According to a new report published by Allied Market Research, titled, “Hill-Start Assist System Market,” The hill-start assist system market was valued at $2.7 billion in 2021, and is estimated to reach $5.4 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
Hill-start assist system was first introduced by luxury vehicle manufacturers as an additional safety feature in vehicles. Several luxury vehicle manufacturers have introduced a wider range of vehicles equipped with advanced features such as hill-start assist, electronic stability control, and others to cater to the growing consumer demand. For instance, in March 2022, BMW launched its 2022 BMW X4 facelift in India. The vehicle is equipped with hill-start assist and hill descent control features for greater passenger safety.
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Additionally, economy vehicles are gaining immense traction in the hill-start assist system market, owing to the introduction of stringent safety rules and greater awareness regarding the integration of safety features such as hill-start assist systems in new vehicles. Several vehicle manufacturers are launching new vehicles equipped with hill-start assist systems in the market, which boosts the growth of the segment. For instance, in 2021, Toyota launched its 2022 Toyota Raize, which is equipped with hill-start assist control system.
Increase in the demand for light commercial vehicle for the purpose of carrying passenger and cargo leads to the growth of the industry. In March 2022, in Qatar, Qatar Automobiles company launched FUSO Japanese Canter Euro 5 light truck and 37-seater BA bus in Doha. The canter truck offers safety features such as side door beams, ABS+EBD, hill start assist, and others. Moreover, in 2022, REE Automotive launched its P7-B, an electric Class 3 box truck. P7 box truck offers increased interior space for passengers and cargo; and has a maximum range of 150 miles with up to 2,000 kg payload. It also supports all-wheel drive, adaptive regenerative braking, hill-start assist, and torque vectoring.
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COVID-19 Impact Analysis
Even though the growth of the global hill-start assist system was hampered during the pandemic, the market is expected to experience growth in the coming years. Several countries are planning to implement vehicular and road safety regulations, promoting the integration of hill-start assist system in vehicles in the coming years.
Key players operating in the global hill-start assist system market include BorgWarner Inc., Robert Bosch GmbH, Continental AG, Murata Manufacturing Co., Ltd., ZF Friedrichshafen AG, Knorr-Bremse AG, BWI Group, Fujitsu Limited, HELLA GmbH & Co. KGaA, and Aisin Corporation.
KEY FINDINGS OF THE STUDY :
- By vehicle type, the heavy commercial vehicle segment is anticipated to exhibit significant growth in the near future.
- By vehicle propulsion, the electric and hybrid vehicle segment is anticipated to exhibit significant growth in the near future.
- By vehicle class, the economy segment is anticipated to exhibit significant growth in the near future.
- By region Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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