The Acoustic Vehicle Alerting System Market is projected to reach USD 5,615 million by 2027 from an estimated USD 425 million in 2019, growing at a CAGR of 38.1% during the forecast period, driven by the installation of AVAS in passenger cars and commercial vehicles. The growing sensitivity towards pedestrian safety is the primary factor responsible for the expected growth in this market.
Electric vehicles, including BEVs, PHEVs, and FCEVs, are silent in operation because of the absence of engine and other moving parts. Hence, EVs can be a potential threat for traffic participants such as pedestrians and cyclists. OEMs worldwide are investing in research & testing of different sound modules leading to continuous advancements in AVAS. For instance, In March 2019, Mercedes-AMG partnered with Linkin Park, the renowned music band, to create an artificial sound for its electric cars.
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Of the different propulsion types of acoustic vehicle alerting system, the BEV passenger car segment is estimated to be the largest and the fastest-growing market. In BEV, acoustic vehicle alerting systems play a significant role in BEVs as these vehicles are powered by battery alone and emit very low noise while driving below 20km/h. BEVs such as Jaguar I-PACE, Nissan Leaf have already installed AVAS to enhance pedestrian safety.
The Asia Pacific acoustic vehicle alerting system market for passenger car market is estimated to be the largest and fastest-growing market. The geography comprises some of the fastest developing economies in the world, such as China, Japan, and India.
Market experts predict that EVs are likely to account for around 50% of the market share in China by 2025. The governments in these countries have recognized the growth potential of electric vehicles and the advantages of using them. Increasing demand for electric vehicles in Asia Pacific is anticipated to boost acoustic vehicle alerting system which would ensure pedestrian safety as the emitted sound would enable commuters to realize the presence of EVs. Leading EV manufacturer in China, BYD also announced, all its electric and hybrid models manufactured from 2018 would be installed with AVAS. All these factors will drive the acoustic vehicle alerting system market in the Asia Pacific region.
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Critical Questions:
Many companies are operating in the acoustic vehicle alerting system market space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
Fast-paced developments in acoustic vehicle alerting system such as Generation 1 and Generation 2 system offered by leading manufacturers are expected to change the dynamics of acoustic vehicle alerting system market. How will this transform the overall market?
Which leading companies are working on the installation of AVAS in passenger car and on commercial vehicles, and what organic and inorganic strategies have been adopted by them?
Analysis of your competition that includes major players in the electric vehicle charging ecosystem. The major players include Daimler (Germany), Delphi (Ireland), Harman (US), and Mando-Hella Electronics (South Korea), among others.
Discussion on your client’s imperatives based on our existing research on electric vehicle market and its ecosystems.
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