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Acoustic Vehicle Alerting System Market Research Report: By Propulsion (BEV, PHEV, FCEV), Vehicle (Two-Wheeler, Four-Wheeler), Distribution Channel (OEM, Aftermarket), Mounting (Integrated, Separated) - Global Industry Analysis and Growth Forecast to 2030

  • Published: July 2020
  • Report Code: AT10144
  • Available Format: PDF
  • Pages: 161

Acoustic Vehicle Alerting System Market Overview

Amid the thriving demand for electric vehicles (EVs), a total of 24.7 million acoustic vehicle alerting systems (AVAS) were installed in EVs (which include two wheelers and passenger cars) in 2019. Furthermore, the global acoustic vehicle alerting system market is expected to grow at a CAGR of 11.9% in terms of volume during the forecast period (2020–2030). The stringent emission regulations around the globe coupled with increasing government support in terms of subsidies and grants, tax rebates, and other non-financial benefits for EVs adoption are driving the market.

In addition, the installation of AVASs has been made an integral part of all categories of EVs, concerning pedestrian safety, categorically more vulnerable section among them like blind people, people with partial vision, old-aged people, and children. The mandate has already come into force in some parts of the globe, with effect from model year 2019. These regulatory measures in various countries are driving the acoustic vehicle alerting system market during the forecast period.

Before the coronavirus outbreak, 2020 was expected a crucial year for EV manufacturers, with several industry players preparing new market offerings and planning to increase their capacities. However, the pandemic has changed market scenario for all the stakeholders in EV and acoustic vehicle alerting system market. The preventive measures taken by the government in various nations like complete lockdown and even curfew in hotspot areas have up to large extent reduced the supply and demand for EVs in general and automotive in particular. The global EV industry is highly dependent on imports, and the lockdown has slashed the imports of batteries, motors, and other electrical and electronic components.

Furthermore, the ripple effects were visible in the crude prices as well, which stooped historically low, for example, in negative. Since rising crude prices was the major driver for adoption of EVs, per economic parameters, this will be a big setback for the EV and acoustic vehicle alerting system market, because economy of scale would highly bend against their favor.

Acoustic Vehicle Alerting System Market

Segmentation Analysis

Battery Electric Vehicle (BEV) Will Continue Dominating the Acoustic Vehicle Alerting System Market during the Forecast Period

The government incentives for BEVs and regulations for original equipment manufacturers (OEMs) and aftermarket to install these systems in these vehicles in stipulated time are driving the growth of the market in BEV category. Furthermore, with the government support in the form of financial incentives for the purchase and development of these vehicles, and improvements in battery technology, BEVs is estimated to hold over 70% share in total plug-in EVs sales in 2030. The increased adoption of BEVs will help the category to hold the dominant position in the acoustic vehicle alerting system market during the forecast period.

The Installation of AVAS in Four-Wheeler Category Is Expected to Register Faster Growth during the Forecast Period

The acoustic vehicle alerting systems market falling under the four-wheeler category is expected to register faster growth, both in terms of volume and value, during the forecast period. The major factor responsible for this growth is fast adoption of electric cars and light-duty trucks, due to the increase in innovation, reduction in prices, and availability of various models offered by car manufactures. In developed economies, including the U.S. and European nations, the acoustic vehicle alerting system market will be led by the four-wheeler category; whereas, in developing economies, such as China and India, it will be led by the two-wheeler category.

Mandatory Regulations to Install AVAS in All New Upcoming EV Models Will Lead the Domination of OEM Category throughout the Forecast Period

The OEM category, based on distribution channel, accounted the larger market size in 2019, due to the increased installation of acoustic vehicle alerting system components in EVs, as per the mandatory regulations by governments. However, the volume share of the category will fall as the market of EV will grow and the aftermarket category is expected to register faster growth, both in terms of volume and value. This can be majorly due to the natural wear and tear and end-of-life of acoustic vehicle alerting system components, and the government regulations in major EVs and acoustic vehicle alerting system market (e.g., the U.S.) mandating retrofitting of AVASs in old EVs by 2021.

