Marketsynopsis

According to market research future (MRFR), there will be a 12% CAGRin the global market for acoustic vehicle alerting systems from 2023 to 2030. (forecast period). According to the survey, the market foracoustic vehicle alerting systems marketis expected to grow. Due to the increasing popularity of electric cars (evs) and the growth of the automotive industry, the global market for acoustic vehicle alerting systems is expected to see a significant increase by the year 2020. The market may expand due to the rise in safety-related issues and the increased knowledge of auditory perception.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.

The low noise level of the ev could make it difficult for pedestrians, particularly the visually impaired population, to detect an approaching ev immersion in the flow of traffic due to the masking effect of ambient noise. 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.

Key players

The key participants identified by MRFRin the global acoustic vehicle alerting systems industryare 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 Europeanunion 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.

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.

Market segmentation

The global market for acoustic vehicle alerting systems has been segmented into vehicle type and sales channel.

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.

Regional analysis

The global market for acoustic vehicle alerting systems has been segmented into four major regions: North America, Europe, Asiapacific, and the rest of the world.

The demand for electric vehicles in north Americais 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.

Europe is anticipated to see strong growth in the global market for acoustic vehicle alerting systems. Growth in the region can be attributed to the strict rules laid down by the Europeanparliament to allow avas to all new electric and hybrid vehicles.

The Asiapacific is expected to post the highest CAGRon the global market for acoustic vehicle alerting systems during the forecast period