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. Increasing emphasis on commuter safety across the globe to enhance pedestrian safety creates opportunities for OEMs to research and develop an efficient and safer electric vehicle.
BEV segment is estimated to be the fastest-growing acoustic vehicle alerting system market during the forecast period
The BEV segment is expected to hold the largest market share and is anticipated to be the fastest market growth owing to higher sales of BEV over PHEV and FCEV. Acoustic vehicle alerting system (AVAS) play a significant role in BEVs as these vehicles are powered by battery alone and emit very low noise while driving below 20km/h. BEVs such as Jaguar I-PACE and Nissan Leaf have already installed AVAS to enhance pedestrian safety.
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Commercial segment is expected to grow at highest CAGR
Several countries are expected to replace their existing fuel-based bus fleet with electric buses. Acoustic vehicle alerting system will be installed in a commercial vehicle as per regulations to ensure the safety of other commuters on the road. The increasing trend of replacement of fossil fuel-based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.
The Asia Pacific acoustic vehicle alerting system market is expected to register the fastest growth during the forecast period
The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The Asia Pacific market for passenger car market is estimated to be the largest market. It comprises some of the fastest developing economies in the world, such as China, Japan, and India.
The automotive industry in countries such as China, Japan, and South Korea is inclined toward innovation, technology, and development of advanced electric vehicles. Market experts predict EVs to account for approximately 50% of the market share in China by 2025. The governments in these countries have recognized the growth potential of electric vehicles and the advantages of using them. Increasing demand for electric vehicles in Asia Pacific is anticipated to boost acoustic vehicle alerting system which would ensure pedestrian safety as the emitted sound would enable commuters to realize the presence of EVs.
Key Market Players:
The global acoustic vehicle alerting system market is dominated by major players such as Delphi (Ireland), Daimler (Germany), Mando-Hella Electronics (South Korea), and Harman (US), among others.
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