The increasing consumer preference for fuel-efficient electric vehicles (EVs), self-driving cars, and vehicle-to-vehicle communication technology is anticipated to enhance market growth over the forecast period. There is an increasing demand for electric vehicles. A total of 24.7 million acoustic vehicle alerting systems were installed in passenger cars and electric two-wheelers in 2019. In the coming years, in the developed nations in Europe and the U.S., the market will be led by the growing demand for four-wheelers.
Data Bridge Market Research shows that the Acoustic Vehicle Alerting Systems Market is expected to reach USD 1,245.18 million by 2030 and USD 471.71 million in 2022, at a CAGR of 12.90% during the forecast period of 2023-2030.
" Increasing Implementation of Advanced System In Electric Vehicles Surge the Market Growth"
The growing implementation of the advanced system in electric vehicles is anticipated to drive the market growth rate. The government has necessitated implementing an acoustic vehicle alerting system in electric vehicles which is anticipated to witness huge growth in the global market. For instance, the government of India instructed a sound alert system in electric vehicles traveling at a speed of 20 Kmph to warn the population in 2022. Electric vehicles create less noise than cars due to combustion engines which can be a huge risk to pedestrians in traffic. To deal with this situation, the demand for acoustic vehicle alerting systems for electric vehicles is growing, which is anticipated to witness huge growth for the targeted market. Thus, this factor boosts market growth.
What restraints the growth of the Global Acoustic Vehicle Alerting Systems Market?
" Drawbacks Associated With Acoustic Vehicle Alerting Systems"
Growing sales of electric and battery-powered vehicles in the coming years are anticipated to hamper the market growth during the forecast period. Battery-powered or electric vehicles are zero-emission vehicles that do not require an active purge pump. Thus, all these factors will most likely impede the demand for the acoustic vehicle alerting systems during 2023-2030. All these major factors impede the growth of the market.
Segmentation: Global Acoustic Vehicle Alerting Systems Market
The global acoustic vehicle alerting systems market is segmented on the basis of vehicle type, propulsion, mounting position, electric two-wheelers and sales channel.
- On the basis of vehicle type, the global acoustic vehicle alerting systems market is classified passenger cars, two-wheelers, and commercial vehicles.
- On the basis of propulsion, the global acoustic vehicle alerting systems market is classified into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicles.
- On the basis of electric two wheelers, the global acoustic vehicle alerting systems market is classified into e-scooter/moped, e-motorcycle.
- On the basis of mounting position, the global acoustic vehicle alerting systems market is classified into integrated, separated.
- On the basis of sales channel, the global acoustic vehicle alerting systems market is classified into OEM and Aftermarket
Regional Insights: Asia-Pacific is expected to dominate the Global Acoustic Vehicle Alerting Systems Market
Asia-Pacific dominates the market because of the increasing government initiatives to surge the awareness associated with the benefits and usage of electric vehicles. Additionally, the surge in demand for electric vehicles will further boost the market's growth rate in this region.
Europe is expected to grow in the forecast period of 2023-2030 due to increasing consumer demand for better vehicle performance, better driving experience, and higher and improved economy led to developments and incredible changes in the electric vehicle industry in this region.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-acoustic-vehicle-alerting-systems-market
Recent Developments in Global Acoustic Vehicle Alerting Systems Market
- In 2022, Maruti Suzuki declared the first and latest electric vehicle launch by 2025. Its parent firm, Suzuki Motor Corporation, is also looking to invest Rs 10,400 crore in Gujarat to construct a manufacturing plant to produce electric vehicles. The company said it would not only manufacture EVs but also start manufacturing lithium-ion batteries in the country, which numerous OEMs presently import from other nations.
The Prominent Key Players Operating in the Global Acoustic Vehicle Alerting Systems Market Include:
- Volkswagen (Germany)
- Toyota Kirloskar Motor (India)
- Continental AG (Germany)
- DENSO Corporation (Japan)
- Novosim (Denmark)
- Siemens (Germany)
- BorgWarner Inc. (U.K.)
- General Motors (U.S.)
- Nissan Motor Co., Ltd. (Japan)
- HARMAN International (U.S.)
- HELLA GmbH & Co. KGaA (Germany)
- Tesla (U.S.)
- Texas Instruments Incorporated. (U.S.)
- Mercedes-Benz Group AG (Germany)
- Honda India (India)
- Brigade Electronics Group Plc (U.K.)
- Kendrion N.V. (Netherlands)
- KUFATEC GmbH & Co. KG (Germany)
- Fisker, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global acoustic vehicle alerting systems market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Acoustic Vehicle Alerting Systems Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
