Acoustic Vehicle Alerting System Market to Generate Revenue Worth $10,578.8 Million by 2030

  • Published: July 2020

The rising demand for electric vehicles (EVs), proposed plan of new EV variants launch, declining cost of acoustic vehicle alerting system (AVAS) components, and mandatory regulatory compliances are the key factors propelling the growth of the global acoustic vehicle alerting system market. Due to these factors, the market is projected to generate $10,578.8 million revenue by 2030, advancing at a CAGR of 11.9% during the forecast period (2020–2030).

The ongoing coronavirus (COVID-19) pandemic across the world has disrupted economic activity and the automotive industry around the world. Many uncertainties surround its implications on EVs and acoustic vehicle alerting system market over the next few years. The pace and extent of the potential rebound of the EV industry will depend on a variety of factors, such as the government policies for EV industry, ease in confinement measures, economic recovery rate, consumers behavior in purchase of new cars, and potential second waves of the pandemic. Against this backdrop, industry experts believe that EVs sales in 2020 and in short term will be more resilient than overall vehicle sales, experiencing considerably lower impact of the pandemic.

BEV Will Be the Dominant Category throughout the Forecast Period

The acoustic vehicle alerting system market on the basis of propulsion is categorized into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). Among these, the BEV category is estimated to hold the majority of share during the forecast period. Increasing government support for these vehicles, as they are more eco-friendly than other plug-in EVs, is driving the market for this category. Furthermore, the falling battery price, less mechanical complexity, and high demand in world’s largest EV industry, that is, China, are fueling the growth of the market in this category during the forecast period.

The acoustic vehicle alerting system market in terms of vehicle is bifurcated into two-wheeler and four-wheeler. Between the two, the four-wheeler bifurcation is projected to attain faster growth during the forecast period. The growing demand for electric cars in European and North American countries is fueling the growth of the industry in coming years. Moreover, the regulatory compliance for the installation of these systems in four-wheeler by 2021 in major EV markets is further benefiting the growth of the category market during the forecast period.

Geographically, Asia-Pacific (APAC) is projected to hold the largest share in the acoustic vehicle alerting system market in 2030. China is the leading EV industry in the world, with sales of more than 90% electric two-wheeler sales (15 million units of moped, scooter, and motorbike) and around 50% of electric car in 2019. This makes it the largest region for acoustic vehicle alerting system market. However, with the growing demand for electric two-wheeler and cars coupled with increasing government support, the European acoustic vehicle alerting system market is projected to grow fastest during the forecast period.

Product Launch Is the Strongest Strategic Measure Taken by Players in Market

Players in the acoustic vehicle alerting system market are increasingly launching new products to gain high share. For instance, in June 2019, HARMAN International developed an AVAS for car manufacturers to fit to their vehicles. It is called external electronic sound synthesis (eESS), and forms part of the company’s HALOsonic range of active noise management products.

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Some of the major players operating in the global acoustic vehicle alerting system market are 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, and Daimler AG.