Surge in government regulation, technological advancement, and rise in demand for electric vehicles drive the growth of the global acoustic vehicle market.
WILMINGTON, Del., Feb. 14, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Acoustic Vehicle Alert System Market by Propulsion Type (Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV)), and Vehicle Type (Passenger Vehicle, Two-Wheelers, Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global acoustic vehicle alert system industry size generated $0.65 Billion in 2022, and is anticipated to generate $1.95 Billion by 2032, witnessing a CAGR of 12.6% from 2023 to 2032.
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125 – Tables
46 – Charts
267 – Pages
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Prime Determinants of Growth
The global acoustic vehicle alert system market has experienced significant growth and transformation, driven by surge in government regulation, technological advancement, and rise in demand for electric vehicles.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size In 2022 |
$653.02 Million |
|
Market Size In 2032 |
$1,959.02 Million |
|
CAGR |
12.6 % |
|
No. Of Pages in Report |
278 |
|
Segments Covered |
Propulsion Type, Vehicle Type, And Region. |
|
Drivers |
Surge In Government Regulation Technological Advancement |
|
Opportunities |
Rise In Demand for Electric Vehicles |
|
Restraints |
Integration Complexity of AVAS System |
The Battery Electric Vehicle (BEV) segment to maintain its leadership status during the forecast period
By propulsion type, the battery electric vehicle (BEV) segment held the highest market share in 2022, and is expected to maintain the highest CAGR of 13% during the forecast period 2023 to 2032, due to stringent government regulations to reduce carbon emissions along with rise in inclination toward electric mobility globally. However, the plug-in hybrid electric vehicle (PHEV) segment is projected to witness a CAGR of 12.1% from 2023 to 2032, as consumers prefer fuel efficient vehicles along with environmental concerns.
Strategic Advances in the AVAS Sector: Key industry players employ diverse strategies like acquisitions, agreements, expansions, partnerships, contracts, and product launches to fortify their market standings.
In April 2022, Honda Motors unveiled a new e-HEV hybrid vehicle in India, introducing an Acoustic Vehicle Alerting System (AVAS) activated during low-speed EV Mode.
Maruti Suzuki, India’s largest automaker, aims to launch its initial electric vehicle by late 2025. The company plans not only to manufacture electric vehicles domestically but also to initiate lithium-ion battery production, currently reliant on imports. These endeavors contribute to the comprehensive analysis of the acoustic vehicle alert system market.
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The passenger vehicle segment to maintain its leadership status during the forecast period
By vehicle type, the passenger vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status during the forecast period with a CAGR of 12.9%, owing to rise in purchasing power and disposable income, increased brand visibility, and competition among OEMs to provide enhanced features. However, commercial vehicles segment is witnessing a CAGR of 11.8%, owing to increased logistics and transportation along with surge in e-commerce.
Asia-Pacific to Maintain its Dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022 witnessing a CAGR of 12.1%, owing to the growing interest in vehicles that combine fuel efficiency, high performance, and low emissions. Moreover, stringent regulations on vehicle emissions, and escalating fuel prices further contribute to the market growth. However, the Latin America is expected to witness the highest CAGR of 14.6% from 2023 to 2032, owing to the shift towards sustainability and environmental consciousness.
Key Highlights of the Acoustic Vehicle Alert System Market Report:
The market study delves into 14 countries, offering a comprehensive analysis. It entails regional and segment evaluations for each country, providing insights into values ($million) throughout the forecasted period from 2023 to 2032. The research amalgamates top-tier data, professional insights, analyses, and crucial independent perspectives. The approach is meticulously crafted to furnish a well-rounded perspective on global markets, aiding stakeholders in informed decision-making to attain their ambitious growth objectives. The comprehensive review encompasses the scrutiny of over 3,700 product literature pieces, annual reports, industry declarations, and comparable materials from major industry participants, ensuring a nuanced understanding of the market landscape.
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Leading Market Players: –
Continental AG
STMicroelectronics
HELLA GmbH & Co. KGaA
Mercedes-Benz AG
Brigade Electronics Group PLC
HARMAN International
Honda Motor Company
Kendrion N.V.
Soundracer AB
Maruti Suzuki India Ltd.
The report provides a detailed analysis of these key players in the global gear bicycle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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