USD 20.15 billion
Global Acoustic Vehicle Alerting System Market Size, Share, Growth Analysis, By Propulsion(BEV and PHEV), By Vehicle(Two-wheelers, Passenger vehicles), By Sales channels(OEM and Aftermarket) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2194 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
86 |
Figures:
75
Global Acoustic Vehicle Alerting System Market Insights
Global Acoustic Vehicle Alerting System Market size was valued at USD 20.15 billion in 2022 and is poised to grow from USD 27.69 billion in 2023 to USD 351.69 billion by 2031, growing at a CAGR of 37.40% during the forecast period (2024-2031).
In various nations, governments have introduced mandates for acoustic vehicle alerting systems in electric vehicles, signaling a significant upsurge in the market. For example, India's 2022 mandate requiring a sound alert system for vehicles traveling at speeds of 20 Kmph serves as a proactive measure to caution pedestrians. Given that electric vehicles generate notably less noise than their combustion engine counterparts, this disparity poses a risk to pedestrians amidst traffic. Consequently, the rising demand for vehicle alert systems tailored to electric vehicles is poised to drive substantial growth within this market segment. This trend aligns with efforts to mitigate potential hazards and enhance safety measures for pedestrians navigating increasingly silent electric vehicle traffic.
India's government has embarked on a series of initiatives aimed at fostering the production and acceptance of electric vehicles (EVs) within the country. These endeavors align with international agreements, seeking to curtail emissions while concurrently fostering e-mobility amidst swift urban expansion. Notably, the National Electric Mobility Mission Plan (NEMMP) and initiatives such as Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME I and II) have played pivotal roles in generating initial interest and exposure for electric mobility. For instance, in the second phase of FAME, the government allocated a substantial outlay of USD 1.4 billion through 2022, indicative of India's commitment to bolstering the EV ecosystem and driving the adoption of environmentally friendly transportation solutions.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Commercial
Growth Rate
37.40% CAGR
Global Acoustic Vehicle Alerting System Market ($ Bn)
Country Share for North America Region (%)
Global Acoustic Vehicle Alerting System Market By Vehicle (%)
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Global Acoustic Vehicle Alerting System Market Segmental Analysis
The global Acoustic Vehicle Alerting System market is segmented into various major segments. By propulsion type, the market is fragmented into the BEV and PHEV. This market is segmented based on vehicle type into two-wheelers, passenger vehicles, and commercial vehicles. Based on sales channels, the market is divided into OEM and aftermarket. This market is categorized into geographies, including North America, Europe, Asia Pacific, and the rest of the world.
Analysis by Sales Channel
In 2022, the OEM (Original Equipment Manufacturer) segment established its dominance within the acoustic vehicle alerting system market share. This segment is poised for substantial growth, driven by the widespread integration of such technology as a standard feature in all-electric vehicles across numerous countries. Notably, initiatives like the Australian Government's National Road Safety Action Plan for 2023-25 exemplify this trend. The plan outlines a commitment to mandating an Acoustic Vehicle Alert System (AVAS) for electric vehicles, contingent upon the results of an impact analysis process.
Forecasts project a robust CAGR for the aftermarket segment throughout the forecast period. This segment is garnering significant attention and traction due to its anticipated growth. Notably, retrofitting aftermarket systems onto existing vehicles emerges as a particularly appealing option for owners. This approach is often more cost-effective compared to purchasing entirely new vehicles equipped with fake sound systems.
Analysis by Vehicle
In 2022, the passenger vehicles segment emerged as the dominant force within the market, attributed to continuous advancements in battery technology, charging infrastructure, and electric drivetrains. These ongoing improvements aimed to achieve extended driving ranges, faster charging times, and enhanced overall performance of electric passenger vehicles. Notably, numerous corporations and fleet operators have embraced electric vehicles (EVs) as integral components of their sustainability agendas, actively contributing to the burgeoning growth witnessed in the electric passenger vehicle market.
There's a notable surge in demand for electric commercial vehicles and two-wheelers, marking an expanding trend within the market. The adoption of electric trucks and buses for commercial operations has emerged as a significant driver propelling market growth. This transition towards electric options for larger vehicles used in commercial endeavors contributes significantly to the market's expansion. Additionally, the introduction of new electric two-wheelers is swiftly gaining traction among consumers and enthusiasts.
Global Acoustic Vehicle Alerting System Market By Vehicle, 2022 (%)
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Global Acoustic Vehicle Alerting System Market Regional Insights
In North America, supportive government initiatives aimed at bolstering electric vehicle adoption are poised to significantly propel the growth of the acoustic vehicle alerting system market. With the rising popularity of electric vehicles, there's a parallel increase in public awareness regarding their potential risks to pedestrians and other road users due to their quieter operation. This heightened awareness has sparked considerable attention in the media and advocacy circles regarding the need for enhanced safety measures, particularly through technologies such as the acoustic vehicle alert system.
The Asia-Pacific stands poised as the leading market for acoustic vehicle alerting systems, predominantly fueled by the burgeoning adoption of electric vehicles throughout the area. This substantial demand surge is directly attributed to the region's rapid uptake of electric vehicles, indicating a strong market inclination towards these technologies. Moreover, the robust demand for vehicles in the Asia-Pacific is notably influenced by its vast population size and the concurrent rise in income levels among its inhabitants. These factors converge to create a fertile ground for heightened interest and uptake of acoustic vehicle alerting systems, underlining the region's pivotal role in propelling the market's growth trajectory.
