Market Size of Acoustic Vehicle Alerting System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Acoustic Vehicle Alerting System Market Analysis
The Acoustic Vehicle Alerting System Market was valued at USD 417.82 Million in 2021 and is projected to grow to USD 874.50 Million by 2027, registering a CAGR of 13.1% in terms of revenue during the forecast period.
The impact of COVID-19 on the market was inevitable as it affected almost every other industry in the market. However, the electric vehicle is witnessing substantial growth owing to the swiftly escalating year-on-year adoption rate of mild-hybrid electric vehicles, favored electric vehicle policies, and improved government initiatives across the globe. In addition, compared to other segments, electric vehicle demand was less affected during the Covid-19 pandemic.
Over the medium term. E-mobility has sparked interest in several countries for a variety of reasons. Traffic congestion and pollution have become synonymous which has prompted countries to implement green and sustainable policies, including the usage of electric vehicles.
In Several countries, the government has mandated the acoustic vehicle alerting system in the electric vehicle which in turn is likely to witness major growth in the market. For instance, In 2022, The government of India mandated a sound alert system in vehicles traveling at a speed of 20 Kmph to warn pedestrians. Electric vehicles produce less noise compared to cars powered by combustion engines which can be a risk to pedestrians in traffic. To overcome these, demand for vehicle alert systems for electric vehicles is rising which in turn is likely to witness major growth for the market.
The government regulations for the implementation of acoustic vehicle alerting system for safety concerns is propelling demand in the market. For instance, as laid out in EU Regulation by 1 July 2021 all new vehicles sold in or imported to the EU, regardless of their type, must be equipped with an AVAS. The United States has mandated the acoustic vehicle alert system in all hybrid and electric vehicle production with effect from September 2020.
