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Car Breakdown Recovery Service Market Size

Report ID: GMI11971
Published Date: Oct 2024
Report Format: PDF

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Car Breakdown Recovery Service Market Size

The global car breakdown recovery service market size was valued at USD 17.1 billion in 2023 and is estimated to register a CAGR of 4.9% between 2024 and 2032. The rising number of vehicles on road, increasing average vehicle age, and growing adoption of connected vehicle technologies are key factors driving the demand for breakdown recovery services. Companies are increasingly investing and leveraging strategic acquisitions to enhance their market presence and capabilities.

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Additionally, the increasing integration of remote vehicle diagnostics is significantly driving the car breakdown recovery service market. As companies aim to enhance their service efficiency and improve customer experiences, the demand for advanced diagnostic solutions is growing. This technology enables real-time assessment of vehicle conditions, facilitating quicker response times and more accurate troubleshooting during breakdowns.

Car Breakdown Recovery Service Market Report Attributes
Report Attribute	Details
Base Year:	2023
Car Breakdown Recovery Service Market Size in 2023:	USD 17.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.9%
2032 Value Projection:	USD 25.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	165
Tables, Charts & Figures:	190
Segments covered:	Service, Service Provider, End Use
Growth Drivers:	Rapid expansion of global vehicle fleet Increasing average vehicle age Growing adoption of connected services Rising demand for professional recovery services
Pitfalls & Challenges:	High operational costs Skilled workforce shortage

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The global remote vehicle diagnostics market is projected to grow from USD 12.5 billion in 2023 to USD 48.8 billion by 2032, with an annual growth rate of over 16.5%. This surge highlights the rising adoption of remote diagnostics technologies, which allow service providers to offer more proactive and data-driven assistance to drivers in need.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of car breakdown recovery service reached USD 17.1 billion in 2023 and is set to grow at a 4.9% CAGR from 2024 to 2032, driven by the rising number of vehicles on the road and increasing average vehicle age.

The towing services segment was valued at over USD 5 billion in 2023, experiencing robust growth due to increasing vehicle complexity and the rising average age of commercial vehicles.

The auto manufacturer segment is anticipated to register a CAGR of over 4% from 2024 to 2032, led by OEMs' focus on integrated connected vehicle services and manufacturer-branded roadside assistance programs.

Europe accounted for 30% of the revenue share in the market in 2023, with Germany's strong automotive sector and technological advancements in vehicle diagnostics contributing to this growth.