Market Highlights
Acoustic Vehicle Alerting Systems Market, Projected to Witness 12% CAGR by Forecast Period.
Vehicles powered by electric motors are generally quieter than conventional internal combustion engine (ICE) vehicles. Quiet vehicles entail quiet vehicles entail risks not to be acoustically detected by surrounding pedestrians and cyclists in the lower speed range, which raises the risk of accidents. With the introduction of acoustic vehicle alerting systems, not only the exterior noise but also the perceived interior noise for an enhanced driving experience can be considered. The methodology of AVAS is to provide different sound design approaches for electric vehicles. The global market for acoustic vehicle alerting systems was valued at about USD 33 Million in 2017 and is estimated to be more than USD 214 Million by the end of the assessment period.
The global acoustic vehicle alerting systems market is primarily driven by factors such as government regulations on the necessity of electric vehicle warning sounds to reduce number of possible accidents caused by electric vehicles. Furthermore, increasing number of electric vehicles on the road is another factor boosting the adoption of acoustic vehicle alerting systems in electric vehicles. Such factors raise the demand of AVAS in the global market over the forecast period.
The global acoustic vehicle alerting systems market is segmented based on vehicle type, sales channel, and region. On the basis of vehicle type, the global market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. On the basis of sales channel, the global market has been segmented into original equipment manufacturer (OEM) and aftermarket.
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Key Players
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).
Market Dynamics
The growth of the global market for acoustic vehicle alerting systems 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.
Nevertheless, the reliability and longevity of AVAS in electric vehicles are expected to impede the growth of the global market for acoustic vehicle alerting systems over the forecast period. The rising demand for autonomous vehicles and connected vehicles generates opportunities for manufacturers.
Segmental Study
The acoustic vehicle alerting system global market study is based on vehicle type and sales channel. The vehicle type-based segments of the acoustic vehicle alerting systems are passenger car, light commercial vehicle, and commercial heavy vehicle. The rise in need for electric vehicle with greater convenience can spur the expansion of the acoustic vehicle alerting system in the review period. The sales channel based segments of the acoustic vehicle alerting system market are original equipment manufacturer and aftermarket. The original equipment manufacturer can gain considerable traction for the market in the near future.
Regional Study
North America acoustic vehicle alerting system market is anticipated to expand at the highest CAGR by 2025. North America can secure the largest share of the global acoustic vehicle alerting systems on the conclusion of the forecast period. The growth of North America acoustic vehicle alerting system market can be due to the high electric vehicles adoption rate by the population in the region. The presence of numerous potential OEMs that started to provide the sound systems as similar to ICE vehicles in electric vehicles during the process of manufacturing. In North America, among all regions, the US is anticipated to head the regional acoustic vehicle alerting systems market.
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The global market for acoustic vehicle alerting systems was valued at about USD 33 Million in 2017 and is estimated to be more than USD 214 Million by the end of the assessment period.The growth of global acoustic vehicle alerting systems market can be primarily be attributed to the stringent regulations mandated by the governments across the globe to curb the possibility of accidents caused due to low sound of electric vehicles.
For instance, the European Union has a new directive requiring all new electric and hybrid vehicles to give a sound warning to pedestrians when traveling at speeds below 12 mph by 2021.Request a sample of this premium report at: https://www.marketresearchfuture.com/sample_request/8161Prominent PlayersThe Prominent Players in the global acoustic vehicle alerting systems market are Denso Corporation (Japan), HARMAN International (US), Delphi Technologies (UK), Daimler AG (Germany), Volkswagen AG (Germany), BMW AG (Germany), Honda Motor Co., Ltd (Japan), Nissan Motor Corporation (Japan), MANDO-HELLA Electronics Corp. (South Korea), and KUFATEC GmbH & Co. KG (Germany)Intended AudienceElectric vehicle OEMsEV infrastructure providersGovernment bodiesScope of the ReportThis study provides an overview of the global acoustic vehicle alerting systems market, tracking two market segments across four geographic regions.
The report studies key players and provide a six-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the world.
The report also provides a forecast, which focuses on the market opportunities for the next six years for each region.
The scope of the study segments the global acoustic vehicle alerting systems market by vehicle type, sales channel, and region.Regional Analysis:Geographically, the global acoustic vehicle alerting systems market has been segmented into four major regions, which are North America, Europe, Asia-Pacific, and the Rest of the world.
The electric vehicle market in North America is expected to dominate the global acoustic vehicle alerting systems market through the forecast period, owing to stringent norms regulated by the government for pre-mounting of noisemaking devices in EVs and hybrid cars during the manufacturing process.
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.Market DynamicsThe 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.
Due to the burgeoning requirement for electric vehicles (EVs), falling costs of acoustic vehicle alerting system (AVAS) components, and implementation of mandatory regulatory compliances in several countries, the global acoustic vehicle alerting system market revenue is predicted to rise to $10,578.8 million by 2030.
Furthermore, the market will advance at a CAGR of 11.9% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P Intelligence.The surging sales of electric vehicles is a major growth driver for the market.
In 2019, the size of the worldwide electric car fleet surpassed 7.1 million units, recording an increment of over 2 million from the number of cars that were in operation in 2018. and it is predicted to rise above 130 million by 2030.
The mushrooming adoption of electric vehicles is attributed to the growing public awareness about the rapid environmental degradation caused due to the extensive usage of gas and oil-powered vehicles and the increasing government support being provided for the development and procurement of these vehicles in many countries.Due to the falling cost of these components, the overall price of AVASs will decline, which will subsequently fuel their sales and production in the coming years.
Depending on propulsion, the acoustic vehicle alerting system market is classified into plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV), and battery electric vehicle (BEV).
Out of these, the BEV category is predicted to hold the largest share in the market during the forecast period.This is credited to the rising government support being provided for the manufacturing of these vehicles, due to their eco-friendliness.
According to Market Research Future (MRFR), The global Acoustic Vehicle Alerting System 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 Acoustic Vehicle Alerting System (AVAS) is a sound generation device for electric vehicles and hybrid electric vehicles.
The noise frequency/level emitted by the EV is very different from that generated by the internal combustion engine (ICE) vehicle.
In addition, the increasing number of electric vehicles on the road increases the possible danger of silent vehicles for pedestrians, cyclists, and the general population.Get free sample pdf @ https://www.marketresearchfuture.com/sample_request/8161Market DynamicsThe growth of the global Acoustic Vehicle Alerting System Market Size 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.
The rising demand for autonomous vehicles and connected vehicles generates opportunities for manufacturers.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.
