New York – May 12, 2023 - Research Nester’s recent market research report on “Trailer Assist System Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the in terms of market segmentation by the user, technology, component, vehicle type, and by region.

Growing Concern on Safety and Security Owing to Rising Light Commercial Vehicles and Passenger Cars Purchase to Promote Global Market Share of Trailer Assist System

The global trailer assist system market is estimated to grow majorly on account of the increasing number of people purchasing automobiles and the rising number of road accidents is estimated to propel the market growth. Every year more than 500 fatalities and 15,000 vehicle injuries occur across the world during vehicle reversing which attribute to 25% of car accidents. Hence the trailer assist system market is provided to the drivers to prevent reverse vehicle accidents. The trailer assists help the drivers to safely park and serve a vehicle without any accident. The rising activities of vehicle towing with advanced technological methods to improve features and efficiency of the newly developed cars are anticipated to propel the market growth.

Rising research work in the automobile sector on autonomous and semi-autonomous vehicles is estimated to promote market growth in the coming years. The increasing number of passenger vehicles rising preference among people for personal vehicles and increasing disposable income are estimated to hike the market growth. As of 2021 statistics, more than 3069500 units of passenger cars were sold across the world. The growing population and working people across the world who travel on a daily basis are also estimated to increase the car count on roads around the world. The increasing number of cars is the reason for the rising demand for trailer assist systems owing to their features helping in the parking space.

Some of the major growth factors and challenges that are associated with the growth of the global trailer assist system market are:

Growth Drivers:

• Growing Prevalence of Motor Vehicle Crashes
• Surge in the Adoption of IoT Devices in Vehicles

Challenges:

The high cost of the integration and installation of trailer assist systems and the stringent regulations by the government of nations worldwide about reverse parking assistance systems are some of the major factors anticipated to hamper the global market size of trailer assist systems. The use of the trailer assist system plays a major role in preventing accidents during parking by navigating the driver.

Access our detailed report on “Trailer Assist System Market Analysis by User (OEM, and Aftermarket); by Technology ({Semi-Autonomous (L3), Autonomous (L4, L5)}; Component (Camera/Sensor and Software Module); Vehicle Type {Passenger Vehicle (PV), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)} – Global Supply & Demand Analysis & Opportunity Outlook 2023 – 2035” @

https://www.researchnester.com/reports/trailer-assist-system-market/4418

By component, the global trailer assist system market is segmented into camera/sensor and software modules. The camera/sensor segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The use of cameras and other sensors in automobile vehicles is a new advancement across the world that provides safety to passengers and drivers. The installation of cameras helps to prevent accidents during reverse driving or parking and the sensors detect the incoming and moving vehicle distance and signal the driver when to slow down or stop the car. These features in autonomous vehicles prevent many accidents and self-driving assistance technology is the new trend in vehicles which is promoting the market segment growth during the forecast period. The rising applications of electronic control units in automotive sensors globally are propelling the growth of the market segment. As of 2023 reports, by the end of the year, the sales of sensors worldwide are estimated to reach over 11 billion units.

By region, the Europe trailer assist system market is to generate the highest revenue by the end of 2035. This growth is anticipated by the flourishing camping industry as well as an increasing number of cars and caravans. The rising use of caravans by many people across the region for various purposes is driving market growth. Further, the rising spending capacity of the investors on the development of customized vehicles in the region is also expected to have a positive impact on market growth. Moreover, in the United Kingdom, the number of people using caravans is 5 million owing to 2 million people traveling in caravans for holiday trips each year. Also, with the increase in the disposable income of people and changing demographics, many customers are seeking more comfort and safety-oriented services which are estimated to drive the growth of the trailer assist system market in the region in the coming years.

This report also provides the existing competitive scenario of some of the key players of the global trailer assist system market which includes company profiling of Magna International Inc., Daimler Truck Holding AG, Robert Bosch GmbH, Carit Automotive GmbH & Co. KG, BorgWarner Inc., Ford Motor Company, Hitachi, Ltd., Jaguar Land Rover Automotive plc., General Motors, DornerWorks, Ltd., and others.