Northbrook, IL -- (SBWire) -- 08/28/2019 --The Acoustic Vehicle Alerting System Market is projected to reach USD 5,615 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. Increasing emphasis on commuter safety across the globe to enhance pedestrian safety creates opportunities for OEMs to research and develop an efficient and safer electric vehicle.
The European acoustic vehicle alerting system market is projected to experience steady growth due to the implementation mandate for acoustic vehicle alerting system. While Asia Pacific is the fastest-growing market due to the strong presence of major electric vehicle manufacturing OEMs, however, the standardization of sound emitted by these systems can create a hurdle for its growth.
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BEV segment is estimated to be the fastest-growing acoustic vehicle alerting system market during the forecast period
The BEV segment is expected to hold the largest market share and is anticipated to be the fastest market growth owing to higher sales of BEV over PHEV and FCEV. Acoustic vehicle alerting system (AVAS) play a significant role in BEVs as these vehicles are powered by battery alone and emit very low noise while driving below 20km/h. BEVs such as Jaguar I-PACE and Nissan Leaf have already installed AVAS to enhance pedestrian safety.
Commercial segment is expected to grow at highest CAGR
Several countries are expected to replace their existing fuel-based bus fleet with electric buses. Acoustic vehicle alerting system will be installed in a commercial vehicle as per regulations to ensure the safety of other commuters on the road. The increasing trend of replacement of fossil fuel-based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period. Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.
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Key Market Players
The global acoustic vehicle alerting system market is dominated by major players such as Delphi (Ireland), Daimler (Germany), Mando-Hella Electronics (South Korea), and Harman (US), among others. These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
Critical Questions:
Many companies are operating in the acoustic vehicle alerting system market space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
Fast-paced developments in acoustic vehicle alerting system such as Generation 1 and Generation 2 system offered by leading manufacturers are expected to change the dynamics of acoustic vehicle alerting system market. How will this transform the overall market?
Which leading companies are working on the installation of AVAS in passenger car and on commercial vehicles, and what organic and inorganic strategies have been adopted by them?
Analysis of your competition that includes major players in the electric vehicle charging ecosystem. The major players include Daimler (Germany), Delphi (Ireland), Harman (US), and Mando-Hella Electronics (South Korea), among others.
Discussion on your client's imperatives based on our existing research on electric vehicle market and its ecosystems.
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Acoustic Vehicle Alerting System Market Is Booming Worldwide by Delphi, Daimler, Mando-Hella Electronics