Acoustic Vehicle Alert System Market to Hit $1.95 Billion by 2032, Driven by EV Safety Mandates and Urban Mobility Demands

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.

According to the report, the global acoustic vehicle alert system industry size generated $0.65 Billion in 2022, and is anticipated to generate $1.95 Billion by 2032, witnessing a CAGR of 12.6% from 2023 to 2032.

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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.

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.

The Battery Electric Vehicle (BEV) segment to maintain its leadership status during the forecast period

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.

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The passenger vehicle segment to maintain its leadership status during the forecast period

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.

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.

The Indian government has implemented various initiatives to encourage the production and usage of electric vehicles (EVs) in order to address emissions concerns related to international agreements and advance e-mobility in response to fast-paced urbanization. The National Electric Mobility Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME I and II) played crucial roles in generating initial enthusiasm and awareness for electric mobility. In the second phase of FAME, the government allocated a budget of USD 1.4 billion until 2022 to further support the development and adoption of electric vehicles.

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Asia-Pacific to Maintain its Dominance by 2032

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.

Key Highlights of the Acoustic Vehicle Alert System Market Report:

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.

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Leading Market Players: -

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.

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