RAISE YOUR HAND if being deserted in the middle of nowhere after a vehicle breakdown is your worst nightmare. Only a driver/rider who's dealt with that situation knows what a relief it is to have reliable roadside assistance when your journey is brought to an abrupt halt. Yes, quick help is always welcome, but the vehicle service or repair segment is still highly unorganized in our country, thanks to the affordability and reach of hole-in-the-wall service providers that dominate the rural and semi-urban landscape.
That is not to underestimate the massive disruption one is seeing in the assistance (RSA) sector now, driven by branded service providers, technological advancements, and the burgeoning electric vehicle (EV) ecosystem. Plus, as data from PolicyBazaar shows, 60% motor insurance buyers also prefer a roadside assistance cover.
But the thing is, while India is the world's third-largest passenger vehicle market after China and the United States, the organized RSA market accounts a small fraction of the segment revenues globally. According to factMR, the global roadside assistance market was valued at $25 billion in 2023, and is expected to reach $40 billion at the end of 2033, growing at a CAGR of 4.8% between 2023 and 2033.
A big part of this growth can be attributed to rising vehicle ownership and an increase in long-distance travel.
This story is from the December 27, 2024 edition of Financial Express Lucknow.
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This story is from the December 27, 2024 edition of Financial Express Lucknow.
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