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 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.
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.
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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 safer. 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.
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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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