The Trailer Assist System Market growth is expected to gain high momentum during the forecast period due to technological developments in the field of autonomous and semi-autonomous vehicles.
A trailer assist system works according to the principle of park-assist that helps the driver to park or reverse a vehicle into a parking lane or congested area with a trailer towed at its back. This system saves time while reversing the vehicle. It also provides safety and comfort to the driver.
Segment Analysis:
OEM is mostly seen with a trailer assist system. OEMs provide such technologies in luxury vehicles as an optional package. OEMs are taking enterprises for technological advancements in trailer assist systems to make them more automated and safe.
The market for software modules in trailer assist systems is increasing gradually with the increase in the autonomous technology in vehicles. Software costs will increase due to technological advancements and the introduction of autonomous vehicles.
The growth of the trailer assist system market is affected by factors such as growing demand for safety and comfort features. With the rise in sales of passenger cars and LCVs, users are increasingly demanding comfort and safety in these vehicle segments. Trailer assist systems help in avoiding accidents while parking. These applications are helping in the growth of the global trailer assist system market.
Key Factors Impacting Market Growth:
- The rise in demand for safety and comfort features
- Increase in use of vehicle towing trailers in developed countries
- Technological developments in the field of autonomous and semi-autonomous vehicles
- Less usage of towing trailers in developing countries
- Lack of required infrastructure in developing countries
Regional Analysis:
By region, North America, Western Europe, and Asia Pacific are estimated to dominate the trailer assist system market in terms of market demand. North America and Western Europe have been traditional markets for the automotive sector with a number of global manufacturers headquartered in this region. The automotive sector in these regions has been dynamic in terms of technological developments and product modifications. The demand for lightweight materials, cleaner emissions, and green fuels have been some of the key influencing factors in this region. Also, the market has witnessed steady recovery from recent slowdowns in the past decades. Some of these factors are expected to impact the dynamics of the trailer assist system market in North America and Western Europe during the forecast period. The US, Germany, France, Italy, UK, and Spain have been some of the major economies for the trailer assist system market in the region.
The Asia Pacific is estimated to be the fastest-growing region for the trailer assist system market during the forecast period. This region has been one of the lucrative markets for the automotive sector in the past few decades with strategic investments by global companies in the region. China, Japan, India, and South Korea have been some of the major countries for the trailer assist system market in the Asia Pacific region. The Middle East promises a strong market potential with the growth of the automotive sector in the region. Countries including UAE, Saudi Arabia, Qatar, and Iran have been diversifying the industrial sector to boost the economy in the past few decades. Other regions including Eastern Europe, South America, and Africa are estimated to emerging markets with growing demand during the forecast period.
Companies Covered: Continental AG, Volkswagen, Audi, Mercedes Benz, Skoda, Bosch, Magna, Wabco, Westfalia, Towgo, Carit Automotive, Valeo, Garmin, Cogent Embedded, Dornerworks, Echomaster, Ford, and Land Rover
Market Segmentation:
By Technology:
- Semi-Autonomous (L3)
- Autonomous (L4, L5)
By Component:
- Camera/Sensor
- Software Module
By Vehicle:
- Passenger Cars
- LCV
- Trucks
By User:
- OEM Fitted
- Aftermarket
By Application:
- Vehicle Manufacturing
- Traffic
- Others
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Technology
- By Component
- By Vehicle
- By User
- By Application
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Technology
- By Component
- By Vehicle
- By User
- By Application
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Technology
- By Component
- By Vehicle
- By User
- By Application
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Technology
- By Component
- By Vehicle
- By User
- By Application
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Technology
- By Component
- By Vehicle
- By User
- By Application
- Rest of the World
- By Region (South America, Africa)
- By Technology
- By Component
- By Vehicle
- By User
- By Application
Reasons to Buy This Report:
- Market size estimation of the global trailer assist system market on a regional and global basis
- Unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
For more information, contact: sales@quincemarketinsights.com