The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Upsurge in the Number IoT Connected Vehicles – as transportation is becoming increasingly connected with more sensors, more data and more insights. There is rise in the demand for trailer assist systems to help trucking and logistics providers operate more efficiently. It was found that, out of ~31 billion global connected devices in 2018, over 900 million devices are in automotive and transportation.
Growing Number of Cars – are responsible for rising demand of trailer assist systems as it provides backup assist features while navigating into a parking space. The increasing demand of cars is expected to escalate the trailer assist systems market in the forecasted period. It was estimated that, there are over 1.400 billion cars as of 2022.
The global trailer assist system market is segmented and analyzed for demand and supply by component segment into camera/sensor and software module. Amongst these segments, the camera/sensor segment is anticipated to garner the largest revenue by the end of 2033, backed by 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.
Regionally, the global trailer assist system market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Europe is projected to hold the largest market share by the end of 2033, backed by the 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. 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 global trailer assist system market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing R&D spending in the automotive sector as well as growing sales of light vehicles along with rising demand for automotive sensors are some of the major factors anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Ans: High cost of the trailer assist system as well as lesser penetration of the towing trailers are some of the factors estimated to hamper the market growth.
Ans: The market in Europe is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the 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.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by user, technology, component, vehicle type and by region.
Ans: The camera/sensor segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.