From $2.7 Billion to $5.4 Billion : Hill-Start Assist System Market Poised for 7.2% CAGR Growth 2021-2031

According to a new report published by Allied Market Research, titled, "Hill-Start Assist System Market," The global hill-start assist system market size was valued at $2.7 billion in 2021, and is projected 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.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A31750

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.

The significant factors impacting the growth of hill-start assist system market size include rise in concern associated with road safety, greater adoption of driver assistance systems, high demand for vehicles equipped with safety features, and implementation of stringent safety rules and regulations by governments across the world. However, factors such as complexity associated with aftermarket integration of hill-start assist, and unavailability of raw materials are expected to hamper the market growth. Furthermore, increase in adoption of electric vehicles, and greater demand from emerging countries are expected to create new growth opportunities for the hill-start assist system market during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/hill-start-assist-system-market/purchase-options

Furthermore, several countries have implemented laws and regulations for vehicles to install safety systems such as blind spot detection system, lane departure warning system, hill-start assist system, electronic stability control, and tire pressure monitoring system in vehicles. Moreover, automobile manufactures need to obtain safety ratings from organizations such as the Insurance Institute of Highway Safety (IIHS), New Car Assessment Program (NCAP), and International Centre for Automotive Technology (ICAT) to access the sales license of vehicles in the market. Thus, safety rules and regulations implemented by governments across the world are expected to boost the growth of the hill-start assist system market in the coming years.

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 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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A31750

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.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

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This release was published on openPR.