The acoustic vehicle alerting system market is projected to reach USD 5,619 million by 2027 from an estimated USD 425 million in 2019 considering the installation of AVAS in passenger car and commercial vehicle, at a CAGR of 38.1% during the forecast period.
The growth of acoustic vehicle alerting system market is influenced by factors such as government mandates, increasing sales of electric vehicles, and rising emphasis on commuter safety these factors are expected to drive the growth of the market. Therefore, the acoustic vehicle alerting system market is expected to witness a significant increase in the future.
E-Motorcycle market is expected to grow at the highest CAGR.
The E-motorcycle segment is expected to be the fastest-growing market. The US and Europe have now regulated the installation of AVAS in every new electric vehicle, both four-wheelers, and two-wheelers. This would encourage the AVAS providers across the world and vehicle manufacturers, to introduce innovative and advanced AVAS.
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Commercial vehicle segment is expected to grow at the highest CAGR
The commercial vehicle segment, including OEM and aftermarket, is expected to be the fastest-growing market. Commercial vehicle market for AVAS is likely to increase as new EU safety policies regarding installation of the acoustic vehicle alerting system (AVAS) includes hybrid, electric, and fuel cell vehicles. The mandate consists of trucks and buses as well. AVAS implementation in the commercial vehicle would enhance the safety of other road users like the sound emitted by these systems would make commuters aware of the EVs in near proximity.
North America: The US is expected to lead the North American market
The North American region is estimated to be the fastest-growing market. North America comprises developed economies such as the US and Canada. North America is home to several leading players such as Tesla, Ford, and Zero Motorcycle. The US government has mandated the installation of acoustic vehicle alerting system in all hybrids and EVs in production from September 2020, formulated by the National Highway Traffic Safety Administration (NHTSA).
Moreover, 50% of the company’s production of all-electric hybrids and electric vehicles manufactured on or after 1st September 2019, must emit a noise that complies with the rule. Infrastructural developments and industrialization in the developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving this market in this region.
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Asia Pacific region is expected to lead the market during the forecast period.
Asia Pacific is expected to be the largest market attributed to the rising demand for the electric vehicle along with several initiatives by private organizations as well as governments of the countries. For instance, in January 2018, Chinese EV manufacturer BYD, announced plans to manufacture pure electric and plug-in hybrid vehicles fitted with low-speed sound warning system aiming to alert pedestrians.
The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these developing economies have recognized the growth potential of the electric vehicle market and, hence, have taken different initiatives to attract major OEMs to manufacture the electric vehicle in domestic markets. Recently, in March 2019, the Indian government announced the second phase of FAME-II, which includes setting up 2,700 charging stations in metro cities. Also, the Indian government plans to make it mandatory for cab-hailing companies Ola and Uber to have 40% of their fleet as an electric vehicle.
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