According to Market Research Future (MRFR), The global acoustic vehicle alerting systems market is estimated to witness a CAGR of 12% from 2019 to 2025 (forecast period). The report discusses the strengths, opportunities, threats, and potential business risks and offers a detailed analysis of the global market situation with the effect of COVID-19.
The growth of the global acoustic vehicle alerting systems market can mainly be attributed to the strict regulations imposed by governments across the globe to curb the risk of accidents induced by electric vehicles' low sound. For example, the European Union has a new regulation requiring all new electric and hybrid vehicles to alert pedestrians when traveling at speed below 12 mph by 2021. Likewise, in the US, the National Highway Safety Administration (NHTSA) mandated to require all electric and hybrid vehicles to emit sound while traveling up to 18.6 mph by September 2020.
Moreover, governments around the world, including the United States, the United Kingdom, India, and China, are taking steps to raise awareness about the use of electric vehicles to mitigate adverse environmental impacts and foreign exchange reserves. For illustration, the Government of India has launched the National Electric Mobility Mission Plan (NEMMP) 2020, with the goal of achieving national fuel security by encouraging the use of electric vehicles in the country. Likewise, the European Commission initiated ‘Green eMotion’ project worth EUR 41.8 million (USD 47.22 million) intending to achieve technical optimization and the growth of the EV industry. This further increases the penetration of electric vehicles on the road, leading to the global market's growth for acoustic vehicle alerting systems.
The key participants identified by MRFR in the global acoustic vehicle alerting systems market are Delphi Technologies (UK), Denso Corporation (Japan), HARMAN International (US), Daimler AG (Germany), Volkswagen AG (Germany), BMW AG (Germany), Nissan Motor Corporation (Japan), MANDO-HELLA Electronics Corp. (South Korea), Honda Motor Co., Ltd (Japan), and KUFATEC GmbH & Co. KG (Germany).
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- Based on vehicle type, the global market for acoustic vehicle alerting systems has been segmented into heavy commercial vehicles, passenger car, and light commercial vehicles.
- Based on the sales channel, the global market for acoustic vehicle alerting systems has been segmented into the original equipment manufacturer (OEM) and aftermarket.
The global market for acoustic vehicle alerting systems has been segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the world.
The demand for electric vehicles in North America is projected to dominate the global market for acoustic vehicle alerting systems over the assessment period. This is due to the government 's strict pre-mounting standards for EVs and hybrid cars during the manufacturing process.
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Major Highlights of TOC Covers:
- Executive Summary
- Key Business Trends
- Regional Trends and Growth
- Product Trends
- End-use Trends
- Definition and Forecast Parameters
- Acoustic vehicle alerting systems Market Segmentation
- Acoustic vehicle alerting systems Market Landscape
- Vendor Matrix
- Company Profiles
- Business Overview
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