Global Road Assistance Insurance Market Is Expected to Generate $13.9 Billion by 2031: Allied Market Research
According to a report published by Allied Market Research, the global roadside assistance insurance market will be worth $5.9 billion in 2021 due to changes in market dynamics, key segments, value chain, competitive scenario and regional landscape. The research provides key players, investors, shareholders, and startups with valuable guidance in formulating strategies for sustainable growth and competitive advantage in the market.
Covid-19 Scenario:
- > The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global roadside assistance insurance market as manufacturing facilities were temporarily closed due to the global lockdown implementation.
- > Import and export restrictions have disrupted supply chains. Manufacturers were facing labor shortages and raw material availability.
- > However, the demand for post-pandemic roadside assistance insurance is likely to increase as restrictions ease.
The study further categorizes the global roadside assistance insurance market based on vehicle type, coverage, sales channel, and region. The report details the segment and its subsegments using tables and charts. Market players and investors can strategize based on the highest revenue and fastest growing segments identified in the report.
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Based on vehicle type, the passenger car segment will have 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 position during the forecast period. 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 will account for the highest share in 2021, contributing nearly two-fifths of the global roadside assistance insurance market and is expected to maintain its revenue leadership over the forecast period. The /key exchange services segment is expected to exhibit the highest CAGR of 14.1% from 2022 to 2031.
Based on distribution channel, the independent agent/broker segment will hold the highest share in 2021, accounting for more than two-fifths of the global roadside assistance insurance market, and will maintain its leading position during the forecast period. expected. However, the direct response segment is estimated to grow at the highest CAGR of 11.7% during the forecast period. By region, Europe will hold the largest share in 2021, accounting for almost two-fifths of the global roadside assistance insurance market share. Moreover, Asia-Pacific is expected to register the fastest CAGR of 13.1% during the forecast period and is projected to maintain the dominant share of revenue in 2031.
Major market players of the global roadside assistance insurance market analyzed in this study include Agero, Inc., Allstate Insurance Company, American Express Company, Erie Indemnity Co., GEICO, USAA, IFFCO-Tokyo General Insurance Company Limited, Includes Progressive Casualty Insurance Company. , National Mutual Insurance Company, Viking Assistance Group.
The report offers an in-depth analysis of these key players in the global roadside assistance insurance market. These players have applied various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to expand their market share and hold dominant shares in various regions. The report helps highlight the financial performance, business segments, product portfolios, and strategic moves made by market players to portray the competitive scenario.
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