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Hill-Start Assist System market Growth
Advanced driver assistance systems are intelligent systems which are installed in the vehicle to assist the driver with safe and comfortable driving experience.
WILMINGTON, DE, UNITED STATES, November 27, 2024 /EINPresswire / -- 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.
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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.
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 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.
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The research provides detailed segmentation of the global hill-start assist system market based on vehicle type, vehicle propulsion, vehicle class, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on vehicle type, the passenger car segment held the highest share in 2021, accounting for more than two-thirds of the global hill-start assist system market, and is expected to continue its leadership status during the forecast period. However, the heavy commercial vehicle segment is expected to register the highest CAGR of 8.9% from 2022 to 2031.
Based on vehicle propulsion, the ICE vehicle segment accounted for the highest share in 2021, contributing to more than 90% of the global hill-start assist system market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the electric and hybrid vehicle segment is expected to manifest the highest CAGR of 17.1% from 2022 to 2031.
Based on vehicle class, the luxury segment accounted for the highest share in 2021, holding more than two-thirds of the global hill-start assist system market, and is expected to continue its leadership status during the forecast period. However, the economy segment is estimated to grow at the highest CAGR of 9.1% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global hill-start assist system market share , and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 8.1% during the forecast period.
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Leading market players of the global hill-start assist system market analyzed in the research include Borgwarner Inc., Continental AG, BWI Group, Aisin Corporation, HELLA GmbH & Co. KGaA, Fujitsu, Knorr-Bremse AG, ZF Friedrichshafen AG, Murata Manufacturing Co., Ltd., Robert Bosch GmbH.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.