With the increasing sale of electric vehicles (EVs), the global acoustic vehicle alert system market size is predicted to reach $10,578.8 million in 2030, from $2,482.4 million in 2019, at an 11.9% CAGR between 2020 and 2030. This is itself due to the increasing concentration of greenhouse gases in the atmosphere, a lot of which owed to automobile emissions. Compared to 2018, two million more EVs were sold in 2019, and by 2030, the total number of these automobiles in operation is predicted to cross 130 million.
Another factor working in favor of the acoustic vehicle alert system market is the increasing support for EV adoption. In several countries, EV producers, as well as buyers, are being offered tax rebates, subsidies, and other financial incentives. These incentives make EVs cost-effective and help them compete with comparable internal combustion engine (ICE) vehicles. Currently, EVs are a lot more expensive than ICE automobiles; therefore, government support is imperative for their adoption and for the rising demand for AVAS.
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Due to the coronavirus situation, the acoustic vehicle alert system market has witnessed negative growth. This has been a direct result of the recession being faced by the automotive market, on account of the halted production and supply of vehicles and their lower demand. With strong restrictions on the movement of people and lower income, people aren’t purchasing EVs, which are already more expensive than ICE variants, thereby leading to the lower demand for AVAS.
Acoustic Vehicle Alert System Market Segmentation
In 2019, the battery electric vehicle (BEV) category, on the basis of propulsion, held the largest share in the acoustic vehicle alert system market. This is ascribed to the improving battery technology and reducing battery costs, which are making BEVs attractive to people. Further, among all types of EVs, government support is the strongest for BEVs, as they are almost non-polluting, operationally.
The four-wheeler bifurcation, under the vehicle segment, is expected to experience faster growth in the acoustic vehicle alert system market in the coming years, due to the rapidly rising sale of light-duty trucks and electric cars. Owing to technological innovations, a large number of light-duty trucks and cars, both electric, are available.
In the future, the aftermarket bifurcation, based on distribution channel, will observe higher CAGR, of 16.6%, in terms of value. The growth of this bifurcation in the acoustic vehicle alert system market is attributed to the rising replacement rate of end-of-life or damaged AVAS components in the coming years.
The integrated bifurcation, under segmentation by mounting, would witness faster advance in the acoustic vehicle alert system market in the next decade. This would be because they are mostly used in four-wheelers, the sales of which, especially electric cars and light-duty trucks, are projected to increase massively in the future.
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Asia-Pacific (APAC) had been the largest market for acoustic vehicle alert system in 2019, due to the increasing EV sales in India and China. As these countries depend on oil imports, they are taking concrete steps to reduce their oil consumption, by pushing for the adoption of EVs. APAC is one of the largest producers of EVs and associated components, which make them more cost-effective for regional customers. Europe is projected to witness the fastest rise in the integration rate of AVAS in the years to come, owing to the government regulations for phasing out ICE vehicles and replacing them with EVs, as well as for the installation of AVAS.
Companies Banking on Partnerships to Increase Their Market Presence
In an effort to increase their presence in the acoustic vehicle alert system market, companies working in this domain are partnering with each other.
For instance, in June 2019, Nissan Motor Co. Ltd. partnered with Studio Man Made Music and Danni Venne to create the signature sound of its AVAS, which will be integrated in Nissan Leaf and other future EVs. The AVAS will be designed keeping in mind the National Highway Traffic Safety Administration (NHTSA)’s regulations, which mandate that the sound emitted by EVs to ward off pedestrians on the road should be as efficient as that emitted by ICE automobiles.
In the same vein, in June 2019, BMW AG and Hans Zimmer partnered to create the sound for the BMW Vision M NEXT. Named BMW IconicSounds Electric, the AVAS sound has been designed by Zimmer, in collaboration with sound engineer Renzo Vitale, for BMW’s EVs.
The major companies operating in the global acoustic vehicle alert system industry are DENSO CORPORATION, Mando Corporation, Tesla Inc., Honda Motor Co. Ltd., Renault–Nissan–Mitsubishi Alliance, Volkswagen AG, Delphi Technologies PLC, Samsung Electronics Co. Ltd., Daimler AG, and Robert Bosch GmbH.
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