Integrated Category Is Expected to Be Fastest-Growing Category during Forecast Period

The integrated category is expected to register faster growth, both in terms of volume and value, during the forecast period. This can be due to the fact that integrated AVASs are used majorly in four-wheelers, where they form parts of the vehicles. Moreover, during the same period, the sales and production of electric passenger cars and light-duty trucks will see significant growth, which, in turn, will support the growth of the acoustic vehicle alerting system market.

Geographical Outlook

Asia-Pacific – Largest Regional Market

Globally, the Asia-Pacific (APAC) region is expected to remain the leading region for the acoustic vehicle alerting system market throughout the forecast period, accounting for nearly 80% sales volume in 2030. This can be driven by growing demand for EVs in developing economies, including China and India. These economies are highly dependent on oil imports for their energy needs. Therefore, they see EVs as viable alternative of future mobility and energy security.

The dominant share of electric two-wheelers coupled with their increasing demand is driving the market in the APAC region. The region is hub to many global EV and components manufacturers, including AVAS. Moreover, China is the largest market for EVs in the world, which is driving the sales of acoustic vehicle alerting system components in the region. Also, as Chinese car manufacturers are focusing more on electric variants, the regional acoustic vehicle alerting system market is expected to witness significant growth.

Europe – Potentially Massive Market for EVs and AVAS

The European acoustic vehicle alerting system market is in its nascent phase and is driven by government regulations that mandate the inclusion of acoustic vehicle alerting system components in electric and hybrid vehicles. The market in this region is projected to grow fastest during the forecast period. The European Union (EU) has established ambitious goals for phasing-out the internal combustion engine (ICE) vehicles to reduce greenhouse gas emissions and dependency on oil imports. Moreover, many countries have announced to ban the sales of ICE vehicles between 2030 and 2040 period.

With rapidly improving economics of EVs and a regulatory push across different European countries, it is estimated that by 2030, about 30% of all vehicles sold in Europe across different segments (passenger cars, vans, trucks, and buses) will be electric. Since the acoustic vehicle alerting systems market is directly proportional to the EVs market, as uptake of EVs increases, the European acoustic vehicle alerting system market provides ample opportunity for key players.

Acoustic Vehicle Alerting System Market

Trends & Drivers

Consolidation and Joint Ventures among Key Players Is a Key Trend in Market

In recent years, the acoustic vehicle alerting system market is witnessing consolidation and joint ventures among major EVs and acoustic vehicle alerting system manufacturers. Companies are also collaborating and aiming at synergies to share technical knowledge with each other. These collaborations will lead to extensive research and development (R&D) of newer and efficient products, which, in turn, will boost the demand for AVASs.

Acoustic Vehicle Alerting System Market

Increasing Adoption of EVs Is Major Driver for Acoustic Vehicle Alerting System Market

High adoption of EVs across the world is the most important factor contributing to the growth of the acoustic vehicle alerting system market. In 2019, the total electric car fleet surpassed 7.1 million, increasing by over 2 million from the previous year, and it is expected that by 2030, the total fleet size will exceed 130 million. Thus, with such massive growth expected for EV sales, the demand for their components, such as AVASs, is also expected to increase. The rise in EVs adoption is itself propelled by two major factors, namely, the increasing concerns toward the environment and government support for the adoption of EVs in different countries.

Declining Cost of Components will Propel the Market of Acoustic Vehicle Alerting System in Coming Years

Another important factor propelling the growth of the acoustic vehicle alerting system market is the reduction in the cost of different components used in AVAS, resulting in economies of scale. For instance, it is expected that the cost of battery packs, speakers, copper coils, and amplifiers would decline by over 30% by 2025 from that was in 2019. Further, the cost of permanent magnet, which is a ceramic ferrite material, consisting of iron oxide, strontium, and a ceramic binder, is expected to reduce by around 24% by 2025 from that was in 2019. Thus, with falling component price, the cost of AVAS would also decrease and thereby will offer benefits to the large-scale production of the products in the market.

