Given the complexity of products and multidisciplinary product creation processes, the ability to systematically capture and track logically linked information artefacts in both the forward and backward directions of MBSE processes along the V-model is crucial. Traceability is essentially about establishing a clear and transparent context of relevant information for decisions in the product development process. This extends from recorded requirements, through specification and development, to the final release and the ongoing refinements and iterations in each of these phases. Traceability solutions are usually implemented in PLM systems but there is a wide range of solution approaches and still challenges to overcome. The paper provides a categorization and systematization of approaches for traceability based on a systematic literature review, addresses challenges and how to deal with them.