Trailer Assist System Market to Expand CAGR of ~5% Assessment for the Driving Factors, Size & Opportunities 2023-2033

Global trailer assist system market is expected to reach an estimated value of ~USD 34 billion by 2033, by expanding at a CAGR of ~7%.

NEW YORK, NEW YORK, UNITED STATES, January 23, 2023 /EINPresswire.com/ -- Global Trailer Assist System Market Key Insights

During the forecast period of 2023-2033, the global trailer assist system market is expected to reach an estimated value of ~USD 34 billion by 2033, by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 22 billion in the year 2022. Major key factors propelling the growth of trailer assist system market worldwide are the rising sale of vehicles and the surge in the sales of light vehicles worldwide.

Market Definition of Trailer Assist System

Trailer assist system simplifies the process of complicated and strenuous maneuvers such as reversing, towing, parking and others. Also, even for practiced car drivers, driving with a trailer is a challenge. The trailer assist system calculates the proper dynamics & steering angle and guide the trailer along a selected path. With the backup assist features which is used while towing, the demand for trailer assist systems is on the rise amongst the pickup trucks drivers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global trailer assist system market during the forecast period.

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Global Trailer Assist System Market: Growth Drivers

The growth of the global trailer assist system market can majorly be attributed to the launch of several advanced products by the key players operating in the market. For instance, Magna International Inc., recently launched advanced driver assist systems (ADAS) on the all-new 2022 Toyota Tundra. The company’s next generation cameras and electronic control units features benefits of 3D, surround view, multi-terrain view, and see-through hood and trailer guidance. On the other hand, the market growth can also be attributed to the launch of several assisting systems occurring in the field of trailer assist system. For instance, Daimler Truck Holding AG Mercedes-Benz Truck launched new assistance systems which will increase safety. The assistance systems, the production of which started from June 2021, include the Active Sideguard Assist, Active Drive Assist 2 and Active Brake Assist 5 for a range of Mercedes-Benz trucks can be ordered from 24 EU countries and some extra-EU markets..

The global trailer assist system market is also estimated to grow majorly on account of the following:

Rise in the Number IoT Connected Vehicles Across the Globe
Increasing Number of Cars
Growing Incidences of Motor Vehicle Crash
Surging Research & Development (R&D) Spending in the Automotive Sector
Global Trailer Assist System Market: Restraining Factor

There are high cost of the trailer assist system, and lesser penetration of the towing trailers in the market. Hence, these factors are expected to be the major hindrance for the growth of the global trailer assist system market during the forecast period.

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Global Trailer Assist System Market Segmentation

By Component (Camera/Sensor, and Software Module)
The camera/sensor segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the growing advancements in electronic control unit along with the surge in the demand for automotive sensors worldwide. For instance, the global automotive sensors total unit sales are projected to hit over 11 billion by 2023.

By Vehicle Type {Passenger Vehicle (PV), Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV)}
By Technology {Semi-Autonomous (L3), Autonomous (L4, L5)}
By User {Original Equipment Manufacturer (OEM), and Aftermarket}
By Region
The Europe trailer assist system market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Flourishing camping industry in the region, along with rising number of car caravans & caravans along with upsurge in the number of people going for caravanning in the region are some of the major factors anticipated to drive the growth of the market in the Europe during the forecast period. For instance, in United Kingdom, more than 5 million caravans are in use, with over 2 million people taking holidays in caravans every year.

The market research report on global trailer assist system also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Trailer Assist System Market

Some of the key players of the global trailer assist system market are Robert Bosch GmbH, Carit Automotive GmbH & Co. KG, BorgWarner Inc., Ford Motor Company, Hitachi, Ltd., Jaguar Land Rover Automotive plc., Magna International Inc., Daimler Truck Holding AG, and others.

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