LONDON--(BUSINESS WIRE)--The global vehicle roadside assistance market is expected to post a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
Government bodies across the world are encouraging the use of hybrid and electric vehicles owing to the rising concerns regarding air pollution caused by the increasing influx of cars with internal combustion engines. This has increased the sales of hybrid and electric vehicles in both developed and developing countries across the world. Therefore, the increasing penetration of electric vehicles will drive the demand for vehicle roadside assistance specific to electric and hybrid vehicles during the forecast period.
As per Technavio, the integration of artificial intelligence (AI) into drones will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vehicle roadside assistance market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global vehicle roadside assistance market: Rising demand for vehicle connectivity solutions
The automotive industry is witnessing the growing demand for vehicle connectivity, which has been encouraging automobile manufacturers to equip their vehicles with advanced connectivity solutions. Over the next decade, the technological advances in the connectivity are expected to provide real-time highway alerts and notifications to drivers and direct the vehicle toward least fuel consuming route based on traffic density. Therefore, the emergence of technologies such as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication solutions, is expected to affect the growth of the vehicle roadside assistance market value during the forecast period.
“Apart from the rising demand for hybrid and electric vehicles, other factors such as the rising number of accidents, and the growth of the automotive industry in emerging economies will have a significant impact on the vehicle roadside assistance market growth during the forecast period,” says a senior analyst at Technavio.
Global vehicle roadside assistance market: Segmentation analysis
This market research report segments the global vehicle roadside assistance market by type (passenger vehicle, and commercial vehicle), and geographic regions (APAC, North America, Europe, MEA, and South America).
The European region led the vehicle roadside assistance market in 2018, followed by North America, APAC, MEA, and South America, respectively. The growth of the vehicle roadside assistance market in Europe can be attributed to factors such as the rising number of aging vehicles and the increasing penetration of electric cars.
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