Global Trailer Assist System Market: Overview
The global trailer assist system market is likely to experience substantial expansion over the period of assessment, from 2019 to 2027. Growing awareness about safety in consumers coupled with technological progress of the automobile and automotive industries is likely to offer copious growth opportunities to the global trailer assist system market. Furthermore, rising incidences of vehicle towing is expected to bolster demand for trailer assist systems in the developed countries.
The automotive makers together with aftermarket solution providers are making every effort to develop top-notch trailer assist systems to lessen road accidents. This system is expected to assist drivers in effective maneuvering of roads.
Based on the parameters of technology, vehicle type, sales channel, component, and region, the global trailer assist system market would be segmented for further analysis.
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Global Trailer Assist System Market: Notable Developments
The global trailer assist system market has been through some developments over the years. One of such developments is mentioned below:
- Valeo S.A. revealed its all new Valeo XTRAVUE trailer in January, 2019. It makes use of video images that have been shot by cameras placed at the edge of both the trailer and the vehicle. The devices then mixes all of those images into one single homogenous shot, which enables the driver to see on a small screen placed in front of him. It shows everything that is taking place behind him while the trailer remains invisible. This invention is expected to trigger adoption of trailer assist system.
Some of the leading market vendors of the global trailer assist system market are as mentioned below:
- Robert Bosch GmbH
- Magna International Inc.
- WABCO Vehicle Control Systems
- Valeo S.A.
- Carit Automotive GmbH & Co. KG
- Continental AG
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Global Trailer Assist System Market: Key Trends
The global trailer assist system market is likely to witness the following market trends, opportunities, and restraints over the assessment period.
The Need to Reduce Road Accidents Encourage Growth of the Market
While buying modern vehicles, the demand for comfort and safety remain at the core of such a transaction. Augmented sales of light commercial vehicles and commercial cars are mainly due to the rising demand of safety and comfort. Many of the accidents at parking spaces are owing to lack of efficiency of drivers. It even difficult for seasoned drivers to park vehicles that are connected to trailers. However, these errors can be reduced with the offering of driving assistance to the driver. This gadget assists in time saving while helping drivers park safely and comfortably.
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.
Such comfort in driving and increased safety to lessen road accidents is leading to increased uptake of this technology. Reduced road collisions lead to elimination of cost related to downtime of trailer and its damage. It further offers assistance in unloading activities, thereby justifying its increased adoption.
On the flip side, there is high cost associated with the installation of the technology, which is likely to restrain growth of the global trailer assist system market during assessment period. In addition to that, malfunctioning of trailer assist system could lead to collisions thereby causing unnecessary economic loss to the vehicle owner. This is likely to hamper market growth in the forthcoming years.
Global Trailer Assist System Market: Geographical Analysis
The global trailer assist system market has been split into the regions of Latin America, Asia-Pacific, Middle East and Africa, Europe, and North America for regional analysis.
In terms of region, it is likely both North America and Europe are expected to offer lucrative opportunity to the market during the forecast period, from 2019 to 2027. These regions with enough spending capacity on vehicle customization are likely to offer considerable growth opportunities for the market in the forthcoming years.
Germany and Canada both are likely to play an important role in spearheading growth of the global trailer assist system market. In Asia Pacific, countries like China and India are witnessing increased sale of automobiles, which is foreseen to offer lucrative opportunities to the market.
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- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
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- Eastern Europe (Poland and Russia)
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