Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Acoustic Vehicle Alerting Systems Market.
Vehicles powered by electric motors are generally quieter than the 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.
Some of the major players in the global acoustic vehicle alerting systems market are MANDO-HELLA Electronics Corp. (South Korea), and KUFATEC GmbH & Co. KG (Germany), Denso Corporation (Japan), HARMAN International (US), Delphi Technologies (UK), Daimler AG (Germany), Volkswagen AG (Germany), BMW AG (Germany), Honda Motor Co., Ltd (Japan), Nissan Motor Corporation (Japan) are among others.
Market Research Analysis
In terms of region, the global market for acoustic vehicle alerting systems is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to lead the global acoustic vehicle alerting systems market during the forecast period. This growth is due to the increasing adoption of electric vehicles among the population in the region. The OEMs have started providing the sound systems (similar to the ICE vehicles) for electric vehicles during the manufacturing process. In North America, the US is expected to dominate the acoustic vehicle alerting systems market due to government initiatives and rising demand for electric vehicles. However, the Canada is expected to be fastest growing market for acoustic vehicle alerting systems due to technological advancements, huge demand for electric cars, and presence of major automakers.
Europe is to witness the fastest growth rate in the acoustic vehicle alerting systems market as the domestic electric vehicle manufacturers has adopted the concept of AVAS in electric vehicles, since 2016. Furthermore, the government initiatives in the European Union (EU) to reduce the possible mishaps of pedestrian and blind populations caused by electric vehicles is fueling the growth of acoustic vehicle alerting systems in Europe. In Europe, Germany is expected to dominate the acoustic vehicle alerting systems market owing to technological advancement in the vehicle components and growing sales of vehicles. Additionally, the German Environment Agency is currently working to reduce existing roadway noise and is now evaluating alternatives to AVAS. Such factors raise the demand of acoustic vehicle alerting systems over the forecast period in Germany, which adds to the growth of the Europe market.
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Scope of the Report
This study provides an overview of the global acoustic vehicle alerting systems market, tracking two market segments across four geographic regions. The report studies key players and provide a six-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the world. The report also provides a forecast, which focuses on the market opportunities for the next six years for each region. The scope of the study segments the global acoustic vehicle alerting systems market by vehicle type, sales channel, and region.