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 P&S Intelligence, 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 acoustic vehicle alerting system market growth across the globe. Additionally, the incorporation of AVAS is increasingly being made necessary in EVs for enhancing pedestrian safety.
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Moreover, these systems enhance the safety of people having partial vision, blind people, children, and geriatric people. As a result, several countries are enacting strict regulations that mandate the adoption of these systems in EVs. Depending on propulsion, the market is divided into plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV), and battery electric vehicle (BEV) categories. Out of these, the BEV category is predicted to account for a majority of the market share in the forthcoming years.
As the BEVs are more environment-friendly than the other EV variants, the governments of many countries are increasingly enacting policies aimed at encouraging the deployment of these vehicles. In addition to this, the falling prices of batteries, increasing requirement for EVs, especially in China, and the presence of lesser mechanical complexities in these vehicles are fueling the popularity of these vehicles all over the globe. Based on vehicle, the acoustic vehicle alerting system market is classified into four-wheeler and two-wheeler.
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Between the two categories, the four-wheeler one is predicted to exhibit faster growth in the market in the upcoming years. This would be a result of the burgeoning sales of electric cars in the North American and European countries. In addition to this, the growing implementation of strict government policies all around the world that mandate the adoption of these systems in four-wheelers is further boosting the advancement of this category in the market.
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.
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