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“Demand for safety and comfort features are significant factors for the growth of the trailer assist system market globally”
The global trailer assist system market is estimated 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. With the increase in sales of passenger cars and LCVs, consumers are increasingly demanding comfort & safety for these vehicle segments. However, limited usage of towing trailers in developing countries can create a hurdle for its growth.
“Increase in sales of passenger cars and LCV’s are likely to propel the growth of passenger cars and LCV’s during the forecast period”
The passenger cars segment is expected to be the fastest growing market. The trailer assist system for LCVs is provided by very few OEMs, which includes Volkswagen in Europe, and Ford in the US. Volkswagen is offering the system as an optional package for Touran and Crafter van for European region only except few countries, whereas Ford provides trailer assist system for F-series in LCV in North America which includes the US and Canada. The LCV market is high in numbers due to the US and Canada, where F-series sales are high. The demand for LCV is expected to grow at the highest growth rate in North America, where people prefer more LCVs compared to passenger cars. In Europe, the market will increase with the moderate growth rate.
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“The North American market is expected to register the fastest growth during the forecast period.”
The North American market is expected to witness the fastest growth, followed by Western Europe and Eastern Europe. The automotive industry, primarily dominated by the US, is one of the most advanced automotive sectors, with a penchant for highly advanced and powerful automobiles. The OEMs which are providing trailer assist system in this region is Ford and Land Rover. Ford has launched this feature specifically for their North American customers for models like Ford Expedition and F-series.
“Western Europe is expected to be the largest market during the forecast period.”
Western Europe is expected to be the largest market, followed by North America. In Western Europe, the countries included are France, Germany, Spain, Italy, UK, Belgium, and the Netherlands. These countries are economically stable, have a high standard of living, and disposable income is high. People in these countries usually prefer towing trailers for various activities like recreational activities, camping, small business activities, household work. In these countries labor cost is high, so people usually prefer to do their household activities on their own, so the demand for towing trailers is high in Western European countries.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 38%, Tier II - 37%, and Tier III - 25%
- By Designation: C Level - 30%, D Level - 50%, and Others - 20%
- By Region: North America - 37%, Western Europe - 35%, Eastern Europe – 15% and Rest of the World - 13%
The trailer assist system market comprises major manufacturers such as, Bosch (Germany), Continental (Germany), Magna (Canada), Westfalia (Germany), and WABCO (Belgium.
The market study covers the trailer assist system across segments. It aims at estimating the market size and future growth potential of this market across different segments such as the technology type, component type, vehicle type, user type, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall trailer assist system market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.