PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424913
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424913
Global Acoustic Vehicle Alerting System Market is valued at approximately USD 1.12 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 38.10% during the forecast period 2023-2030. Acoustic Vehicle Alerting Systems (AVAS) serve as safety mechanisms for Electric Vehicles (EVs). Given the inherently lower noise levels of EVs compared to traditional Internal Combustion Engine (ICE) vehicles, especially at low speeds, pedestrians, particularly those with impairments, is challenging to detect their presence. AVAS addresses this concern by incorporating artificial sounds produced through loudspeakers or actuators, taking into account various vehicle parameters such as velocity, gas pedal position, and gear. These sounds serve as audible warnings to pedestrians about the approaching silent vehicle. Recognizing the importance of pedestrian safety, many countries, including the European Union, have mandated the implementation of AVAS in all EVs and hybrid vehicles, reinforcing the safety standards for electric vehicle operation, especially at speeds below 12mph. This ensures enhanced safety for both pedestrians and electric vehicle users. The rising urbanization and congestion in urban areas, imposition of pedestrian safety regulations, as well as growing environmental concerns and noise pollution reduction are the most prominent factors that are propelling the market demand across the globe.
Additionally, the increasing adoption of Electric Vehicles (EVs) and hybrid vehicles globally, driven by environmental concerns and government incentives, fuels the demand for AVAS as a safety feature. According to Statista, in 2021, there were nearly 16.9 million electric vehicles in operation around the world. Also, in 2022, the electric vehicle in operation reached approximately 25.9 million units globally, with all-electric vehicles comprising roughly 69.5% of the total plug-in electric vehicle market. Moreover, the growing trend of shared mobility, as well as the rising focus on enhanced vehicle-to-pedestrian communication presents various lucrative opportunities over the forecast years. However, the lack of standardization regarding regulations in many regions and government regulations regarding AVAS is hindering the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Acoustic Vehicle Alerting System Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the swift commercialization of electric vehicles, particularly in China, India, and Japan. The rapid commercialization of electric vehicles, as well as the government's strong support for adopting electric vehicles in the automotive and transportation industry. Whereas, Europe is expected to grow at a significant CAGR over the forecast years. The surge in demand for performance electric two-wheelers, advancement in EV sound technology and increasing government regulations regarding road safety are significantly propelling the market demand across the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable