The trailer assist system market is projected to reach USD 182 million by 2027 from an estimated USD 94.5 million in 2020, at a CAGR of 9.8 % during the forecast period. The trailer assist system helps to minimize the driver errors by providing driving assistance to the vehicle. This system provides safety and comfort to the driver and provides vehicles easy and precise manoeuvring while vehicle reversing, changing lanes and parking.
The new trailer assist system has ability to control a vehicle trailer system from outside the vehicle with greater visibility and awareness by using a wireless smart device which can be used to remotely execute reversing and parking operations from outside the vehicle. During remote operation, to control low-speed steering, shifting, braking and acceleration, the driver can use a smart Android or iOS device to control the trailer assist system.
The increasing sale of vehicles is expected to multiply the demand for comfort and safety among the consumers. Parking a trailer is a challenging task for the driver, sometimes driver may face an accident which can be minimized by providing driving assistance to the vehicle. The aforementioned factors expected to increase the demand of trailer assist system.
However, the usages of towing trailers in developing countries are reducing day by day, owing to the increase in accident. Also, the government of South Africa incorporated certain rules and regulation for towing trailers, this is expected to impede the growth of market.
The major market players are focusing on strategic collaboration with other manufacturer of trailer assist system to enhance their production capabilities. For instance, in September 2018, WABCO partnered with Valeo, an automotive technology leading company for automotive industry innovations, in order to develop a next-generation of Advanced Driver Assistance Systems (ADAS) for autonomous vehicles. Moreover, Volkswagen AG is offering the trailer assist system in the European region for Touran and Crafter van only except few countries also in North America Ford Motor Company provides trailer assist system for F-series which includes the US and Canada.
The global trailer assist system market derives much of its momentum from the ability of trailer assists to reduce accidents arising out of inefficient driving. This advanced device assists drivers in driving or parking in reverse into a parking lane or in crowded places. The exact angle of steering for vehicle reversing is offered by trailer assist system and it also takes care of avoiding any collision. These factors are likely to amplify the growth opportunities of the global trailer assist system market over the assessment period.
The trailer assist system market was dominated by major players such as Continental (Germany), Bosch (Germany), Magna (Canada), WABCO (Belgium), and Westfalia (Germany). These companies have strong distribution networks at a global level. Also, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
The growing development of trailer assist system in the North America, estimated to dominate the trailer assist system market over forecast period. Inclination of Europe towards automated products and increased level of safety concerning passenger and driver in European region expected to create significant growth rate in the upcoming year. Europe is anticipated to be the second in the trailer assist system market followed by North America and projected to have significant growth in the trailer assist system market. Asia Pacific market is expected to create healthy growth momentum for the trailer assist system. Moreover, Latin America is anticipated to be follow by Asia Pacific over the forecast period. The Middle East & Africa is expected to have moderate share in the trailer assist system market as compared to other regions.
The new trailer assist system has ability to control a vehicle trailer system from outside the vehicle with greater visibility and awareness by using a wireless smart device which can be used to remotely execute reversing and parking operations from outside the vehicle. During remote operation, to control low-speed steering, shifting, braking and acceleration, the driver can use a smart Android or iOS device to control the trailer assist system.
The increasing sale of vehicles is expected to multiply the demand for comfort and safety among the consumers. Parking a trailer is a challenging task for the driver, sometimes driver may face an accident which can be minimized by providing driving assistance to the vehicle. The aforementioned factors expected to increase the demand of trailer assist system.
However, the usages of towing trailers in developing countries are reducing day by day, owing to the increase in accident. Also, the government of South Africa incorporated certain rules and regulation for towing trailers, this is expected to impede the growth of market.
The major market players are focusing on strategic collaboration with other manufacturer of trailer assist system to enhance their production capabilities. For instance, in September 2018, WABCO partnered with Valeo, an automotive technology leading company for automotive industry innovations, in order to develop a next-generation of Advanced Driver Assistance Systems (ADAS) for autonomous vehicles. Moreover, Volkswagen AG is offering the trailer assist system in the European region for Touran and Crafter van only except few countries also in North America Ford Motor Company provides trailer assist system for F-series which includes the US and Canada.
The global trailer assist system market derives much of its momentum from the ability of trailer assists to reduce accidents arising out of inefficient driving. This advanced device assists drivers in driving or parking in reverse into a parking lane or in crowded places. The exact angle of steering for vehicle reversing is offered by trailer assist system and it also takes care of avoiding any collision. These factors are likely to amplify the growth opportunities of the global trailer assist system market over the assessment period.
The trailer assist system market was dominated by major players such as Continental (Germany), Bosch (Germany), Magna (Canada), WABCO (Belgium), and Westfalia (Germany). These companies have strong distribution networks at a global level. Also, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
The growing development of trailer assist system in the North America, estimated to dominate the trailer assist system market over forecast period. Inclination of Europe towards automated products and increased level of safety concerning passenger and driver in European region expected to create significant growth rate in the upcoming year. Europe is anticipated to be the second in the trailer assist system market followed by North America and projected to have significant growth in the trailer assist system market. Asia Pacific market is expected to create healthy growth momentum for the trailer assist system. Moreover, Latin America is anticipated to be follow by Asia Pacific over the forecast period. The Middle East & Africa is expected to have moderate share in the trailer assist system market as compared to other regions.
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