The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Global Trailer Assist System Market: Introduction
The trailer assist system helps to minimize the driver errors by providing driving assistance to the vehicle. This system provides safety and comfort to the driver and provides vehicles easy and precise maneuvering while vehicle reversing, changing lanes and parking.
The new trailer assist system has ability to control a vehicle trailer system from outside the vehicle with greater visibility and awareness by using a wireless smart device which can be used to remotely execute reversing and parking operations from outside the vehicle. During remote operation, to control low-speed steering, shifting, braking and acceleration, the driver can uses a smart Android or iOS device to control the trailer assist system.
Global Trailer Assist System Market: Segmentation
Globally, the trailer assist system market can be segmented on the basis of component, vehicle type, technology, sales channel, etc.
Based on the Component, the global trailer assist system market can be segmented into,
- Camera/Sensor
- Software Module
Based on the Vehicle Type, the global trailer assist system market can be segmented into,
- Passenger Vehicle
- Compact Cars
- Mid-Sized Cars
- SUVs
- Luxury Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
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Based on Technology, the global trailer assist system market can be segmented into,
- Semi-Autonomous
- Autonomous
Based on the Sales Channel, the global trailer assist system market can be segmented into,
- OEM
- Aftermarket
Global Trailer Assist System Market: Dynamics
The increasing sale of vehicles is expected to multiply the demand for comfort and safety among the consumers. Parking a trailer is a challenging task for the driver, sometimes driver may face an accident which can be minimized by providing driving assistance to the vehicle. The aforementioned factors expected to increase the demand of trailer assist system.
However, the usages of towing trailers in developing countries is reducing day by day, owing to the increase in accident. Also the government of South Africa incorporated certain rules and regulation for towing trailers, this is expected to impede the growth of market.
The major market players are focusing on strategic collaboration with other manufacturer of trailer assist system to enhance their production capabilities. For instance, in September 2018, WABCO partnered with Valeo, an automotive technology leading company for automotive industry innovations, in order to develop a next-generation of Advanced Driver Assistance Systems (ADAS) for autonomous vehicles. Moreover, Volkswagen AG is offering the trailer assist system in the European region for Touran and Crafter van only except few countries also in North America Ford Motor Company provides trailer assist system for F-series which includes the US and Canada.
Global Trailer Assist System Market: Regional Outlook
The growing development of trailer assist system in the North America, estimated to dominate the trailer assist system market over forecast period. Inclination of Europe towards automated products and increased level of safety concerning passenger and driver in European region expected to create significant growth rate in the upcoming year. Europe is anticipated to be the second in the trailer assist system market followed by North America and projected to have significant growth in the trailer assist system market. Asia Pacific market is expected to create healthy growth momentum for the trailer assist system. Moreover, Latin America is anticipated to be follow by Asia Pacific over the forecast period. The Middle East & Africa is expected to have moderate share in the trailer assist system market as compared to other regions.
Global Trailer Assist System Market: Market Participants
The manufacturing companies are also focus on technologically developed vehicle assist systems aiming to reduce fatalities related to vehicle parking and increase precision in parking. For instance, Valeo introduced XtraVue Trailer system that uses several cameras mounted at the rear of the trailer.
Some of the key players involved in the trailer assist system market include Continental AG, Robert Bosch GmbH, WABCO Holdings Inc., TowGo, LLC, Valeo, Garmin Ltd., Cogent Embedded Inc., Echomaster, Ford Motor Company, Carit Automotive GmbH & Co. KG, Volkswagen AG, Delphi Automotive, Siemens AG, ZF Friedrichshafen AG, Westfalia Ltd., Hella KGaA Hueck & Co., Hitachi, Ltd., Magna International Inc., Land Rover, and some others.
The research report presents a comprehensive assessment of the trailer assist system market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to trailer assist system market segments such as component, vehicle type, technology, sales channel.
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We leave no stone unturned to give clients an exhaustive coverage of the industry.Persistence Market Research’s proactive approach identifies early innovation opportunities for clients in the global automotive sector. Our insights on next-generation automotive technologies such as connected cars, automotive emissions control, vehicle-to-vehicle (V2V), autonomous cars, electric and hybrid vehicles, and augmented reality dashboards ensure clients stay at the forefront of innovation.
Our reports strive to offer superior quality reports based on authentic and accurate findings.
Customer Satisfaction
We aim to ensure that our client’s research needs are met with customized, top-of-the-line solutions.
Unmatched Expertise
Our analysts and consultants are among the best in their field and promise to deliver excellent market intelligence.
360-degree Analysis
We leave no stone unturned to give clients an exhaustive coverage of the industry.Persistence Market Research’s proactive approach identifies early innovation opportunities for clients in the global automotive sector. Our insights on next-generation automotive technologies such as connected cars, automotive emissions control, vehicle-to-vehicle (V2V), autonomous cars, electric and hybrid vehicles, and augmented reality dashboards ensure clients stay at the forefront of innovation.
Our competencies go beyond regular market research to deliver tailored solutions in an industry marked with increasing environment regulations, evolving consumer preferences, and a shifting landscape of emerging markets.
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