Acoustic Vehicle Alert System Market

Acoustic Vehicle Alert System Market

Growth Factors of Acoustic Vehicle Alert System Market

The acoustic vehicle alert system market size was valued at USD 1.61 billion in 2022, and the market is now projected to grow from USD 2.18 billion in 2023 to USD 20.15 billion by 2030, exhibiting a CAGR of 37.4% during the forecast period of 2023-2030.

The pandemic increased focus on the importance of automobile safety features. Since the public became extra vigilant about health and security. There was an augmented emphasis on protection technologies, including aural vehicle awareness schemes. It is useful to prevent accidents and enhance walker security. Hence, the COVID-19 pandemic has created opportunities for the acoustic vehicle alert system market growth.

The acoustic vehicle alert system market share globally is expanding due to the increasing access of EV. The growth of electric vehicles is rapidly increasing due to various aspects including rising concerns about environmental pollution and the necessity to lessen greenhouse gas emissions. There is a huge concern regarding road-safety since these vehicles do not emit the sound of conventional ICE vehicles. The system helps in reducing risk of vehicle collisions and enhances overall road safety. The implementation of regulations requiring acoustic system installation in electric vehicles is boosting market growth.

The advancement in EV sound technology and increasing government guidelines regarding road safety is a market trend. This advanced system technology has progressed to become more sophisticated and efficient. Manufacturers are paying attention to developing sound generation systems accommodating a set of laws and more appealing to pedestrians and drivers. Sound directionality and customization options have been initiated to ensure these signals are noticeable without being terribly disturbing.

Comprehensive Analysis of Acoustic Vehicle Alert System Market

The acoustic vehicle alert system market and automotives industry is rising at an exponential rate because of its market segmentation. This market expansion effectively provides a thorough regional assessment considering the dominant supply and demand forces that impact the automotives industry. These segmentations are methodically segregated by types of propulsion type, vehicle type and sales channel. The propulsion types include BEV and PHEV. The vehicle types are two wheelers, passenger vehicles, and commercial vehicles. However, the sales channels are such as OEM and aftermarket.

The Asia Pacific region is conducive to the global acoustic vehicle alert system market owing to the rapid commercialization of electric vehicles and the government has strongly supported adopting electric vehicles in the automotive and transportation sectors stimulating the demand for sound generator devices for passenger cars.

The top players in the market play a vital role in the automotives industry assuring industrial prospectus growth and setting market standards. These players include HELLA GmbH & Co. CONTINENTAL AG (Germany), Siemens (U.S.), KGaA (Germany), STMicroelectronics (China), THOR (Dubai), Brigade Electronics Group Plc (U.K.), SEGER (Türkiye), Kendrion N.V. (Netherlands), Texas Instruments Incorporated (U.S.), and American Honda Motor Co., Inc. (U.S.), these market players present a fair-playing competitive landscape.

In July 2023, Maruti Suzuki India Limited introduced a car acoustic alert system for the Intelligent Electric Hybrid models for its premium SUV, the Grand Vitara. This advanced technology aims to enhance safety by providing timely signals about the vehicle's presence. With this system, the company is dedicated to innovative solutions that promote road safety and sustainable mobility.

Segmentation Table

Global Acoustic Vehicle Alert System Market Scope

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 37.4% from 2023 to 2030

Unit Value (USD Billion) and Volume (Units)

Segmentation By Propulsion Type

BEV

PHEV

By Vehicle Type

Two Wheelers

Passenger Vehicles

Commercial Vehicles

By Sales Channel

OEM

Aftermarket

By Geography

North America (By Propulsion Type, By Vehicle Type, By Sales Channel)

• U.S. (By Vehicle Type)
• Canada (By Vehicle Type)
• Mexico (By Vehicle Type)

Europe (By Propulsion Type, By Vehicle Type, By Sales Channel)

• U.K. (By Vehicle Type)
• Germany (By Vehicle Type)
• France (By Vehicle Type)
• Rest of Europe (By Vehicle Type)

Asia Pacific (By Propulsion Type, By Vehicle Type, By Sales Channel)

• China (By Vehicle Type)
• India (By Vehicle Type)
• Japan (By Vehicle Type)
• South Korea (By Vehicle Type)
• Rest of Asia Pacific (By Vehicle Type)

Rest of the World (By Propulsion Type, By Vehicle Type, By Sales Channel)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.