When you setup your hardware wallet for the first time, you will be given either 12 or 24 seed words, depending on which hardware wallet you purchase, that can be used to restore your device. All you need is a new hardware wallet and your seed words to bring all of your coins (private keys) back.
The mnemonic seed words use a system called BIP 39 (Bitcoin Improvement Proposal 39). BIP 39 has an associated list of 2,048 English words which can be viewed on the Bitcoin Github. The 12 or 24 English words your device gives you are specific to your wallet and produce a long string of characters from which individual private keys are generated.
As Trezor wallets support BIP 39 mnemonic seeds they are interchangeable.