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

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.