Acoustic Vehicle Alerting Systems Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
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Acoustic Vehicle Alerting Systems Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
Acoustic Vehicle Alerting Systems Market is segmented by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles),by Sales Channel Type (Original Equipment Manufacturer and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, Italy, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Argentina, and Others]).
Acoustic Vehicle Alerting Systems Market is segmented by Vehicle Type ...
The Acoustic Vehicle Alerting Systems Market was estimated to grow from USD 0.98 billion in 2022 to reach USD 5.81 billion by 2028 at an attractive CAGR of 34.3% during the forecast period.
Acoustic vehicle alerting systems (AVAS) are used as safety devices for electric vehicles (EVs). They are installed in silent vehicles such as electric and hybrid vehicles to alert pedestrians about the presence of the vehicle.
AVAS has become an essential component for all types of EVs because it concerns pedestrian safety, particularly for the most vulnerable groups, such as children, blind people, the elderly, and people with low vision. Many countries have mandated installing the system in EVs and hybrid vehicles.
Acoustic Vehicle Alerting Systems Market Features
Market Size in 2028
USD 5.81 billion
Market Size in 2022
USD 0.98 billion
Market Growth (2023-2028)
CAGR of 34.3%
Base Year of Study
2022
Trend Period
2017-2021
Forecast Period
2023-2028
Segments Covered
By Vehicle Type (passenger cars, light commercial vehicles, and heavy commercial vehicles)
By Sales Channel Type (OEM and aftermarket)
Region (North America, Europe, Asia-Pacific, and Rest of the World).
Dominant Region
Asia-Pacific is expected to remain the largest market for acoustic vehicle alerting systems during 2023-2028.
Market Dynamics
These factors are expected to boost the demand for the market in the coming years:
Strict emission norms, paired with government support in the form of tax rebates, grants, and subsidies, as well as other non-financial benefits to promote and accelerate EV adoption.
Furthermore, with increasing personal disposable income, the demand for both passenger and commercial vehicles is growing.
Covid-19 Impact
Before the COVID-19 outbreak, 2020 was expected to be a pivotal year for EV manufacturers, with several players preparing to launch new products and enhance their capabilities. However, the pandemic completely changed the market scenario for all EV stakeholders. Lockdowns, cash flow constraints, and supply chain disruption significantly reduced the demand for EVs and other automobiles. Reduced EV production and sales have had a negative impact on the market for acoustic vehicle alerting systems.
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Segments Analysis
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories-
By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
By Sales Channel Type
OEM
Aftermarket
By Region
North America
Europe
Asia-Pacific
Rest of the World
By Vehicle Type
The market is segmented as passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars are expected to be the largest segment during 2023-2028.
The segment's growth can be attributed to the increasing adoption of electric vehicles, owing to their lower prices and continuous innovations from automakers.
By Sales Channel Type
The market is bifurcated into OEM and aftermarket. OEM is likely to remain the dominant segment during the forecast period. The installation of AVAS components in EVs is increasing as a result of government mandates, which are driving the growth of the segment.
The aftermarket segment, on the other hand, is expected to register faster growth given the wear and tear of AVAS components, as well as government regulations for such systems and EVs in leading markets.
Regional Analysis
Asia-Pacific is expected to remain the largest market for acoustic vehicle alerting systems during 2023-2028. The region's market is expected to grow due to the rising demand for EVs in countries such as India and China. Furthermore, the region is home to various global EV and component manufacturers, and the growing emphasis of Chinese automakers on electric variants is expected to drive the growth of the regional AVAS market. In addition, Europe is expected to have the highest CAGR during 2023-2028, owing to rapidly improving economies of EVs and regulatory mandates.
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Key Players
Most companies are deploying various strategies regarding product development & differentiation to gain competitive advantage. The following are some of the key players in the acoustic vehicle alerting systems market:
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Acoustic Vehicle Alerting Systems Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Target Audience
The target audience of the acoustic vehicle alerting systems market includes-
Acoustic Vehicle Alerting Systems Vendors
Acoustic Vehicle Alerting Systems Manufacturers
Acoustic Vehicle Alerting Systems Distributors
Organizations
Government Bodies.
Critical Questions Answered in the Report
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global market. The historic years considered for the study are 2017-2028, the base year is 2022, the estimated year is 2023, and the Assessment period is 2023-2028. The following are the critical questions answered in the report.
What are the key trends in the global market?
How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
What is the impact of COVID-19 on the global market?
What are the key strategies adopted by the major vendors to lead in the global market?
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
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Acoustic vehicle alerting systems (AVAS) are used as safety devices for electric vehicles (EVs). They are installed in silent vehicles such as electric and hybrid vehicles to alert pedestrians about the presence of the vehicle. AVAS has become an essential component for all types of EVs because it concerns pedestrian safety, particularly for the most vulnerable groups, such as children, blind people, the elderly, and people with low vision. Many countries have mandated installing the system in EVs and hybrid vehicles.
Strict emission norms, paired with government support in the form of tax rebates, grants, and subsidies, as well as other non-financial benefits to promote and accelerate EV adoption, are expected to drive the recovery and growth of the market. Furthermore, with increasing personal disposable income, the demand for both passenger and commercial vehicles is growing.
