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. The base year for the report is 2018, and the forecast period is from 2019 to 2027.
The market is expected to witness rapid growth with the ongoing regulation formulated in Europe and North American region regarding the installation of AVAS system. AVAS system are likely to enhance safety for pedestrian, especially to those who are visually-challenged. According to a study conducted by NHTSA, electric and hybrid vehicles were involved in crashes with pedestrians 1.18 times more than cars with combustion engines, and so the agency estimates that EVs require to produce an artificial noise at low speeds which could prevent 2,400 injuries every year. Also, the growing sensitivity of various governments toward safer EV transition has increased the demand for implementation of AVAS. Developed nations such as the US, Germany, and the UK are actively promoting the installation of AVAS, which is expected to boost the growth of acoustic vehicle alerting system market.
The acoustic vehicle alerting system market is dominated by globally established players such as Daimler (Germany), Delphi (Ireland), HARMAN (US), and Mando-Hella Electronics (South Korea), among others. These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric vehicle supply equipment market.
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Daimler manufactures and sells premium cars, and it is the world’s biggest manufacturer of commercial vehicles. As per the company’s official statement, it will implement an acoustic vehicle alerting system in all Mercedes-Benz electric vehicles and plug-in hybrids newly certified after July 1, 2019. Also, sound experts of the acoustic test facility at the Mercedes-Benz Technology Centre (MTC) in Sindelfingen are working on giving a voice to the electrified Mercedes. The company has emphasised on development with cooperation. For instance, In July 2019, Daimler AG and BMW Group launch long-term development cooperation for automated driving. The initial goal of this partnership would be to develop technologies for driver assistance systems, highly automated driving on highways, and automated parking. Delphi is one of the leading players in the vehicle component manufacturing market. The companys segment provides acoustic vehicle alerting systems in two different versions. The two versions obtainable differentiate themselves through the way the electronic vibrations are transformed into audible noise; customers can choose between a piezo-based sound transducer and an electrodynamic.
Another important player in the industry is Mando-Hella was established in 2008 and is headquartered in Incheon, South Korea. The company has implemented strong expansion strategies. For instance, in 2018, the company started mass production, providing engineering services to Korean, Chinese, Japanese, and European OEMs.
Acoustic Vehicle Alerting System Market by Propulsion Type, Vehicle Type, Electric Two-Wheeler (E-Scooter/Moped, E-Motorcycle), Sales Channel (OEM, Aftermarket), Mounting Position (Integrated, Separated), and Region - Global Forecast to 2027
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