The global acoustic vehicle alerting system market is expected to attain a revenue of $10,578.8 million by 2030, progressing at an 11.9% CAGR during 2020–2030, as stated by a report by P&S Intelligence. The market is growing due to the increasing demand for electric vehicles, declining cost of acoustic vehicle alerting system components, proposed plan of new EV variants launch, and mandatory regulatory compliances.
The current COVID-19 situation has disrupted the automotive industry, much like several other industries, which is further predicted to hamper to growth of the market. Unless and until the electric vehicle industry gets back on the track, which can be done with the help of government policies for electric vehicles, the future of the acoustic vehicle alerting system domain is uncertain. Some other factors upon which the future of the electric vehicle industry depends are economic recovery rate, ease in confinement measures, consumer behavior regarding purchase of new cars, and potential second waves of the pandemic.
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On the basis of vehicle, the acoustic vehicle alerting system marketis divided into four-wheeler and two-wheeler, between which, the four-wheeler division is predicted to advance at a faster pace in the years to come. A major for this is the increasing requirement for electric cars in North American and European countries. In addition this, the regulatory compliances that mandate the installation of these systems in four-wheelers by 2021 is also predicted to drive the growth of this division.
In terms of propulsion, theacoustic vehicle alerting system market is categorized into plug-in hybrid electric vehicle, battery electric vehicle (BEV), and fuel-cell electric vehicle. Out of these, the BEV category is expected to account for the largest share of the market in the coming years due to the rising government support for these vehicles, which, in turn, is due to their eco-friendly nature. Moreover, the reducing battery prices and less mechanical complexity of these vehicles are also projected to drive their demand.
The Asia-Pacific (APAC) region is expected to dominate the acoustic vehicle alerting system market in 2030. China is the largest electric vehicle industry within the region and across the globe. The country accounted for over 90% of the total electric two-wheeler sales and approximately 50% of electric cars in 2019 and 90% of electric two-wheeler sales in 2019. Due to this, the country is also the largest domain for acoustic vehicle alerting system. Europe is expected to advance at the fastest pace in the years to come.