Acoustic Vehicle Alerting System Market Research 2024 - Industry Analysis, Size, Share, Future Trends, Growth Opportunities And Forecast 2033

Global acoustic vehicle alerting system market size is expected to reach $3.97 Bn by 2028 at a rate of 18.6%, segmented as by vehicle type, passenger car, light commercial vehicle, heavy commercial vehicle

Oct 29, 2024 - 10:43

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The acoustic vehicle alerting system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Acoustic Vehicle Alerting System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

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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Scope Of Acoustic Vehicle Alerting System Market

The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Acoustic Vehicle Alerting System Market Overview

Market Drivers -

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.

Market Trends -

Major companies operating in the acoustic vehicle alerting system (AVAS) market are focusing on technological advancements such as hardware-based configuration to enhance the effectiveness and reliability of the alerting systems. A hardware-based configuration incorporating a warning sound generator, fader, and equalizer eliminates the need for software validation. This approach ensures reliable performance and simplifies the system design by relying solely on physical components. For instance, in January 2024, LAPIS Technology Co. Ltd., a Japan-based electronic parts manufacturer, introduced the ML22120xx series. These are the industry's first dedicated speech synthesis integrated circuits (ICs) for AVAS in electric vehicles (xEVs). These ICs meet regulations that require AVAS to emit continuous sounds at low speeds (under 30 km/h or 18.6 mph) to alert pedestrians. The ML22120xx series includes a warning sound generator, fader, and equalizer, eliminating the need for complex software validation and reducing development time. Additionally, they feature a fault detection function to enhance vehicle reliability.

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

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Regional Insights -

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.

Key Companies -

Major companies operating in the acoustic vehicle alerting system market are <b>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.</b>

Table of Contents

1. Executive Summary

2. Acoustic Vehicle Alerting System Market Report Structure

3. Acoustic Vehicle Alerting System Market Trends And Strategies

4. Acoustic Vehicle Alerting System Market – Macro Economic Scenario

5. Acoustic Vehicle Alerting System Market Size And Growth

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27. Acoustic Vehicle Alerting System Market Competitor Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis

30. Appendix

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