According to ESOMAR-certified Future Market Insights’ (FMI) by 2023, the railway horn market is projected to be worth US$ 47.5 million and expand at a CAGR of 4.30% during the forecast period. By 2033, it is anticipated that the market for railway horn would be worth US$US$ 72.3 million.
The development of efficient connected vehicle technologies, autonomous driving, and the Internet of Things (IoT) has significantly altered the redundant designs and components of vehicles, allowing for quick adaptation and improvement of the vehicle's efficiency.
Market Forces Influencing Automotive Horn Systems
The once-extremely loud honk has now been reduced to a soft but audible honk that is more than enough to alert drivers to a potential emergency thanks to advancements in railway horn which in turn escalates the railway horn market adoption trends. Worldwide, drivers and enthusiasts alike are in need of a wide variety of air horns with adaptable sounds.
The frequency and intensity of an automobile horn are relatively higher and can be heard quite a distance away. The railway horn market is increasingly necessary due to the railway horn market booming sales of railway horn.
Associated with High Cost Product
However, the high cost of the raw materials used in the production of railway horn systems and the rising replacement costs as a result of accidents will limit demand for these products and could restrain the market expansion over the forecast period.
North American Perspective
The rapid adoption of EVs has increased the production rate of automotive horn systems, which has led to the North American railway horn market expansion in the area. The region's demand for railway horn may be fueled by the government's alluring incentives to promote electric horn systems and the substantial investments made by automakers.
In addition to this, rigorous emission standards, the availability of numerous hybrid models, as well as the growing preference for premium EVs, will result in significant income generation over the next few years boosting the market trends.
For more information: https://www.futuremarketinsights.com/reports/railway-horn-market
Key Takeaways
With a CAGR of 5.9% during the forecast period, India may dominate the market.
The forecast period for the market in China shows a CAGR of 4.9%.
Japan may anticipate an increase in the industry over the coming years, with a 5% market share.
From 2023 to 2033, Germany's market is projected to have a 4.5% market share.
During the anticipated period, the UK market for railway horns is expected to expand at a CAGR of 3.4%.
Market share for the United States' railway horn system is projected to be 19% during the assessment period.
For the assessment period, it is anticipated that Australia's railway horn system market will have a market share of 0.8%.
By rail type, the rail freight wagon segment has a market share of 57.30% during the forecast period.
Competitive Landscape
The market for railway horn is regionally fragmented due to the large number of domestic players who participate in the domestic supply dynamics of the industry. AirChime, Ltd., Buell Air Horns, Gustin Bacon Mfg. Co., Leslie Controls, Inc., Prime Manufacturing, Inc., and Westinghouse Air Brake Co. are a few of the major manufacturers.
Recent Development
Acquisition: Leslie Controls has recently been strategically acquired by Armstrong International, a market leader in efficient thermal energy solutions.
This strategic acquisition may result in an increase in Armstrong's customer base and water heater product line, which may help the power and process industries grow globally. The acquisition was finished in 2021's third quarter.
Key Segments
By Horn Type:
Air Horn
Electric Horn
By Design Type:
Flat
Spiral
Trumpet