Acoustic Vehicle Alerting Systems Enhancing Pedestrian Safety

The International Energy Agency (IEA) forecasts that the global stock of plug-in hybrid electric vehicles (PHEV) (trucks) and battery electric vehicles (BEV) (trucks) will rise from 228 units in 2020 to 900,264 units by 2030 and 30,872 units in 2020 to 860,942 units by 2030, respectively. The IEA also predicts that the global PHEV (cars) and BEV (cars) stock would surge from 3,346,713 units in 2020 to 44,355,904 units by 2030 and 6,850,327 units in 2020 to 79,975,992 units by 2030, respectively. The rising electric vehicle (EV) sales is fueling the requirement for acoustic vehicle alerting systems (AVAS).

Moreover, the declining cost of automobile components, such as speakers, amplifiers, copper coils, and battery backs, will help the acoustic vehicle alerting system market display a healthy value CAGR of 11.9% during 2020–2030. According to P&S Intelligence, 24.7 million AVAS were installed in electric two-wheelers and passenger cars in 2019. The market is expected to generate $10,578.8 million revenue by 2030. AVAS has become an integral part of EVs because it concerns pedestrian safety, especially of the more-vulnerable sections, such as aged people, children, blind people, and individuals with partial vision.

Similarly, in July 2019, sound experts of Daimler AG designed an identifiable note for Mercedes EVs at its acoustic test facility at the Mercedes-Benz Technology Centre in Sindelfingen, Germany. This note has been created in adherence to the European Union (EU) directive that propounds that any new EV in Europe must feature an acoustic warning up to a speed of 20 km/h. Other companies working toward the creation of advanced AVAS components are Mando Corporation, Honda Motor Co. Ltd., Renault–Nissan–Mitsubishi Alliance, Robert Bosch GmbH, Volkswagen AG, and DENSO CORPORATION.

Whereas, Europe is expected to adopt AVAS components at the highest rate in the foreseeable future owing to the burgeoning EV and hybrid vehicle sales and increasing implementation of government regulations that mandate the inclusion of such components. For instance, the EU plans to phase out ICE-driven vehicles to mitigate greenhouse gas emissions and reduce oil imports. Many European nations aim to ban ICE-powered automobile sales between 2030 and 2040.

Therefore, the booming EV sales and plunging automobile component prices will fuel the adoption of AVAS globally.

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Acoustic Vehicle Alerting System Market to be over $10,578.8 Million Investment Opportunity by 2030

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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Globally, the acoustic vehicle alerting system market is predicted to register the highest growth in the Asia-Pacific (APAC) region in the future years. This is because of the mushrooming sales of EVs in China, which is home to the largest EV industry in the world with sales of over 90% of the total electric two-wheeler sales (15 million units of scooter, motorbike, and moped) and nearly 50% of the total electric car sales all over the globe in 2019.

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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