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.
The market for trailer assist systems is expanding as a result of factors such the rising demand for comfort and safety features. The mechanism facilitates effortless reversing of a car with a trailer connected for towing. It is a convenience and safety feature for the motorist whose car is difficult to reverse when a trailer is being towed. As a result, market expansion for trailer assist systems is anticipated.
OEM Fitted is expected to lead the market during the forecast period.
Because it is a relatively new technology and only a few OEMs are including it in their vehicles, the trailer assist system is presently only available on the OEM market. OEMs like Ford, Volkswagen, Audi, Land Rover, Mercedes Benz, and Skoda offer trailer assist systems. These OEMs provide these technology as an add-on package for their luxury automobiles. To make trailer assist systems more automated and safe, OEMs are taking steps to enhance technology in this area. For example, a technology for trailer angle identification, a feature of the trailer assist system, was developed in collaboration between Ford and Magna. In Europe and the US, where it is common practice to pull trailers behind vehicles for leisure activities and small companies, several OEMs are offering similar technologies. Additionally, there exist laws that allow people to easily tow trailers behind cars without having to go through any additional formalities.
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Software Module market is expected to grow at the highest CAGR.
Over the projected period, the software module category is anticipated to increase at the fastest rate. The market for software modules for trailer assist systems will steadily grow as autonomous vehicle technology becomes more prevalent. Future software costs are predicted to rise as a result of technological advancements and the deployment of autonomous vehicles.
North America: The US is the highest growing segment in the North American market.
According to estimates, the market in North America will grow the fastest. It includes industrialized nations like the US and Canada. In this region, there is a significant demand for luxury automobiles with comfortable and safe features, along with an increase in trailer usage. In addition, the use of trailers for a variety of recreational pursuits will increase demand for trailer assist systems. Government safety standards and the adoption of new technology are what are driving this industry in this area.
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Key Market Players
The major players in this market are Continental (Germany), Bosch (Germany), Magna (Canada), WABCO (Belgium), and Westfalia (Germany).
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