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.
Growth Drivers
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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~12% |
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Base Year Market Size (2022) |
~ USD 90 Million |
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Forecast Year Market Size (2035) |
~ USD 200 Million |
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Regional Scope |
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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:
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User |
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Technology |
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Component |
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Vehicle Type |
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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.
Author Credits: Harshita Srivastava, Saima Khursheed
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