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Global Trailer Assist System Market was valued at US$ 73.2 Mn in 2017 and is expected to reach US$ 178.9Mn by 2026, at a CAGR of 11.82%during a forecast period.Global Trailer Assist System Market
The growth of trailer assist system market is influenced by factors, for instance, rising demand for safety and comfort features. With the rise in sales of passenger cars and LCVs, consumers are increasingly demanding comfort and safety for these vehicle segments. Because of the inefficiency of drivers, many accidents happen during the parking of a vehicle. Parking a vehicle involved with a trailer is a challenging task even for trained drivers. Increasing developments in the field of autonomous and semi-autonomous vehicles are the major opportunity in the global market for trailer assist system.
However, high cost and non-availability of required infrastructure in developing countries are expected to hinder the growth of the trailer assist system market during the forecast period. Limited usage of towing trailers in developing countries, is the major challenge faced by this market.
OEMs are expected to remain the most dominant segment during the forecast period. The trailer assist system is now limited to the OEM market only as it is a newly introduced technology, and only a few OEMs are provided that such a technology in their vehicles. OEMs which offer trailer assist system includes Volkswagen, Ford, Audi, Land Rover, Mercedes Benz, and Skoda. These OEMs deliver such technologies in their luxury vehicles as an optional package.
Software module segment is expected to witness the fastest growth during the forecast period. The market for software modules in trailer assist system will upsurge gradually with the rise in the autonomous technology in the vehicles. It is estimated that in the future, software cost will increase owing to technological advancement and introduction of autonomous vehicles.
North American region is expected to be the fastest growing market during the forecast period. It comprises developed economies like the U.S and Canada. The demand for safety and comfort features in luxury vehicles is high in this region, coupled with a rise in usage of trailers. Moreover, the usage of towing trailers for various recreational activities is going to boost the demand for trailer assist systems. The implementation of new technologies and government regulations regarding safety are driving trailer assist system market in this region.
A recent development in the global trailer assist system market. In September 2018, WABCO signed a Memorandum of Understanding (MoU) through Valeo, an automotive technology leader at the centre of numerous automotive industry innovations. In this agreement, the parties aim to develop sensor technologies helping pave the way for Valeo to supply WABCO with advanced short and mid-range sensors, with 77GHz radar and solid-state LiDAR, to develop & industrialize the next generation of ADAS, among the key building blocks for vehicle autonomy.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Trailer Assist System Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Trailer Assist System Market.
Scope of the Global Trailer Assist System Market
Global Trailer Assist System Market, By Vehicle Type
• Passenger Car
• Light Commercial Vehicle (LCV)
Global Trailer Assist System Market, By User Type
• OEM Fitted
Global Trailer Assist System Market, By Component
• Software Module
Global Trailer Assist System Market, By Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Trailer Assist System Market
• Continental AG
• Carit Automotive
• Cogent Embedded
Global Electric Transporters Market
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