Trailer Brake Controllers Market Forecast and CAGR
According to the latest research from Fact.MR, trailer brake controllers market is projected to grow steadily between 2021 and 2031 at a CAGR of 3% to 5%. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. However, it is estimated that the trailer brake controllers market will show positive growth from 2021 onwards.
What is Driving Demand for Trailer Brake Controllers?
The rapid development of infrastructure in both developed and developing countries has made it possible to transport heavy loads over short and medium distances by road at a very low cost. As a result, manufacturers are developing more efficient and convenient ways to transport goods using trailers. As a result, the market growth is primarily driven by technological advancements and the proficiency of electronically powered brake trailers.
In the global trailer brake controllers industry, proportional brake controllers are estimated to have the largest market share. The ability of a proportional brake controller to respond to each braking situation differently allows for smooth operation, making it the consumer's first option. Due to their versatility, special utility vehicles are expected to have the largest market share.
The rapid implementation of safety systems in vehicles contributes significantly to the rise in demand for trailer brake controllers in commercial vehicles. The braking mechanism, when used in conjunction with other active and passive safety systems, aids a driver in preventing collisions and protects the vehicle in the event of a collision.
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US and Canada Demand Outlook of Trailer Brake Controllers
In the global trailer brake controllers industry, North America is expected to have a large market share. In countries such as US and Canada, infrastructure development and adoption of new technologically advanced products generate favorable market conditions. One of the main factors in the market research in these regions is the increasing perception of road safety.
To make their goods as environmentally friendly as possible, the automobile industry is focused on reducing emissions and fuel consumption. Weight loss has become one of the most common methods for achieving this goal. With the use of modern products, technology, and machinery, the automobile industry has been trying to come up with new and sophisticated methods to make their vehicles lighter and therefore greener. This has given an opportunity for the trailer brake controllers market to grow.
Europe Trailer Brake Controllers Sales Outlook
Europe is expected to be one of the dominating regions in the industry, and it is projected to rise at a steady CAGR over the forecast period. Due to the availability of skilled labor and low-cost raw materials, manufacturers in the area may deliver significant cost savings. The region includes countries like France, UK, Germany, Italy and Spain, which together accounted for a large global vehicle output. The demand is expected to be driven by the rising popularity of proportional trailer brake controllers, as well as an increase in sales of commercial vehicles.
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Who are the Key Manufacturers and Suppliers of Trailer Brake Controllers?
Some of the leading manufacturers and suppliers include Bosch GmbH, Tekonsa, Continental AG, ACDelco, Bendix Corp, Cardone Industries Inc., Ford Motor Company, Curt Manufacturing LLC, Reese Towpower, Hopkins Manufacturing Solutions,
Automobile companies are focusing their efforts on developing advanced and lighter trailer brake controllers at lower costs. A variety of manufacturers are prioritizing product launches, product approvals, and other organic growth initiatives including patents and events. In the sector, acquisitions, as well as collaborations and alliances, were seen as inorganic growth strategies. Market participants have been able to grow their industry and customer base as a result of these efforts.
Trailer Brake Controllers Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
An Adaptive Approach to Modern-day Research Needs
- Proportional brake controller
- Time delayed brake controller
By Vehicle Type
- Light Vehicle
- Heavy Vehicle
By Sales Channel
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Poland, Russia)
- South Asia and Pacific (India, ASEAN, ANZ)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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