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Acoustic Vehicle Alerting Systems Market Analysis | 2023-2028
Acoustic Vehicle Alerting Systems Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The acoustic vehicle alerting systems market was estimated at USD 0.9 billion in 2022 and is likely to grow at a CAGR of 34.3% during 2023-2028 to reach USD 5.8 billion in 2028.
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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.
These factors are expected to boost the demand for the market in the coming years:
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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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Vehicle Type Analysis |
Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles |
Passenger cars are expected to be the largest segment during 2023-2028. |
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Sales Channel Type Analysis |
Original Equipment Manufacturer and Aftermarket |
OEM is likely to remain the dominant segment during the forecast period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to remain the largest market for acoustic vehicle alerting systems during 2023-2028. |
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.
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.
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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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:
Note: The above list does not necessarily include all the top players in the market.
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This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. 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 acoustic vehicle alerting systems market is segmented into the following categories:
By Vehicle Type
By Sales Channel Type
By Region
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s acoustic vehicle alerting systems market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our acoustic vehicle alerting systems market report from the industry stakeholders, we have tried to further accentuate our research scope to the acoustic vehicle alerting systems market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
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 1000 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.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
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 [email protected]
The target audience of the acoustic vehicle alerting systems market includes-
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.
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.
The acoustic vehicle alerting systems market was estimated at USD 0.9 billion in 2022.
The forecasted value of the acoustic vehicle alerting systems market is expected to be USD 5.8 billion in 2028.
The acoustic vehicle alerting systems market is likely to grow at a CAGR of 34.3% during 2023-2028.
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.
Asia-Pacific is expected to remain the largest market for acoustic vehicle alerting systems during the forecast period.
Passenger cars are expected to be the largest segment during the forecast period.
The key players in the market are Denso Corporation, Harman International Industries, Delphi Technologies, Mercedes-Benz Group AG, and Volkswagen AG
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