Acoustic Vehicle Alerting Systems Market: Development, Current Analysis and Estimated Forecast to 2030

 

Market Highlights

Acoustic Vehicle Alerting Systems Market, Projected to Witness 12% CAGR by Forecast Period.

Vehicles powered by electric motors are generally quieter than conventional internal combustion engine (ICE) vehicles. Quiet vehicles entail quiet vehicles entail risks not to be acoustically detected by surrounding pedestrians and cyclists in the lower speed range, which raises the risk of accidents. With the introduction of acoustic vehicle alerting systems, not only the exterior noise but also the perceived interior noise for an enhanced driving experience can be considered. The methodology of AVAS is to provide different sound design approaches for electric vehicles. The global market for acoustic vehicle alerting systems was valued at about USD 33 Million in 2017 and is estimated to be more than USD 214 Million by the end of the assessment period.   

The global acoustic vehicle alerting systems market is primarily driven by factors such as government regulations on the necessity of electric vehicle warning sounds to reduce number of possible accidents caused by electric vehicles. Furthermore, increasing number of electric vehicles on the road is another factor boosting the adoption of acoustic vehicle alerting systems in electric vehicles. Such factors raise the demand of AVAS in the global market over the forecast period.

The global acoustic vehicle alerting systems market is segmented based on vehicle type, sales channel, and region. On the basis of vehicle type, the global market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. On the basis of sales channel, the global market has been segmented into original equipment manufacturer (OEM) and aftermarket.  

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Key Players

The key participants identified by MRFR in the global acoustic vehicle alerting systems market are 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 European Union 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.

Segmental Study

The acoustic vehicle alerting system global market study is based on vehicle type and sales channel. The vehicle type-based segments of the acoustic vehicle alerting systems are passenger car, light commercial vehicle, and commercial heavy vehicle. The rise in need for electric vehicle with greater convenience can spur the expansion of the acoustic vehicle alerting system in the review period. The sales channel based segments of the acoustic vehicle alerting system market are original equipment manufacturer and aftermarket. The original equipment manufacturer can gain considerable traction for the market in the near future.

Regional Study

North America acoustic vehicle alerting system market is anticipated to expand at the highest CAGR by 2025. North America can secure the largest share of the global acoustic vehicle alerting systems on the conclusion of the forecast period. The growth of North America acoustic vehicle alerting system market can be due to the high electric vehicles adoption rate by the population in the region. The presence of numerous potential OEMs that started to provide the sound systems as similar to ICE vehicles in electric vehicles during the process of manufacturing. In North America, among all regions, the US is anticipated to head the regional acoustic vehicle alerting systems market.

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