The report "Trailer Assist System Market by Technology (Semi-Autonomous (L3), Autonomous (L4, L5)), Component (Camera/Sensor, Software Module), Vehicle (Passenger Cars, LCV, and Trucks), User (OEM Fitted & Aftermarket), and Region - Global Forecast to 2027", The global trailer assist system market is projected to grow from USD 82 million in 2019 to reach USD 182 million by 2027, at a CAGR of 10.5% during the forecast period.
Browse 61 market data Tables and 38 Figures spread through 116 Pages and in-depth TOC on "Trailer Assist System Market by Technology (Semi-Autonomous (L3), Autonomous (L4, L5)), Component (Camera/Sensor, Software Module), Vehicle (Passenger Cars, LCV, and Trucks), User (OEM Fitted & Aftermarket), and Region - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/trailer-assist-system-market-131293379.html
The growth of trailer assist system market is influenced by factors such as growing demand for safety and comfort features. The system makes it easier to reverse a vehicle with towing trailer attached with ease. It is a comfort and safety feature for the driver who finds it hard to reverse his vehicle with a towing trailer. Thus, the trailer assist system market is expected to witness growth in the future.
OEM Fitted is expected to lead the market during the forecast period.
The trailer assist system is currently limited to the OEM market only as it is a newly introduced technology, and only few OEMs are providing such a technology in their vehicles. OEMs which provide trailer assist system includes Ford, Volkswagen, Audi, Land Rover, Mercedes Benz, and Skoda. These OEMs provide such technologies in their luxury vehicles as an optional package. OEMs are taking initiatives for technological advancements in trailer assist system to make them more automated and safe. For instance, Ford and Magna jointly developed a technology for trailer angle detection—a part of trailer assist system. These OEMs are providing these technologies in European countries and the US, where there is a culture to tow trailers behind cars for recreational activities and small businesses. Also, there are government regulations where people can easily tow trailers behind cars without following any additional formalities.
Software Module market is expected to grow at the highest CAGR.
The software module segment is expected to witness the fastest growth over the forecast period. The market for software modules in trailer assist system will increase gradually with the increase in the autonomous technology in the vehicles. It is estimated that in the future, software cost will increase due to technology advancement and introduction of autonomous vehicles.
North America: The US is the highest growing segment in the North American market.
The North American region is estimated to be the fastest growing market. It comprises developed economies such as the US and Canada. The demand for safety and comfort features in luxury vehicles is high in this region, coupled with increase in usage of trailers. Additionally, 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 this market in this region.
The major players in this market are Continental (Germany), Bosch (Germany), Magna (Canada), WABCO (Belgium), and Westfalia (Germany).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]