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Furthermore, governments everywhere in the world, including America, the United Kingdom, India, and China, are undertaking projects to boost attention concerning the usage of electric vehicles to control the unfavorable impact on the surroundings and forex reserves. For instance, the Indian Government released the National Electric Mobility Mission Plan (NEMMP) 2020 with the intention of obtaining country-wide fuel protection with the aid of selling the use of electric vehicles in the US of the Acoustic Vehicle Alerting Systems (AVAS) market issue to a variety of factors that together form its trajectory and growth. One of the number one drivers of this market is the global push in the direction of electric vehicles (EVs). As the car industry transitions closer to sustainability, the demand for AVAS has surged. AVAS performs a crucial role in addressing safety concerns related to the silent operation of electric vehicles, alerting pedestrians and cyclists to the presence of these vehicles on the road.
Technological advancements and innovation in AVAS systems play a pivotal role in market dynamics. Manufacturers are investing in studies and improvements to enhance the effectiveness and customization of alerting sounds produced through AVAS. The aim isn't always to comply with rules, however; additionally, to make sure that the sounds generated are intuitive, recognizable, and culturally perfect. Consumer attention and attractiveness also impact the AVAS market. As electric vehicles become more mainstream, customers are becoming more and more aware of the protection concerns associated with silent electric propulsion. The acceptance of AVAS as a fashionable feature in electric vehicles is growing, with consumers recognizing its significance in preventing accidents and enhancing standard avenue safety.
The aftermarket segment of the AVAS market is gaining importance. As the number of electric vehicles on the street increases, there may be a developing need for retrofitting current cars with AVAS generation. This aftermarket demand is driven by both regulatory requirements and client possibilities for more suitable safety capabilities. Companies supplying aftermarket AVAS answers and installation services cater to the wishes of electric vehicle owners seeking to improve their motors for compliance or safety motives. In the end, the Acoustic Vehicle Alerting Systems market is evolving in response to the global shift in the direction of electric vehicles, regulatory trends, technological improvements, and safety issues. As the automobile enterprise continues to embrace sustainability, AVAS plays an essential position in ensuring the safety of pedestrians and cyclists.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Vehicle Type and Sales Channel Geographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the WorldCountries CoveredThe US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledDenso 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), MANDO-HELLA Electronics Corp. (South Korea), and KUFATEC GmbH & Co. KG (Germany) Key Market Opportunitiesgrowing demand for autonomous vehicles and connected vehicles Key Market DynamicsThe governments initiatives to increase the awareness regarding the use of electric vehicles to control the adverse impact on the environment and foreign exchange reserves |
Acoustic Vehicle Alerting Systems Market Highlights:
Acoustic Vehicle Alerting Systems Market Synopsis
The acoustic vehicle alerting system market is projected to reach USD 7.5 billion by 2032 from an estimated USD 1.8 billion in 2022, at a CAGR of 33.6% during the forecast period. As electric vehicles (EVs) are moving in on the automobile market, safety relating to acoustic perception is one of the major concerns. The noise frequency/level emitted by an EV are very different from emitted by an internal combustion engine (ICE) vehicle. The low noise level of an EV could make it difficult for pedestrians, especially for visually impaired population, to detect an approaching EV immerse in the traffic flow due to the masking effect provided by the ambient noises. Furthermore, the increasing number of electric vehicles on the road increases the potential danger of silent vehicles to pedestrians, cyclists, and geriatric public.Â
The growth of global acoustic vehicle alerting systems market can be primarily be attributed to the stringent regulations mandated by the governments across the globe to curb the possibility of accidents caused due to low sound of electric vehicles. For instance, the European Union has a new directive requiring all new electric and hybrid vehicles to give a sound warning to pedestrians when traveling at speeds below 12 mph by 2021. Similarly, in the US, the National Highway Traffic Safety Administration (NHTSA) mandated to require all electric and hybrid vehicles to emit sound while moving up to 18.6 mph by September 2022. However, the maintenance and durability of AVAS in electric vehicles is expected to hinder the growth of global acoustic vehicle alerting systems market over the forecast period. The growing demand for autonomous vehicles and connected vehicles creates opportunities for the manufacturers.
Furthermore, governments all around the world, including the US, the UK, India, and China, are taking initiatives to increase the awareness regarding the use of electric vehicles to control the adverse impact on the environment and foreign exchange reserves. For instance, the Indian Government launched the National Electric Mobility Mission Plan (NEMMP) 2020, with an aim to achieve national fuel security by promoting the use of electric vehicles in the country. Similarly, the European Commission initiated the ‘Green eMotion’ project, which is worth EUR 41.8 million (USD 47.22 million) with an objective to achieve technological optimization and EV market development. This further increase the penetration of electric vehicles on the road, contributing in the growth of global acoustic vehicle alerting systems market.
Prominent Players
The Prominent Players in the global acoustic vehicle alerting systems market are 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), MANDO-HELLA Electronics Corp. (South Korea), and KUFATEC GmbH & Co. KG (Germany)
SEGMENTATION: GLOBAL ACOUSTIC VEHICLE ALERTING SYSTEMS MARKET Â 
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.
Geographically, the global acoustic vehicle alerting systems market has been segmented into four major regions, which are North America, Europe, Asia-Pacific, and the Rest of the world. The electric vehicle market in North America is expected to dominate the global acoustic vehicle alerting systems market through the forecast period, owing to stringent norms regulated by the government for pre-mounting of noisemaking devices in EVs and hybrid cars during the manufacturing process. Furthermore, Europe is expected to witness robust growth in the global acoustic vehicle alerting systems market. The growth in the region can be attributed to strict rules set by the European Parliament to equip AVAS to all new electric and hybrid vehicles. However, Asia-Pacific is expected to register the highest CAGR in the global acoustic vehicle alerting systems market during the forecast period.
The Market Research Future report on the global acoustic vehicle alerting systems market covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecast market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Intended Audience
- Electric vehicle OEMs
- EV infrastructure providers
- Government bodies
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