Trailer Assist System Market Size & Share, by User (OEM, Aftermarket); Technology {Semi-Autonomous (L3), Autonomous (L4, L5)}; Component (Camera/Sensor, Software Module); Vehicle Type {Passenger Vehicle (PV), Light Commercial Vehicle (LPV), Heavy Commercial Vehicle (HCV)} - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4418
  • Published Date: Jul 28, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 – 2035

Trailer Assist System Market size is poised to reach USD 200 million by the end of 2035, growing at a CAGR of 12% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of trailer assist system was USD 90 million. The reason behind the growth is impelled by the rising production and distribution of light commercial vehicles across the globe. Increasing urbanization, the development of the automotive sector, and the development of the e-commerce business have fueled the expansion of light commercial vehicles. Trailer assist system in light commercial vehicles helps in enhancing productivity in several sectors as they offer flexibility and can handle different type of trailers such as cargo trailer, and utility trailers, amongst others.

The growing vehicle towing activities are believed to fuel the trailer assist system market . The trailer assist system enables smooth towing process by reducing the effort and the presence of features such as blind-spot monitoring, and automatic steering control.


Trailer Assist System Market
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Trailer Assist System Sector: Growth Drivers and Challenges

Growth Drivers

  • Upsurge in the Number of IoT Connected Vehicles– As more sensors, data, and insights are added to the transportation industry, real-time navigational aids are becoming more common that allow for AI-powered navigation, and preventative maintenance which helps in improving driving efficiency and road safety. There is a rise in the demand for trailer assist systems to help truck and logistics providers operate more efficiently by getting access to real-time data.
  • Spiking Number of Semi-Trailers – Increasing number of semi-trailers for driver assistance is expected to drive trailer assist system market growth. Semi-trailers are used in several industries including logistics, agriculture, and building which often require trailer assist system to help in saving time, improve efficiency, and help in reducing the risk of accidents.

Challenges

  • High Cost of the Trailer Assist System– The installation and integration cost of this system is very high which might restrict the market from growing in the upcoming years. Besides this, the trailer assist system includes advanced components such as sensors and cameras which require high spending in production and extensive research & development which adds up to the overall cost.

  • Lesser Penetration of the Towing Trailers
  • Government Rules Regarding the Reverse Parking Assistance Systems

Trailer Assist System Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~12%

Base Year Market Size (2022)

~ USD 90 Million

Forecast Year Market Size (2035)

~ USD 200 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Trailer Assist System Segmentation

Component (Camera/Sensor, Software Module)

The camera/sensor segment is estimated to hold 70% share of the global trailer assist system market in the coming years owing to the higher demand for automotive sensors across the globe. For instance, the widespread use of ADAS and AD systems and the severe government restrictions to reduce CO2 emissions are driving up the need for automotive sensors. Image processing techniques are the foundation of trailer assist systems, which give drivers a clear picture of the trailer and its surroundings. To find the blind spots, a camera takes pictures of a trailer that is hitched to a car, whereas the ultrasonic sensor measures space monitoring and distances to obstructions. This helps in preventing accidents and enhances safety.

Vehicle Type {Passenger Vehicle (PV), Light Commercial Vehicle (LPV), Heavy Commercial Vehicle (HCV)}

The passenger vehicle segment in the trailer assist system market is set to garner a notable share of 51% in the near future since very less OEMs are offering trailer assist systems in light commercial vehicles. The trailer assist system in trucks is very different from that of LCVs and passenger cars. They offer support to truck movement while reversing the truck by identifying small, big, static, or moving objects placed in the blind spot near the vehicle and putting brakes automatically.

Our in-depth analysis of the global trailer assist system market includes the following segments:

          User

  • OEM
  • Aftermarket

         Technology

  • Semi-Autonomous (L3)
  • Autonomous (L4, L5)

          Component

  • Camera/Sensor
  • Software Module

          Vehicle Type

  • Passenger Vehicle (PV)
  • Light Commercial Vehicle (LPV)
  • Heavy Commercial Vehicle (HCV)

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Trailer Assist System Industry- Regional Synopsis

European Market Forecast

Trailer assist system market in Europe is predicted to account for the largest share of 40% by the end of 2035 impelled by the flourishing camping industry. As a result, more and more people in the region are opting for camping trips which have increased the demand for towing trailers. These trailers often require trailer assist systems which help the driver in safe parking and reduce the risk of accidents. According to estimates, the UK is the country that spends the most nights in campgrounds and caravan parks across Europe- With more than 155 million nights annually, and it is predicted that by 2026, Europe is expected to have over 25,000 camping grounds.

North American Market Statistics

The trailer assist system market in North America is estimated to be the second largest, during the forecast timeframe led by growing demand for a comfortable, safe, and efficient driving experience. This, as a result, has increased the demand for trailer assist systems in the region since it provides additional safety, and convenience to the driver and offers several features including automatic steering control, rearview cameras, and sensors to reduce the difficulty of maneuvering with trailers.

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Trailer Assist System Market Size
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Companies Dominating the Trailer Assist System Landscape

top-features-companies
    • Magna International Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Daimler Truck Holding AG
    • Robert Bosh Gmbh
    • Carit Automotive Gmbh & Co. KG
    • Borg Warner Inc.
    • Ford Motor Company
    • Hitachi, Ltd.
    • Jaguar Land Rover Automotive plc.
    • General Motors
    • Dorner Works, Ltd.

In-the-news

In The News

  • 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 feature the benefits of 3D, surround view, multi-terrain view and see-through hood and trailer guidance.
  • Daimler Truck Holding AG Mercedes-Benz Truck launched new assistance systems which will increase safety. The assistance systems, the production of which started in June 2021, include the Active Sideguard Assist, Active Drive Assist 2, and Active Brake Assist 5 for a range of Mercedes Benz trucks that can be ordered from 24 EU countries.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 4418
  • Published Date: Jul 28, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Upsurge in the number of IoT connected vehicles and the spiking number of semi-trailers are the major factors driving the growth of the market.

The market size of Trailer Assist System is anticipated to attain a CAGR of 12% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Daimler Truck Holding AG, Robert Bosh Gmbh, Carit Automotive Gmbh & Co. KG, Borg Warner Inc., Ford Motor Company, Hitachi, Ltd., Jaguar Land Rover Automotive plc., General Motors, Dorner Works, Ltd.

The camera/sensor segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the European region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Trailer Assist System Market Report Scope
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