Global Acoustic Vehicle Alerting System Market By Region, 2024-2031
- Largest
- Fastest
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Global Acoustic Vehicle Alerting System Market Dynamics
Drivers
Increasing Penetration of Electric Vehicles
- The surge in electric vehicle adoption has been propelled by multiple factors, notably driven by mounting apprehensions surrounding environmental pollution and the imperative to curtail greenhouse gas emissions. Governments and policymakers worldwide have been robustly advocating for electric vehicle uptake through a spectrum of incentives, subsidies, and the imposition of stricter emissions regulations. However, as electric vehicles become more prevalent, a significant concern arises pertaining to road safety. These vehicles, distinct from conventional Internal Combustion Engine (ICE) counterparts, lack the characteristic sound emissions, prompting a growing worry about their potential impact on road safety due to reduced auditory cues for pedestrians and other road users.
Restraints
Lack of Standardization Regarding Regulations
- Divergent regulations across countries and regions concerning the installation of artificial sound systems in electric vehicles pose a considerable challenge for automakers. This lack of standardized regulations has the potential to create complexities, adding hurdles that might impede market growth. Moreover, the cost implications associated with implementing acoustic vehicle alert systems in electric vehicles could present a significant consideration for automakers, particularly in price-sensitive markets. Balancing the imperative of reducing production costs while ensuring the system's effectiveness stands as a noteworthy challenge. The automotive industry, historically characterized by a gradual adoption curve for new technologies, might encounter a similar pace in transitioning to and implementing these acoustic alert systems within electric vehicles.
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Global Acoustic Vehicle Alerting System Market Competitive Landscape
The competitive environment of the global Acoustic Vehicle Alerting System market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Volkswagen (Germany)
- Toyota Kirloskar Motor (India)
- Continental AG (Germany)
- DENSO Corporation (Japan)
- Novosim (Denmark)
- Siemens (Germany)
- BorgWarner Inc. (U.K.)
- General Motors (U.S.)
- Nissan Motor Co., Ltd. (Japan)
- HARMAN International (U.S.)
- HELLA GmbH & Co. KGaA (Germany)
- Tesla (U.S.)
- Texas Instruments Incorporated. (U.S.)
- Mercedes-Benz Group AG (Germany)
- Honda India (India)
- Brigade Electronics Group Plc (U.K.)
- Kendrion N.V. (Netherlands)
- KUFATEC GmbH & Co. KG (Germany)
- Fisker, Inc. (U.S.)
Recent Developments
- In July 2023, Maruti Suzuki India Limited made headlines by introducing the 'Acoustic Vehicle Alerting System' for their premium SUV, the Grand Vitara's Intelligent Electric Hybrid models. This innovative technology aims to significantly improve safety for both drivers and pedestrians by providing timely alerts regarding the vehicle's presence. Maruti Suzuki's commitment to integrating this system underscores their dedication to pioneering solutions that prioritize road safety and sustainable mobility.
- In September 2022, BlackBerry Limited collaborated with Shanghai Dayin Technology Co., Ltd. to announce the joint development of the "Yin" 2.0 app. This app is set to be integrated into the intelligent cockpit of vehicles manufactured by Great Wall Motors. Leveraging BlackBerry's QNX acoustics technology, specifically the Software-Defined Audio Architecture (SDAA), the app is designed to offer a spectrum of unique sound application features. This collaboration highlights the integration of cutting-edge technology into vehicle systems, showcasing the drive towards innovative solutions within the automotive industry.
Global Acoustic Vehicle Alerting System Key Market Trends
- The evolution of acoustic vehicle alert system technology has seen significant strides towards greater sophistication and efficacy. Manufacturers have dedicated their efforts to crafting sound generation systems that not only adhere to regulations but also resonate more profoundly with both pedestrians and drivers. Innovations in this realm have introduced features such as sound directionality and customizable options, ensuring that these alerts strike a balance between being noticeable for safety without becoming excessively intrusive. Furthermore, certain systems have been seamlessly integrated with vehicle infotainment setups, empowering drivers with increased control over the sounds emitted by their vehicles.
Global Acoustic Vehicle Alerting System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Acoustic Vehicle Alerting System marketplace analysis exhibits a dynamic marketplace with some of standout developments and problems. The market is poised for expansion due to the rising consumer inclination toward fuel-efficient electric vehicles (EVs), self-driving automobiles, and advancements in vehicle-to-vehicle communication technology. This shift in consumer preferences is anticipated to be a driving force behind market growth in the foreseeable future. Major automakers, equipped with well-established infrastructure and strong manufacturing capabilities, have historically invested in transitioning toward electric vehicles. Consequently, this strategic positioning paves the way for considerable growth potential in both hybrid and battery electric vehicles within the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 20.15 billion |
| Market size value in 2031 | USD 351.69 billion |
| Growth Rate | 37.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Acoustic Vehicle Alerting System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Acoustic Vehicle Alerting System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Acoustic Vehicle Alerting System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Acoustic Vehicle Alerting System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Acoustic Vehicle Alerting System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Acoustic Vehicle Alerting System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Acoustic Vehicle Alerting System Market Report Snapshots
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