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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.
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.
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.
How big is the global car breakdown recovery service market?
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.
How much was the towing services segment worth in 2023?
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.
What is the expected growth rate of the auto manufacturer segment from 2024 to 2032?
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.
How much revenue did the Europe car breakdown recovery service industry generate in 2023?
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.