Acoustic Vehicle Alert System Market Set to Expand at 12.6% CAGR, Reaching $2 Billion by 2032

The global Acoustic Vehicle Alert System Market size was valued at $653 million in 2022, and is projected to reach $2 billion by 2032, growing at a CAGR of 12.6% from 2023 to 2032. Acoustic Vehicle Alerting Systems (AVAS) function as safety devices for electric vehicles (EVs). The noise produced by EVs is quieter than that of internal combustion engine (ICE) vehicles. This lower noise level poses a challenge for pedestrians, especially those with impairments. Therefore, AVAS is installed in silent vehicles for instance, electric and hybrid vehicles to alert pedestrians to their presence. Artificial sounds are generated using loudspeakers or actuators through vibration, aligning with the vehicle's structural elements and proportional to parameters such as velocity, gas pedal position, and gear.

Download Sample Report (Get Full Insights in PDF - 267 Pages) at: https://www.alliedmarketresearch.com/request-sample/A274060

The global acoustic vehicle alert system market has seen significant growth and change due to surge in government regulation for mandate to deploy AVAS in the electric vehicles. Increase in sales of electric vehicles with advance equipment incorporated in the vehicles are boosting the market growth.

The global acoustic vehicle alert system market has experienced significant growth and transformation, driven by surge in government regulation, technological advancement, and rise in demand for electric vehicles.

Furthermore, to enhance AVAS safety, many countries have mandated its implementation. For instance, starting from July 2019, the European Union made AVAS mandatory for all EVs and hybrid vehicles to emit a warning sound when traveling below 12 mph. This regulation aims to enhance the safety of traveling in electric vehicles.

Buy Now & Get Exclusive Discount on this Report : https://www.alliedmarketresearch.com/checkout-final/e3736c066982d86b5797f2a83aa3a8e2

Electric and hybrid vehicles that lack an acoustic alert system, rendering them nearly silent, with audible noise only emerging at speeds around 20kph due to wind and road noise. These vehicles pose a heightened threat to vulnerable road users (VRU), elevating the risk of pedestrian incidents by up to 80%. Sound plays a crucial role in road safety for pedestrians, impacting the visually impaired and individuals navigating roadways as well. The growing prevalence of electric vehicles has led to the relatively quiet operation of EVs, identifying as a potential cause for road accidents due to which AVAS is deployed in these vehicles.

By propulsion type, the battery electric vehicle (BEV) segment held the highest market share in 2022, and is expected to maintain the highest CAGR of 13% during the forecast period 2023 to 2032, due to stringent government regulations to reduce carbon emissions along with rise in inclination toward electric mobility globally. However, the plug-in hybrid electric vehicle (PHEV) segment is projected to witness a CAGR of 12.1% from 2023 to 2032, as consumers prefer fuel efficient vehicles along with environmental concerns.

The key players profiled in this report include

Continental AG
STMicroelectronics
HELLA GmbH & Co. KGaA
Mercedes-Benz AG
Brigade Electronics Group PLC
HARMAN International
Honda Motor Company
Kendrion N.V.
Soundracer AB
Maruti Suzuki India Ltd.

The report provides a detailed analysis of these key players in the global gear bicycle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Get Customized Reports with you're Requirements: https://www.alliedmarketresearch.com/request-for-customization/A274060

By vehicle type, the passenger vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status during the forecast period with a CAGR of 12.9%, owing to rise in purchasing power and disposable income, increased brand visibility, and competition among OEMs to provide enhanced features. However, commercial vehicles segment is witnessing a CAGR of 11.8%, owing to increased logistics and transportation along with surge in e-commerce.

Recognizing the crucial role of AVAS (Acoustic Vehicle Alerting System) in enhancing road safety, regulatory bodies across different regions have implemented mandates requiring electric vehicles to be equipped with sound-emitting devices. These regulations aim to address the potential risk of accidents involving pedestrians who are unaccustomed to the near-silent operation of electric vehicles. Consequently, automakers are increasingly incorporating AVAS into their electric vehicle models to comply with these regulations and contribute to overall road safety.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A274060

The acoustic vehicle alert system market is anticipated to be influenced significantly by technological advancements. Factors include customizable sound profiles, surround sound systems, and seamless integration with smart city infrastructure. The merging of AVAS systems with advanced driver-assistance systems (ADAS) and connected vehicle technology are driving the market growth. In addition, with an ongoing emphasis on safety in the automotive industry, there is an increase in the demand for AVAS systems. This surge in demand are creating new opportunities for manufacturers and technology providers operating in the market.

The market study delves into 14 countries, offering a comprehensive analysis. It entails regional and segment evaluations for each country, providing insights into values ($million) throughout the forecasted period from 2023 to 2032. The research amalgamates top-tier data, professional insights, analyses, and crucial independent perspectives. The approach is meticulously crafted to furnish a well-rounded perspective on global markets, aiding stakeholders in informed decision-making to attain their ambitious growth objectives. The comprehensive review encompasses the scrutiny of over 3,700 product literature pieces, annual reports, industry declarations, and comparable materials from major industry participants, ensuring a nuanced understanding of the market landscape.

Regional Analysis:

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022 witnessing a CAGR of 12.1%, owing to the growing interest in vehicles that combine fuel efficiency, high performance, and low emissions. Moreover, stringent regulations on vehicle emissions, and escalating fuel prices further contribute to the market growth. However, the Latin America is expected to witness the highest CAGR of 14.6% from 2023 to 2032, owing to the shift towards sustainability and environmental consciousness.

Other Trending Reports:

Automotive Child Presence Detection System Market - https://www.alliedmarketresearch.com/automotive-child-presence-detection-system-market-A115343

Automotive Carbon Fiber Market - https://www.alliedmarketresearch.com/automotive-carbon-fiber-market-A12796

Ride-Hailing Service Market - https://www.alliedmarketresearch.com/ride-hailing-service-market

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.