Northbrook, IL -- (SBWIRE) -- 06/10/2019 -- The Trailer Assist System Market is projected to reach USD 182 million by 2027 from an estimated USD 82 billion in 2019, at a CAGR of 10.5% during the forecast period. The growing demand for safety and comfort is the primary factor responsible for the technological advancements in the market. OEMs worldwide are investing heavily in research & development for testing different applications leading to the continuous advancement of trailer assist system. Also, companies are making contracts with OEMs to expand their business in the product segment. In August 2018, WABCO signed a strategic partnership with Hino Trucks. Under this agreement, WABCO will provide braking and ADAS technology to support Hino's all-new XL Series line of Class 7 and 8 heavy-duty trucks production which had begun in early 2019. Also, in June 2015, Magna and Ford jointly developed a pro trailer backup assist. The pro trailer backup assist is a handy device in the Ford F-150 pickup that makes parking a large trailer easier.

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Passenger car segment is estimated to be the largest type of vehicle within the global Trailer Assist System Market. The trailer assist system is currently available in luxury passenger cars where most of the penetration is in high-end SUVs. OEMs like Volkswagen and Audi in Europe and Ford in North America are prominently active in this segment. The market is at a nascent stage, but it is expected to grow in Europe and the US due to an increase in usage of towing trailer and its safety & comfort features.

The Western European region is estimated to be the largest and fastest growing market in Trailer Assist System Market during the forecast period as the demand for luxury vehicles is increasing along with demand for advanced safety and comfort features. Also, the usage of towing trailers is growing due to the demand for recreational activities in this region. This region is economically stable with a high standard of living and disposable income, which is utilized for recreational activities. People in this region usually prefer towing trailers for various activities like recreational activities, camping, small business activities, household work. The labor cost is high, thus, people typically prefer to do their household activities on their own, so the demand for towing trailers is high in Western European countries. Consumers in the region focus more on safety and comfort features like trailer assist system, thus, driving its growth.
The global OEMs like Volkswagen, Land Rover, Audi, Mercedes Benz, and Skoda are providing this feature in their luxury cars and LCVs. Factors such as an increase in usage of towing trailers is likely to trigger the growth of trailer assist system.

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