Market Synopsis
Market Research Future (MRFR), in its latest “Acoustic Vehicle Alerting Systems Market” report discuss the market dynamics studied by our proficient analysts. As per the study, the acoustic vehicle alerting systems market size is likely to escalate. The worldwide acoustic vehicle alerting systems market 2020 can experience a sharp rise due to the rise of adoption of electric vehicles (EVs) and the proliferation of automobile sector can impel the expansion of the acoustic vehicle alerting system market. The rise in safety relating concerns and the growing awareness of acoustic perception can prompt the growth of the market.
The noise frequency or level emitted by electric automobiles can differ from those emitted by internal combustion engine automobiles. Electric automobiles have low noise level that might induce difficulty for pedestrians and visually impaired people. It growing need to resolve issues with approaching EV that are immerse in the flow of traffic due to the effect of masking can be provided by the ambience of noises. Furthermore, the rise in number of electric cars on road can cause potential danger to silent vehicles, cyclists, pedestrians, and geriatric public. As per MRFR study, the world acoustic vehicle alerting systems market can rise at about 12% CAGR through the evaluation period.
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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.
Moreover, governments around the world, including the United States, the United Kingdom, India, and China, are taking steps to raise awareness about the use of electric vehicles to mitigate adverse environmental impacts and foreign exchange reserves. For illustration, the Government of India has launched the National Electric Mobility Mission Plan (NEMMP) 2020, with the goal of achieving national fuel security by encouraging the use of electric vehicles in the country. Likewise, the European Commission initiated ‘Green eMotion’ project worth EUR 41.8 million (USD 47.22 million) intending to achieve technical optimization and the growth of the EV industry. This further increases the penetration of electric vehicles on the road, leading to the global market's growth for acoustic vehicle alerting systems.
Market Segmentation
The global market for acoustic vehicle alerting systems has been segmented into vehicle type and sales channel.
Based on vehicle type, the global market for acoustic vehicle alerting systems has been segmented into heavy commercial vehicles, passenger car, and light commercial vehicles.
Based on the sales channel, the global market for acoustic vehicle alerting systems has been segmented into the original equipment manufacturer (OEM) and aftermarket.
Regional Analysis
The global market for acoustic vehicle alerting systems has been segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the world.
The demand for electric vehicles in North America is projected to dominate the global market for acoustic vehicle alerting systems over the assessment period. This is due to the government's strict pre-mounting standards for EVs and hybrid cars during the manufacturing process.
Europe is anticipated to see strong growth in the global market for acoustic vehicle alerting systems. Growth in the region can be attributed to the strict rules laid down by the European Parliament to allow AVAS to all new electric and hybrid vehicles.
The Asia Pacific is expected to post the highest CAGR on the global market for acoustic vehicle alerting systems during the forecast period
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).
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