The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Global Acoustic Vehicle Alerting System Market: Introduction
Acoustic vehicle alerting system is a sound emitting device assembled in electric vehicle which produces a lower level of sound than the conventional vehicle. When the vehicle is operated at a lower speed, the acoustic vehicle alerting system warn pedestrians or other commuters about the vehicle’s presence. Hence, the device is developed to reduce the risk of accidents. The acoustic vehicle alerting system market is expected to be driven by increasing demand for electric vehicles, government mandates, and increasing importance of pedestrian safety. An acoustic vehicle alerting system could either be integrated or separately available.
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Global Acoustic Vehicle Alerting System Market: Segmentation
Globally, the acoustic vehicle alerting system market can be segmented on the basis of installation, vehicle type, propulsion type, and sales channel
Based on the installation, the global acoustic vehicle alerting system market can be segmented into,
- Integrated
- Separated
Based on the Vehicle Type, the global acoustic vehicle alerting system market can be segmented into,
- Passenger Vehicle
- Compact Cars
- Mid-Sized Cars
- SUVs
- Luxury Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Based on the Propulsion Type, the global acoustic vehicle alerting system market can be segmented into,
- Fuel Cell Electric Vehicle (FCEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Based on the Sales Channel, the global acoustic vehicle alerting system market can be segmented into,
- OEM
- Aftermarket
Global Acoustic Vehicle Alerting System Market: Dynamics
Increasing sales for electric vehicle is expected to propel the growth of global acoustic vehicle alerting system market. Moreover, the reduced noise levels of vehicle due to the adoption of acoustic vehicle alerting system, that reduces the level of pollution, is expected to increase the demand for acoustic vehicle alerting system market over the forecast period.
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However, alternative option to acoustic vehicle alerting system is an automatic emergency braking systems that provides similar safety options is expected to slow down the sales of acoustic vehicle alerting system. Besides, demand for acoustic vehicle alerting system is expected to grow at significant pace over the near future owing to the increasing awareness of pedestrian safety.
Also, manufacturers of acoustic vehicle alerting system are investing in testing and research & development of different sound modules for continuous advancements in acoustic vehicle alerting system. For instance, in March 2019, Mercedes-AMG GmbH partnered with Linkin Park, the renowned music band, to create an artificial sound for its electric cars. This, in turn, is predicted to create significant opportunities for the market players.
Global Acoustic Vehicle Alerting System Market: Regional Outlook
The National Highway Traffic Safety Administration (NHTSA) of the United States has ordered a compulsory installation of acoustic vehicle alerting system from September 2020 production of all electric vehicles. Hence, North America is expected to have high growth for the acoustic vehicle alerting system market. On the country level, in China, electric vehicle manufacturers are focusing on introducing the acoustic vehicle alerting system in the electric vehicles. For instance, in January 2018, BYD Co Ltd. announced to manufacture battery electric vehicle and plug-in hybrid electric vehicles with low-speed sound warning system to alert pedestrians. Therefore, Asia Pacific is estimated to have substantial share in the global acoustic vehicle alerting system market. The European Parliament also announced to introduce compulsory acoustic vehicle alerting system (AVAS) for all new electric and hybrid vehicles to alert vulnerable road users. Thus, Europe is estimated to create healthy growth for acoustic vehicle alerting system. The Middle East & Africa is expected to have moderate share in the acoustic vehicle alerting system market as compared to other regions.
Global Acoustic Vehicle Alerting System Market: Market Participants
Some of the key players involved in the acoustic vehicle alerting system market include
- Delphi Technologies
- BMW AG
- Mando-Hella Electronics Corporation
- Continental AG
- Daimler AG
- Sound Racer
- Honda Motor Co., Ltd.
- Tesla Inc.
- Kendrion N.V.
- Aptiv
- Nissan Motor Company Ltd.
- Brigade Electronics
- Texas Instruments
- Volkswagen AG
- HARMAN International
- Kufatec GmbH & Co. KG
- Denso Corporation
The research report presents a comprehensive assessment of the acoustic vehicle alerting system market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Acoustic Vehicle Alerting System market segments such as mounting position, vehicle type, propulsion type, and sales channel
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