Trailer Assist System Market Projected to reach $182 million by 2027

 The report "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", 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.

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 safe. 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.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=131293379

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.

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.

Key Market Players:

The major players in this market are Continental (Germany), Bosch (Germany), Magna (Canada), WABCO (Belgium), and Westfalia (Germany).

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=131293379

Comments

Post a Comment

Popular posts from this blog

Automotive Camera Market by Application, View Type, Technology and Region – Global Forecast to 2025

The Automotive Camera Market is projected to grow at a CAGR of 10.62% during the forecast period. It is estimated to be USD 7.5 billion in 2018 and is projected to reach USD 15.1 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand for the active safety system. The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars have driven the automotive camera market. Added safety and convenience for the driver has been a major objective of developing camera systems. Moreover, the increasing government mandates related to active safety system are driving the automotive camera market. For instance, in May 2018, the government of Canada and the US mandated that all vehicles under 10,000 pounds must be equipped with a backup camera. Also, the US government has a voluntary agreement with many manufacturers to fit autonomous emergency braking (AEB) by 2022. European governments...
Read more

Occupant Classification System Market Latest Trends and Forecast Growth Report to 2025

The global Occupant Classification System Market is projected to grow at a CAGR of 6.80% from 2018 to 2025, to reach USD 3.17 billion by 2025. The increasing awareness about safety in a vehicle has increased the demand for active and passive safety systems. As a result, the automotive industry has witnessed the increasing adoption of active and passive safety systems in a vehicle.  Passive safety systems inside the vehicle include airbags, seatbelts, whiplash protection system, and occupant classification system. Occupant protection system features such as airbags and seatbelts reduce the probability of death or severe injuries in a traffic mishap. Airbags in a vehicle have significantly improved the safety of occupants. Occupant classification system manufacturers utilize a good portion of their engineering resources to develop new products or improve existing passive safety systems for the automobile. All these developments are primarily focused on improving the overall sa...
Read more

Automotive Actuators Market to Surpass $29.3 Billion by 2030

The Automotive Actuators Market is projected to grow from an estimated USD 20.9 billion in 2023 to reach USD 29.3 billion by 2030 at a CAGR of 4.9% during the forecast period. Automakers are highly focused on developing new and improved components to increase the fuel efficiency of vehicles owing to growing concerns over environmental changes. Automotive actuators play a significant role in reducing emissions and enhancing vehicle efficiency. Electric actuators, also known as smart actuators, replace hydraulic and pneumatic actuators due to their several benefits, like compact and lightweight design, more energy efficient, and less expensive, making it ideal for various applications. Smart actuators can perform diagnostics and include learning capabilities and memory functions. Electric actuators are typically installed in engines that open and close different valves, which is also anticipated to fuel the overall market growth. “Electric Actuators will be the dominating actuation...
Read more