Global Trailer Assist System Market grow at CAGR to hit 2.51 Million by 20

Posted by ganesha on October 29th, 2019

Global trailer assist system markets By Vehicle Type (PC, LCV, Truck), User Type (OEM Fitted, Aftermarket), Components (Camera/Sensor, Software Module), Technology (Semi-Autonomous, Autonomous), Applications (Vehicle Manufacturing, Traffic, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Analysis: Global Trailer Assist System Market

Global trailer assist system market is expected to rise to an estimated value of USD 162.51 million by 2026, registering a healthy CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the widespread availability of technologies for autonomous vehicles, along with increased adoption rate of these technologies.

Competitive Analysis

Global trailer assist system market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of trailer assist system market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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Market Drivers:

•          Better safety, ease in driving and parking of vehicles with the adoption of these systems; this factor is expected to drive the growth of the market
•          Rise in the utilization of towing vehicles in various regions of the world is expected to augment growth of the market value
•          Increased implementation of these services in passenger cars and commercial vehicles is also expected to drive the growth of the market

Market Restraints:

•          High financial costs associated with the integration and installation of these systems is expected to restrict the adoption rate
•          Lack/absence of required infrastructure for the efficient operations of these systems is expected to restrict the growth of the market

Market Definition: Global Trailer Assist System Market

Trailer assist system is the integration of various electric components and technologies resulting in better assistance services to the driver while they are reversing their vehicle. This system is essentially utilized in vehicles with a trailer attached to their rear end which inhibits the visual experience for the driver requiring artificial assistance which is achieved with the help of trailer assist systems.

Major Market Competitors/Players

Few of the major competitors currently working in the global trailer assist system market are Ford Motor Company; Volkswagen AG; Continental AG; Robert Bosch GmbH; Magna International Inc.; Westfalia-Automotive GmbH; TowGo, LLC; WABCO; Carit Automotive GmbH & Co. KG; Daimler AG; Valeo; Garmin Ltd.; Cogent Embedded, Inc.; DornerWorks, Ltd.; Jaguar Land Rover Limited; POCLAIN HYDRAULICS; General Motors and among others.

Segmentation: Global Trailer Assist System Market

By Vehicle Type

•          Passenger Cars
•          Light Commercial Vehicle (LCV)
•          Truck

By User Type

•          Original Equipment Manufacturer (OEM) Fitted
•          Aftermarket

By Components

•          Camera/Sensor
•          Software Module

By Technology

•          Semi-Autonomous

o    L3

•          Autonomous

o    L4

o    L5

By Applications

•          Vehicle Manufacturing
•          Traffic
•          Others

Major Market Competitors/Players

Few of the major competitors currently working in the global trailer assist system market are Ford Motor Company; Volkswagen AG; Continental AG; Robert Bosch GmbH; Magna International Inc.; Westfalia-Automotive GmbH; TowGo, LLC; WABCO; Carit Automotive GmbH & Co. KG; Daimler AG; Valeo; Garmin Ltd.; Cogent Embedded, Inc.; DornerWorks, Ltd.; Jaguar Land Rover Limited; POCLAIN HYDRAULICS; General Motors and among others.

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