The rising deployment of electric vehicles (EVs) all over the world is one of the major factors responsible for the mushrooming global demand for acoustic vehicle alerting systems. According to various reports, the sales of electric cars grew by more than 2 million from 2018 to 2019. Furthermore, it was found that more than 7.1 million electric cars were sold around the world in 2019. By 2030, the total electric car fleet is predicted to rise above 130 million.
With the rising deployment of EVs, because of the increasing concerns being raised over the escalating pollution levels and the rising implementation of several favorable government regulations, the requirement for various vehicle components such as acoustic vehicle alerting systems (AVASs) is surging around the world. Besides these, the rapidly falling costs of the various components and parts used in EVs are also fueling the sales of AVASs across the world.
For example, it is predicted that the cost of speakers, amplifiers, copper coils, and battery packs will reduce by more than 30% from 2019 to 2025. Furthermore, the cost of the permanent magnet, which is basically a ceramic ferrite material, that consists of strontium, a ceramic binder, and iron oxide, is predicted to fall by nearly 24% from 2019 to 2025. The falling costs of these materials are causing a sharp decline in the costs of AVASs.
Because of the aforementioned factors, the sales of AVASs are rising around the world, which is, in turn, fueling the growth of the global acoustic vehicle alerting system market. According to the forecast of P&S Intelligence, a market research company based in India, the capacity of the market will grow at a CAGR of 11.9% between 2020 and 2030. Furthermore, the market is predicted to reach a valuation of $10,578.8 million by 2030.
Acoustic vehicle alerting systems are installed in both four-wheelers and two-wheelers. Between the two, the usage of these systems is predicted to rise rapidly in four-wheelers in the coming years. The mushrooming requirement for electric cars in the North American and European countries is pushing up the sales of the acoustic vehicle alerting systems. Moreover, the implementation of regulatory compliance regarding the integration of AVASs in four-wheelers in various countries by 2021 is powering the demand for these systems.
Globally, the acoustic vehicle alerting system market is predicted to register huge expansion in the Asia-Pacific (APAC) region in the coming years. China is currently home to the world’s biggest electric vehicle industry, with sales of over 90% of worldwide electric two-wheeler sales (15 million units of motorbikes, scooters, and mopeds) and nearly 50% of the global sales of electric cars in 2019. Due to this reason, the demand for AVASs is shooting-up in China.
Hence, it can be safely said that the sales of acoustic vehicle alerting systems will soar all over the world in the forthcoming years, mainly because of the rising deployment of electric vehicles and the increasing requirement for safety systems in vehicles, due to the soaring incidence of road accidents.
Source: P&S Intelligence