July 13, 2020
According to the research report titled ‘Global Acoustic Vehicle Alerting System Market Size study with COVID-19 impact, by Propulsion (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV) and Fuel Cell Electric Vehicle (FCEV)), by Vehicle Type (Passenger Vehicle and Commercial Vehicle), by Mounting Position (Separated and Integrated) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global acoustic vehicle alerting system market accounted for USD 425 million in the year 2019 and is expected to register a growth rate of 38.10% between 2020 and 2026.
Notably, AVAS (acoustic vehicle alerting system) is a sound emitting system deployed in an electric vehicle. It produces lower decibel sound as compared to conventional vehicles. These systems are utilized to protect pedestrians by alerting them regarding the vehicle’s presence.
Rising concerns regarding passenger safety and environmental protection have compelled worldwide governments to promote electric vehicles. Thus, increasing production of electric vehicles along with rising adoption of AVAS in EVs are major factors driving the market growth. AS per IEA (International Energy Agency), worldwide inventory of electric passenger vehicle surpassed 5 million in the year 2018 which was a surge of 63% from 2017. The agency further stated that China accounted for 45% of global on-road electric vehicles in 2018, followed by Europe and U.S.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2663552/
Strict regulatory scenario pertaining to installation of AVAS in vehicles is also aiding the market expansion. However, the outbreak of COVID-19 has compelled various governments to impose strict lockdowns and restrict production of electric vehicles. Additionally, major automakers have halted their production processes and are focusing on manufacturing personal protective equipment in order to reduce the spread of the disease, which in turn is negatively affecting the acoustic vehicle alerting system industry outlook.
As per propulsion type, the market is split into FCEV, PHEV, and BEV. In terms of vehicle type, the industry is bifurcated into commercial vehicle and passenger vehicle. By mounting position, the market is classified into integrated and separated.
From the regional point of view, North America accounts for a substantial share in worldwide AVAS market and is predicted to expand considerably during the forecast period, primarily due to federal reforms which promote the use of AVAS in vehicles. On the other hand, Asia-Pacific market is slated to record momentous growth in the upcoming years. Rising adoption of electric vehicles is complementing the industry outlook in the region.
Tesla Motors Inc., Daimler AG, Nissan Motor Co. Ltd., SoundRacer AB, Kufatec GmbH & Co. Kg, Kendrion NV, Brigade Electronics Inc., Mando-Hella Electronics Corp., Delphi Technologies and Harman International Industries Inc. are the leading companies in global acoustic vehicle alerting system industry.