Global Acoustic Vehicle Alerting System Market Size, Share, Growth Analysis, By Propulsion(BEV and PHEV), By Vehicle(Two-wheelers, Passenger vehicles), By Sales channels(OEM and Aftermarket) - Industry Forecast 2024-2031

Global Acoustic Vehicle Alerting System Market size was valued at USD 20.15 billion in 2022 and is poised to grow from USD 27.69 billion in 2023 to USD 351.69 billion by 2031, growing at a CAGR of 37.40% during the forecast period (2024-2031).

In response to the global push towards electric vehicle (EV) adoption, various governments have mandated acoustic vehicle alerting systems to mitigate the safety risks posed by their silent operation, sparking a notable surge in the market. India, for instance, implemented a 2022 mandate requiring sound alert systems for EVs traveling at speeds of 20 Kmph to safeguard pedestrians amidst traffic. This proactive measure addresses the reduced noise levels of EVs compared to traditional vehicles, posing potential hazards. Consequently, there's a growing demand for tailored alert systems, signaling significant market growth. Concurrently, India has embarked on initiatives like the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME I and II) to promote EV production and adoption, aligning with international emissions reduction goals and enhancing e-mobility amid rapid urbanization. The substantial investment of USD 1.4 billion in FAME II until 2022 underscores India's commitment to fostering an EV-friendly ecosystem and embracing eco-friendly transportation solutions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Acoustic Vehicle Alerting System Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Acoustic Vehicle Alerting System Market Segmental Analysis

The global Acoustic Vehicle Alerting System market is segmented into various major segments. By propulsion type, the market is fragmented into the BEV and PHEV. This market is segmented based on vehicle type into two-wheelers, passenger vehicles, and commercial vehicles. Based on sales channels, the market is divided into OEM and aftermarket. This market is categorized into geographies, including North America, Europe, Asia Pacific, and the rest of the world.

Drivers of the Global Acoustic Vehicle Alerting System Market

The rapid rise in electric vehicle (EV) adoption stems from various factors, primarily fueled by increasing concerns over environmental pollution and the urgent need to mitigate greenhouse gas emissions. Governments and policymakers globally have been actively promoting EV uptake through incentives, subsidies, and the implementation of stricter emissions standards. Nonetheless, with the proliferation of EVs, a notable apprehension emerges regarding road safety. Unlike traditional Internal Combustion Engine (ICE) vehicles, EVs do not produce typical sound emissions, raising significant concerns about their potential impact on road safety as they offer reduced auditory cues for pedestrians and other road users.

Restraints in the Global Acoustic Vehicle Alerting System Market

Automakers face significant challenges due to divergent regulations across countries and regions regarding the installation of artificial sound systems in electric vehicles. The lack of standardized regulations not only complicates matters but also poses hurdles that could hinder market growth. Additionally, the cost implications of implementing acoustic vehicle alert systems in electric vehicles raise significant considerations, especially in price-sensitive markets. Balancing the need to reduce production costs with ensuring system effectiveness presents a notable challenge. Given the automotive industry's historical pattern of gradual adoption of new technologies, transitioning to and implementing these acoustic alert systems in electric vehicles may follow a similar pace.

Market Trends of the Global Acoustic Vehicle Alerting System Market

Advancements in acoustic vehicle alert systems have marked substantial progress in sophistication and effectiveness. Manufacturers have focused on developing sound generation systems that not only comply with regulations but also resonate more deeply with pedestrians and drivers. Innovations include features like sound directionality and customization, ensuring alerts are noticeable for safety without being overly intrusive. Moreover, some systems seamlessly integrate with vehicle infotainment setups, giving drivers greater control over emitted sounds.