The trailer assist system market is projected to reach USD 182 million by 2027 from an estimated USD 82 million in 2019, at a CAGR of 10.5% during the forecast period. Trailer assist system is a driver assistance system which helps the driver to reverse the trailer into parking or tight spots. The automobile industry has witnessed a continuous increase in several technologies for driver assistance owing to the rising demand for safety and comfort features. This factor has led to huge innovations, and R&D efforts from the OEMs and Tier 1 side to bring such technologies and these efforts have led to an increase in the usage of cameras, sensors, artificial intelligence, and human-machine interface (HMI).
The trailer assist system market is being developed by established players such as Continental (Germany), Bosch (Germany), Magna (Canada), WABCO (Belgium), and Westfalia (Germany). These companies adopted expansion strategies, undertook collaborations, partnerships, and mergers & acquisitions to develop trailer assist system market.
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Continental (Germany) is one of the leading players in this market. The company is continuously working on delivering new products with advanced technologies. For instance, Continental Trailer Reverse Assist contains a 360-degree surround view, which consists of four Power-over-Ethernet (PoE) Megapixel 185-degree fisheye cameras, the electronic brake control module, an electric power steering system, and scalable human-machine interface devices (e.g., smart device). The company is also focusing on the partnerships, mergers & acquisitions strategy to induct advanced technology and expertise in its research & development department. Bosch is another leading player in this market, followed by Magna, WABCO, and Westfalia. There have been constant efforts by the top companies to sign supply contracts and strike partnerships to establish a strong position in this niche market.
Another important player in the industry is Magna (Canada). In October 2017, Magna announced that its vision-based driver-assistance technology was featured in the 2017 Ford Super Duty Trailer Reverse Guidance system. Magna and Ford have jointly developed a pro trailer backup assist. The pro trailer backup assist is a handy device in the Ford F-150 pickup that makes parking a large trailer easier. Moreover, in September 2013, Bosch introduced Smart Trailer Parking, reversing the trailer via smartphone. Some of the key feature offered were easy steering of the vehicle with its trailer via smartphone/tablet, control of bending angle and speed, and no blind spot due to remote control of the car/trailer combination from outside.
Initiatives such as those stated above are expected to open new opportunities for the growth of the market. Moreover, increasing trading activities within and across countries is expected to propel the growth of the trailer assist system market over the forecast period.
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
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