The global Electric Motor Horn Market is anticipated to grow at a robust CAGR of around 5.7% during the forecast period from 2022 to 2032. The global market is expected to be valued at US$ 35.1 Billion in 2022 and reach an estimation of around US$ 56.3 Billion by 2032.
Due to increasing public awareness of road safety, the market is expected to develop due to the increased use of electric motor horns in the automotive sector.
According to Future Market Insights' estimate, the growing production of new cars and the continued expansion of the automotive industry would boost sales of electric motor horns. These are some of the key elements driving the expansion of the global market. One example of a device that effectively transforms electrical energy into mechanical energy is an electronic motor horn.
These horns work effectively to produce noises that are created due to mechanical energy based on electromagnetic principles. These horns are frequently used as alerting devices in vehicles, including trucks, cars, motor vehicles, and buses. In order to prevent collisions and accidents, they also serve as safety devices that can alert pedestrians and different other vehicles to the approach of the car.
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Key Takeaways
The prevalence of the increasing number of road accidents in both developed and developing countries all over the world is set to bolster growth in the global electric motor horn market over the projected years. The ability of electric motor horns to effectively avoid collision by altering the surrounding vehicles and pedestrians is anticipated to bode well for the global market.
According to recent reports by the World Health Organization (WHO), every year, approximately 1.3 million people die from road accidents as a result of road traffic crashes globally and more than half of all road traffic deaths are among motorcyclists, cyclists, and pedestrians.
The WHO report further mentions that around 93% of road accidents take place in middle- and low-income countries worldwide. Driven by the aforementioned factors, the global market is projected to grow at a considerable pace in the next decade.
Competitive Landscape
Key industry players in the market are heavily investing in research and development activities in order to introduce cutting-edge products and cater to the increasing demand from customers all around the world. The prominent market players are also concentrating on mergers and acquisitions with various local companies to gain access to their technology, as well as co-develop new products. Meanwhile, a few start-up companies are aiming to raise funds from government bodies for the development of innovative products.
Key Companies Profiled
FIAMM Technologies, L.L.C., Robert Bosch GmBH, MARUKO KEIHOKI Co., LTD., Mitsuba Corp., Shanghai SIIC Transportation Electric Co., Ltd., UNO Minda Group, SEGER Horns, HELLA GmbH & Co. KGaA, Denso Corporation, Wolo Manufacturing Corp., Imasen Electric Industrial Co., Ltd., Roots Industries India Limited.
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More Insights into the Electric Motor Horn Market
Asia Pacific is anticipated to dominate the global electric motor horn market by generating the largest market share during the evaluation period. The growth is also attributed to the increasing production and sales of automobiles across emerging economies including India and China are anticipated to drive growth in the market. In addition to that, surging demand for HCVs on the back of the expansion of the transportation and construction industries is set to aid growth.
According to India Brand Equity Foundation (IBEF), in FY21, the annual production of automobiles in India was calculated at around 22.65 million between April and October 2021 when around 13 million vehicles were produced in the country. IBEF further mentioned that sales of passenger cars surged by 26.6% in CY21 to 3.08 million units in the country. The trend is expected to continue in the future owing to high disposable income and rapid urbanization, thereby pushing the Asia Pacific market.
North America is expected to remain in the second position on the basis of its share during the projection period. Increasing demand for flat-type horns across the United States and Canada is considered one of the prominent factors that would propel sales of electric motor horns in the next decade.
The growth in the electric motor horn market is expected to propel attributed to the surging awareness among people about the negative impact of carbon emissions on the environment. According to the U.S. Energy Information Administration, electric, plug-in hybrid, and hybrid vehicles collectively held about 11% of the light-duty vehicle sales in the fourth quarter of 2021 in the U.S. Therefore, the ever-increasing demand for electric and hybrid vehicles across North America is likely to fuel the market.