe)
20. Agero, Inc., (Massachusetts, United States)
21. Allianz Global Assistance (Germany, Europe)
22. ASSURANT, INC. (New York, United States)
23. GM Motor Club (Michigan, United States)
24. National Motor Club (Texas, United States)
25. SO S International A / S (London, United Kingdom)
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Key questions answered in the Road Assistance Insurance Market are:
- What is Road Assistance Insurance?
- What will be the CAGR at which the Road Assistance Insurance market will grow?
- What is the growth rate of the Road Assistance Insurance Market?
- What are the industry trends that can be implemented to generate additional revenue streams for the Road Assistance Insurance Market?
- Who are the leading companies and what are their portfolios in Road Assistance Insurance Market?
- What segments are covered in the Road Assistance Insurance Market?
- Which are the factors expected to drive the Road Assistance Insurance market growth?
- What are the different segments of the Road Assistance Insurance Market?
- What growth strategies are the players considering to increase their presence in Road Assistance Insurance?
- What are the upcoming industry applications and trends for the Road Assistance Insurance Market?
- How can the investors capitalize on the opportunities in the Road Assistance Insurance market?
Key Offerings:
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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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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