Acoustic Vehicle Alerting System Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $ 10,578.8 million
Forecast Period (2020-2030) CAGR 11.9%
Report Coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Companies’ Strategical Developments, Product Benchmarking, Company Profiling
Market Size by Segments Propulsion, Vehicle, Distribution Channel, Mounting, Geography
Market Size of Geographies U.S., Canada, Germany, France, U.K., Japan, China, Brazil, Mexico
Secondary Sources and References (Partial List) Alternative Fuels Data Center (AFDC), American Automobile Association (AAA), American Public Transportation Association (APTA), Australian Bureau of Statistics (ABS), Bloomberg New Energy Finance (BNEF), California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), China Association of Automobile Manufacturers (CAAM), China Electric Vehicle Charging Infrastructure Promotion Alliance, Department of Transportation (DOT), International Energy Agency (IEA), Japan Automobile Manufacturers Association (JAMA), International Council on Clean Transportation (ICCT), European Alternative Fuels Observatory (EAFO), European Automobile Manufacturers Association (ACEA) Note: Above listed references and organizations are partial; the detailed and complete list is available in the final report.

 

Entry and Launch of New Electric Car Variants Will Drive the Acoustic Vehicle Alerting System Market during the Forecast Period

With the launch of new EV variants, the acoustic vehicle alerting system market is expected to grow at high rate. Many electric car companies have already announced their upcoming models and plans. Volkswagen has announced to launch 30 new EV models by 2025. Similarly, Ford is also planning to launch 13 new EVs by 2020. Renault–Nissan–Mitsubishi Alliance also plans to launch 12 new EVs by 2022. Moreover, many Chinese automakers are willing to enter the global market, with their existing and new electric car models. Further, new launches of electric cars would provide customers more options to choose from, which would contribute to the high demand for AVASs during the forecast period.

Product Launch Is the Major Strategic Move Adopted by The Market Players

The global acoustic vehicle alerting system market is moderately consolidated with major players, such as Delphi Technologies PLC, Daimler AG, MANDO-HELLA Electronics Corp., DENSO CORPORATION, Samsung Electronics Co. Ltd., and Robert Bosch GmbH, among others.

In recent years, the players in the acoustic vehicle alerting system market are increasingly launching new products in order to gain the competitive edge. Manufacturers are producing AVASs for low-noise vehicles to alerting pedestrians and people with limited or no vision. They have teamed up with bands, music composers, and others to create special tones for EVs. Examples include:

  • In February 2020, Honda Motor Co. Ltd. installed AVASs, including sound-emitting device, in all its hybrid vehicles for 2020 model year. This increased the cost of the vehicle by $150. As federal regulations roll out mandates for EVs to make sound, companies are deploying AVAS, which helps alerting people in surrounding area on the road.
  • In July 2019, Daimler AG, in line with EU directive that states any new EV must feature an acoustic warning up to speed of 20 km/h, involved sound engineers to come up with a distinctive voice for its EVs. To meet the requirements, Daimler’s sound experts have created an identifiable note for an electrified Mercedes at its acoustic test facility at the Mercedes-Benz Technology Center in Sindelfingen, Germany.
  • In June 2019, Nissan Motor Co. Ltd. hired Danni Venne and Studio Man Made Music to conceptualize the sound for its AVAS to be fitted in Nissan Leaf and other upcoming EVs. This has been done in accordance with regulations from National Highway Traffic Safety Administration (NHTSA) to keep all hybrid and EVs at par with their gas-guzzling models, to emit noise at certain speed for pedestrian safety.

Some of the Key Players Covered in Acoustic Vehicle Alerting System Market Report include:

  • Mando Corporation
  • Robert Bosch GmbH
  • DENSO CORPORATION
  • Honda Motor Co. Ltd.
  • Tesla Inc.
  • Volkswagen AG
  • Renault–Nissan–Mitsubishi Alliance
  • Samsung Electronics Co. Ltd.
  • Delphi Technologies PLC
  • Daimler AG
  • Brigade Electronics Group Plc
  • HELLA GmbH & Co. KGaA
  • General Motors Company
  • Fisker Automotive

Acoustic Vehicle Alerting System Market Size Breakdown by Segment

The acoustic vehicle alerting system market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Propulsion

  • Battery Electric Vehicle (BEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

Based on Vehicle

  • Two-Wheeler
  • Four-Wheeler

Based on Distribution Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

Based on Mounting

  • Integrated
  • Separated

Geographical Analysis

  • North America
    • U.S.
    •  Canada
  • Europe
    • Germany
    •  France
    •  U.K
  • APAC
    • China
    • Japan,
  • LAMEA
    • Brazil
    •  Mexico
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