DUBLIN--(BUSINESS WIRE)--The "Acoustic Vehicle Alerting System Market Research Report: By Propulsion (BEV, PHEV, FCEV), Vehicle (Two-Wheeler, Four-Wheeler), Distribution Channel (OEM, Aftermarket), Mounting (Integrated, Separated) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global acoustic vehicle alerting system market is predicted to advance at 11.9% CAGR from 2020 to 2030 and reach a valuation of $10,578.8 million by 2030.
This would be because of the rising incorporation of acoustic vehicle alerting systems (AVAS) in electric vehicles including both passenger cars and two-wheelers. According to the findings of the publisher, a market research company based in India, as many as 24.7 million units of such systems were installed in electric vehicles in 2019.
The increasing pollution levels in several countries, rising consumer preference for electric vehicles over the fossil fuel-powered automobiles, surging implementation of strict emission norms and regulations, and the provision of subsidies, grants, and tax rebates by the governments of various countries on electric vehicles are the main factors propelling the growth of the acoustic vehicle alerting system market across the globe. Additionally, the incorporation of AVAS is increasingly being made necessary in EVs for enhancing pedestrian safety.
Globally, the acoustic vehicle alerting system market is predicted to register the highest growth in the Asia-Pacific (APAC) region in the future years. This is because of the mushrooming sales of EVs in China, which is home to the largest EV industry in the world with sales of over 90% of the total electric two-wheeler sales (15 million units of scooter, motorbike, and moped) and nearly 50% of the total electric car sales all over the globe in 2019.
Hence, it can be said with full surety that the market would demonstrate explosive growth throughout the world in the upcoming years, mainly because of the growing adoption of electric vehicles and the rising enactment of government regulations all around the world that mandate the incorporation of AVAS in electric vehicles.
Market Dynamics
Drivers
- Increasing adoption of electric vehicles
- Growing environmental concerns
- Government support for electric vehicle adoption
- Declining cost of components
- New electric car variants
- Impact analysis of drivers on market forecast
Restraints
- High initial cost of electric vehicles
- Underdeveloped value chain
- Reducing subsidies on mass adoption of electric cars
- Impact analysis of restraints on market forecast
Opportunities
- Growth opportunities in emerging economies
- Long-range cars to boost up the market
Companies Mentioned
- Mando Corporation
- DENSO CORPORATION
- Honda Motor Co. Ltd.
- Tesla Inc.
- Volkswagen AG
- Renault-Nissan-Mitsubishi Alliance
- Samsung Electronics Co. Ltd.
- Delphi Technologies PLC
- Robert Bosch GmbH
- Daimler AG
For more information about this report visit https://www.researchandmarkets.com/r/bm0569
