Acoustic Vehicle Alert System Market Worth $20.15 Billion, Globally, by 2030 at a CAGR of 37.4%

Acoustic Vehicle Alert System Market to Grow at a CAGR of 37.4% During 2023-2030; Increasing Commercialization of Electric Vehicles to Propel Asia Pacific Market Growth

Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) — The global acoustic vehicle alert system market size was USD 1.61 billion in 2022. The market is projected to grow from USD 2.18 billion in 2023 to USD 20.15 billion by 2030, exhibiting a CAGR of 37.4% during 2023-2030. Fortune Business Insights™ mentioned this in a report titled “Acoustic Vehicle Alert System Market, 2023-2030.”

Acoustic Vehicle Alerting System (AVAS) provides safety by making pedestrians and cyclists aware of the vehicle’s presence. The AVAS is designed for hybrid and fully electric vehicles. The market is expected to grow due to the increasing demand for advanced vehicles with high-end safety features.

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Report Highlights:

Market Drivers & Restraints-

Rising Environmental Pollution Concerns to Drive Market Growth

The growing need to decrease greenhouse gas emissions and increasing concerns about environmental pollution are the major factors driving the acoustic vehicle alert system market growth during the forecast period. Governments of many countries actively promote electric vehicles via subsidies, strict emissions regulations, and various incentives.

The lack of standardized regulations can increase complexities for automobile manufacturers hampering the market growth for acoustic vehicle alert systems during the forecast period.

COVID-19 Impact-

Increased Emphasis on Safety Technologies During Pandemic-Aided Market Growth

During the COVID-19 pandemic, as people became cautious about health and safety, the emphasis on safety technologies, including acoustic vehicle alert systems, was increased to

prevent road accidents. The sales of electric vehicles across Europe also increased during the forecast period. European nations, including the U.K., Italy, France, and Germany, reported higher electric car sales in 2020 which supported the market growth for AVAS.

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Segments-

Rising BEV Sales to Aid Segment Growth

By propulsion type, the market is segmented into BEV and PHEV. The BEV segment is estimated to dominate the acoustic vehicle alert system market during the forecast period. The growth was attributed to the increasing sales of battery electric vehicles (BEVs) globally. The U.S. experienced a rapid increase in BEV sales compared to previous years.

Rising Improvements in Battery Technology and Electric Drivetrains In Passenger Vehicles Propelled Demand for AVAS

Based on vehicle type, the market is segmented into two-wheelers, passenger vehicles, and commercial vehicles. The passenger vehicles segment dominated the market in 2022. The growth is attributed to the increasing improvements in charging infrastructure, electric drivetrains, and battery technology to achieve faster charging times, longer driving ranges, and overall performance of passenger vehicles.

Growing Adoption of AVAS Technology by OEMs Aided Segment Growth

Based on sales channels, the market is divided into OEM and aftermarket. The OEM segment held the largest market share in 2022 during to the increasing adoption of AVAS technology by many countries in fully-electric vehicles.

Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.

Report Coverage-

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• The latest industry developments include product launches, partnerships, mergers, and acquisitions.

Regional Insights-

Increasing Commercialization of Electric Vehicles to Propel Asia Pacific Market Growth

Asia Pacific market is estimated to hold the largest acoustic vehicle alert system market share during the forecast period. The growth is attributed to the increasing commercialization of electric vehicles in Asia Pacific nations, including Japan, India, and China.

Europe is expected to be the second dominating region in the market during the forecast period owing to the rising implementation of strict emissions regulations in the European region.

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Competitive Landscape-

Rising Key Players Focus on Partnership and Investment to Aid Market Growth

The major players in the market have been emphasizing the development of enhanced acoustic vehicle alert systems for EVs and hybrid vehicles. The market players have been developing innovative products to gain a competitive edge.

List of Key Players Covered in the Acoustic Vehicle Alert System Market:-

• HELLA GmbH & Co. KGaA (Germany)
• CONTINENTAL AG (Germany)
• Siemens (U.S.)
• STMicroelectronics (China)
• THOR (Dubai)
• Brigade Electronics Group Plc (U.K.)
• SEGER (Türkiye)
• Kendrion N.V. (Netherlands)
• Texas Instruments Incorporated (U.S.)
• American Honda Motor Co., Inc. (U.S.)

Acoustic Vehicle Alert System Market Segmentation:-

By Propulsion Type

• BEV
• PHEV

By Vehicle Type

• Two Wheelers
• Passenger Vehicles
• Commercial Vehicles

By Sales Channel

• OEM
• Aftermarket

Key Industry Development:

June 2023 – Akio Toyoda, chairman of Toyota, has revealed plans for the company’s upcoming electric sports car. Toyota is contemplating the fake engine sound implementation to recreate the complete driving experience of a gasoline sports car.

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Table of Contents:-

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Market Trends
• Key Insights
  • Key Industry Developments – Mergers, Partnerships, and Collaborations
  • Latest Technological Advancements
  • Porters Five Forces Analysis
  • Impact of COVID-19
• Global Acoustic Vehicle Alert System Market Analysis, Insights and Forecast, 2019-2030
• Key Findings / Definition
  • Market Analysis, Insights and Forecast – By Propulsion Type
    • BEV
    • PHEV
  • Market Analysis, Insights and Forecast – By Vehicle Type
    • Two Wheelers
    • Passenger Vehicles
    • Commercial Vehicles
  • Market Analysis, Insights and Forecast – By Sales Channel
    • OEM
    • Aftermarket
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

Toc continued…..

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