North America is expected to grow at a rapid rate in the trailer assist system market due to demand for driving comfort and safety features in the vehicles. The increase in the number of accidents is compelling government agencies to tighten their vehicle safety norms. Aftermarket solution providers are developing innovative trailer assist systems to enable automakers to comply with the stringent regulations. For instance, in October 2017, the U.S. Department of Transportation’s National Highway Traffic Safety Administration published the fatal traffic crash data report for 2016, which stated that 37,461 lives were lost on the U.S. roads in 2016, an increase of 5.6 percent from the previous year. The use of towing trailers for various recreational events will support the demand for trailer assist systems in the region.
Europe holds a significant market share for trailer assist system market due to the increase in sales of commercial vehicles in the region. According to the International Organization of Motor Vehicle Manufacturers, the sales of passenger vehicles in Europe reached 17,937,345 in 2017. This increase in passenger vehicle sales will fuel the adoption of trailer assist systems in the region. The luxury vehicle manufacturers, such as Land Rover, Volkswagen, Mercedes-Benz, Audi, Bentley, and Skoda, are providing trailer assist systems in the region. There are many trailer assist system providers, such as Bosch, Continental, and Westfalia, in Germany.
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Trailer Assist System Market is expected to show significant growth over the forecast period due to increase in advancements in the automotive industry and increased safety awareness among consumers. The rising vehicle towing activities in developing countries is another factor driving market growth. The increasing demand for comfort and safety in passenger cars and Light Commercial Vehicles (LCVs) is also contributing significantly to the growth of the trailer assist system market. Due to the increasing incidents of accidents and resulting fatalities, the automotive manufacturers and aftermarket solution providers are focusing on developing advanced trailer assist systems to help drivers in maneuvering effectively on roads.
Lesser penetration of the towing trailers in developing countries, such as India and China, is a major challenge for the trailer assist system market growth. The high cost of the system is also a restraining factor for market growth. The stringent government regulations regarding the reverse parking assistance systems are also hampering the market growth. The failure of the trailer assist system may lead to a collision with another vehicle or roadside infrastructure. The slight inaccuracy of the system may result in a major economic loss of the fleet owner.
The major market players operating in the trailer assist system market are strategically collaborating with each other to enhance their capabilities. For instance, in September 2018, WABCO, a leading provider of electronic braking, suspension, and transmission automation systems for heavy-duty commercial vehicles partnered with Valeo, an automotive technology leading company for automotive industry innovations. This partnership helped both companies to develop the next-generation of Advanced Driver Assistance Systems (ADAS) for next-generation autonomous vehicles.
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The companies operating in trailer assist system market also focus on innovative vehicle assist systems to increase precision in parking and reducing fatalities related to vehicle parking. For instance, in January 2019, Valeo introduced XtraVue Trailer system, which uses several cameras mounted at the back of the vehicle and the rear of the trailer. This new system provides vehicles easy and precise maneuvering while changing lanes, vehicle reversing, and parking. The other major players operating in the trailer assist system market are Continental AG, Bosch, Magna, Wabco, Westfalia, TowGo, Carit Automotive, Valeo, Garmin, Cogent Embedded, Echomaster, Ford, Volkswagen, Delphi Automotive, Siemens, ZF Friedrichshafen, Hella, and Hitachi.
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