Acoustic Vehicle Alerting System Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
The acoustic vehicle alerting system market consists of revenues earned by entities by providing services such as installation, maintenance, and software updates for the AVAS units. The market value includes the value of related goods sold by the service provider or included within the service offering. The acoustic vehicle alerting systems market also includes sales of sound generators, speakers, and speed sensors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast
The acoustic vehicle alerting system market size has grown rapidly in recent years. It will grow from $1.69 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%.  The growth in the historic period can be attributed to regulatory mandates for pedestrian safety, increased urbanization leading to higher traffic densities, growing concern for environmental noise pollution, adoption of directional sound technology for precise pedestrian alerts, and raising awareness of visually impaired pedestrians' safety needs.

The acoustic vehicle alerting system market size is expected to see rapid growth in the next few years. It will grow to $3.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%.  The growth in the forecast period can be attributed to integration with autonomous vehicle systems, consumer demand for customizable avas sounds, the emergence of smart city infrastructure supporting AVAS, collaboration between automakers and the audio industry for enhanced AVAS solutions, and stricter global safety standards driving avas adoption. Major trends in the forecast period include advancements in electric vehicle technology, the development of AI-driven AVAS for context-aware alerts, integration of AVAS with vehicle-to-everything (V2X) communication, the evolution towards interactive avas systems with pedestrian feedback mechanisms and standardization of AVAS protocols for interoperability and safety.

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Segmentation & Regional Insights
The acoustic vehicle alerting system market covered in this report is segmented –

1) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
2) By Propulsion Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Fuel Cell Electric Vehicles (FCEV)
3) By Technology: Speaker-Based System, Exterior Sound Generation Devices, In-Cabin Sound Generation System
4) By Mounting Position: Integrated, Separated
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket

Asia-Pacific was the largest region in the acoustic vehicle alerting system market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the acoustic vehicle alerting system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing electric vehicle sales are expected to propel the growth of the acoustic vehicle alerting system market going forward. An electric vehicle (EV) is a car powered by an electric motor using energy stored in batteries, offering a cleaner alternative to traditional internal combustion engine vehicles. EV demand is rising due to increasing environmental awareness, government incentives, and advancements in technology, making them more practical and affordable. Acoustic vehicle alerting systems (AVAS) are utilized in electric vehicles to generate artificial sound to alert pedestrians and cyclists to the vehicle's presence. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of that year, a 25% increase from the same period last year. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Therefore, increasing electric vehicle sales are driving the growth of the acoustic vehicle alerting system market.

Key Industry Players
Major companies operating in the acoustic vehicle alerting system market are Siemens AG, DENSO Corporation, Continental AG, Mitsubishi Electric Corporation, Valeo Group, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, Analog Devices Inc., Harman International Industries Inc., Autoliv Inc., Microchip Technology Incorporated, Hella GmbH & Co. KGaA, ROHM Co. Ltd., Brigade Electronics Inc, ERA Elektronik A.Ş., Ardent-uk, luis technologies, Grewus GmbH, TH Köln, Seger Ses ve Elektrikli Gereçler San. A.Ş.

The acoustic vehicle alerting system market report table of contents includes:

1. Executive Summary
2. Acoustic Vehicle Alerting System Market Characteristics
3. Acoustic Vehicle Alerting System Market Trends And Strategies
4. Acoustic Vehicle Alerting System Market - Macro Economic Scenario
5. Global Acoustic Vehicle Alerting System Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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