Global Acoustic Vehicle Alerting Systems Market – Industry Trends and Forecast to 2030

Global Acoustic Vehicle Alerting Systems Market, By Vehicle Type (Passenger Cars, Two-Wheelers, and Commercial Vehicles), Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicles), Electric Two-Wheelers (E-Scooter/Moped, E-Motorcycle), Mounting Position (Integrated, Separated), Sales Channel (OEM and Aftermarket) – Industry Trends and Forecast to 2030.

 Acoustic Vehicle Alerting Systems Market Analysis and Size

The acoustic vehicle alerting system market is projected to grow at a significant rate during the forecast period of 2023–2030 owing to the government support and stringent emission norms, in the form of grants and subsidies, tax rebates and other non-financial benefits, to promote adoption of electric vehicle. As a result of accelerating 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.

Data Bridge Market Research analyses that the acoustic vehicle alerting systems market is expected to reach USD 1245.18 million by 2030, which is USD 471.71 million in 2022, at a CAGR of 12.90% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Acoustic Vehicle Alerting Systems Market Scope and Segmentation

Market Definition

Acoustic vehicle alerting systems refer to those devices which assist in generating sound. These devices are fitted in electric or hybrid vehicles. They are used for the pedestrian protection by warning them regarding the vehicle's presence. The increase in the concern regarding passenger and environmental protection, numerous nations support the growth of electric vehicles globally.

Acoustic Vehicle Alerting Systems Market Dynamics

Drivers

• Increasing implementation of advanced system in electric vehicles

Increasing implementation of advanced system in electric vehicles is expected to drive the market growth rate. The government has mandated the implementation of acoustic vehicle alerting system in electric vehicles which is expected to witness major 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 pedestrians in 2022. Electric vehicles create less noise than cars powered by combustion engines that can be a major risk to pedestrians in traffic. To overcome with this situation, demand for acoustic vehicle alerting system for electric vehicles is increasing which in turn is expected to witness major growth for the targeted market.

• Growing number of electric vehicles models

Launching new EV models will play a dynamic role in facilitating the market's growth. For instance, Volkswagen AG has declared that they plans to introduce 30 new EV models by 2025. Similarly, Ford plans to introduce 13 new EVs by 2020, whereas the Renault–Nissan–Mitsubishi Alliance has announced its plan to introduce 12 new EV models by 2022. Furthermore, numerous Chinese automakers are zing to enter the global market with their upcoming and existing electric car models. Therefore, growing number of electric vehicles models is likely to boost the market growth rate.

Opportunities

• Government regulations due to safety concerns

The government rules and regulations for applying acoustic vehicle alerting systems for safety concerns are expected to create numerous opportunities for the market growth. For instance, as laid out in European Regulation all new vehicles imported or sold to the EU by 1 July 2021, regardless of their type, must be prepared with an AVAS. Moreover, the United States has mandated the implementation of acoustic vehicle alerting system in all electric vehicle and hybrid production with effect from September 2020.

• Rising demand of four-wheeler vehicles

The increasing demand of four-wheeler vehicles is expected to display faster growth and create numerous opportunities during the forecast period. This can be due to the increase in adoption of electric cars, and light-duty trucks mainly because of the constant innovations, availability of several models with automakers and reducing prices. In the upcoming years, in the developed nations in Europe and the U.S., the acoustic vehicle alerting system market will be led by the increasing demand for four-wheeler in the market.

Restraints

• Drawbacks associated with acoustic vehicle alerting systems

Increasing sales of electric and battery-powered vehicles in upcoming years is expected to hamper the market growth during the forecast period. Battery-powered or electric vehicles are zero emission vehicles that do not need an active purge pump. Therefore, all these factors are likely to hamper the demand for the acoustic vehicle alerting systems during the forecast period.

This acoustic vehicle alerting systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the acoustic vehicle alerting systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Covid-19 Impact on Global Acoustic Vehicle Alerting Systems Market

Before the outbreak of COVID-19, 2020 was anticipated to be an important year for EV manufacturers, because many market players were preparing to introduce new products and planning to improve their capabilities. As a result of pandemic, the situation has completely changed the market scenario for all the investors in the electric vehicle sector. Preventive measures such as curfews in hotspot areas and complete lockdown have considerably reduced the demand and supply for electric vehicle and other vehicles. The reduced EV sale and production have unfavourably impacted the market. Furthermore, the stooping crude oil rates will significantly decrease the adoption of AVASs and EVs, as economies of scale would be intensely against their favour.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. W​​​​​​​ith this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In 2022, Maruti Suzuki, India’s largest automaker, confirmed that it will soon launch the first and latest electric vehicle by 2025. Furthermore, its parent firm, Suzuki Motor Corporation is also looking to spending Rs 10,400 crore in Gujarat to construct a manufacturing plant to produce electric vehicles. The company told that it will not only manufacture EVs but also start manufacture of lithium-ion batteries in the country, which are presently imported from other nations by numerous OEMs.
• In 2022, Toyota Motors announced that it will spend Rs. 3,600 crores for manufacturing hybrid vehicle facility at Bidai in Karnataka facility. Furthermore, this investment plan came out after the State government has offered a green signal to start manufacture of hybrid vehicles.

Global Acoustic Vehicle Alerting Systems Market Scope

The acoustic vehicle alerting systems market is segmented based on the vehicle type, propulsion, mounting position, electric two-wheelers and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Vehicle Type

• Passenger Cars
• Two-Wheelers
• Commercial Vehicles

Propulsion

• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-in Hybrid Electric Vehicles

 Electric Two-Wheelers

• E-Scooter/Moped
• E-Motorcycle

Mounting Position

• Integrated
• Separated

 Sales Channel

• OEM
• Aftermarket

Acoustic Vehicle Alerting Systems Market Regional Analysis/Insights

The acoustic vehicle alerting systems market is analyzed and market size insights and trends are provided by country, vehicle type, propulsion, mounting position, electric two-wheelers and sales channel as referenced above.

The countries covered in the acoustic vehicle alerting systems market report are report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the acoustic vehicle alerting systems market in revenue growth because of the government initiatives to increase the awareness regarding benefits and usage of electric vehicles. Furthermore, the increase in the demand for electric vehicles will further boost the market's growth rate in this region.

Europe is projected to be the fastest developing region during the forecast period of 2023-2030. This is mainly rising consumer demand for better vehicle performance, better driving experience and greater economy led to developments and tremendous changes in the electric vehicle industry in this region.

 The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Acoustic Vehicle Alerting Systems Market Share Analysis

The acoustic vehicle alerting systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to acoustic vehicle alerting systems market.

Some of the major players operating in the acoustic vehicle alerting systems market are:

• 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.)