The global acoustic vehicle alerting system market was valued at USD 1120.2 million in 2023 and is expected to grow significantly, reaching USD 1213.9 million in 2024 and USD 2308.4 million by 2031. This expansion, driven by a CAGR of 9.62%, is fueled by rising EV adoption, stringent safety regulations, and increasing awareness of pedestrian safety worldwide.

Market Growth and Trends

This growth trajectory is primarily attributed to the rapid adoption of EVs and the increasing emphasis on pedestrian safety. As governments worldwide implement stringent regulations mandating the inclusion of AVAS in EVs, manufacturers are compelled to integrate these systems to comply with safety standards.

The rise in road accidents involving pedestrians has further underscored the need for AVAS. According to the World Health Organization, approximately 1.24 million individuals die annually due to road traffic crashes. If this trend continues, road traffic incidents could become the seventh leading cause of death by 2030. Such alarming statistics have prompted a heightened focus on preventive measures, including the integration of AVAS in vehicles to enhance pedestrian safety.

Demand Dynamics

The escalating demand for EVs, driven by environmental concerns and government incentives, has directly influenced the growth of the AVAS market. As consumers become more environmentally conscious, the shift towards sustainable transportation options has accelerated. However, the silent operation of EVs poses risks to pedestrians, especially those who are visually impaired. This has led to a surge in demand for AVAS to mitigate potential hazards.

Government initiatives play a pivotal role in shaping the demand dynamics of the AVAS market. For instance, the National Highway Traffic Safety Administration (NHTSA) in the United States has mandated the inclusion of AVAS in all new hybrid and electric vehicles. Similarly, the European Union has introduced regulations requiring AVAS in new EVs to ensure pedestrian safety. These regulatory measures have created a conducive environment for the widespread adoption of AVAS.

Full Report Now: https://www.kingsresearch.com/acoustic-vehicle-alerting-system-market-1405

Key Companies in Acoustic Vehicle Alerting System Market:

• Continental Engineering Services
• DENSO ELECTRONICS CORPORATION
• Maruti Suzuki India Ltd.
• HELLA GmbH Co. KGaA
• SoundRacer AB
• Volkswagen
• Mercedes-Benz AG
• HARMAN International
• General Motors
• Brigade Electronics Group Plc
• STMicroelectronics

Market Segmentation

The AVAS market can be segmented based on vehicle type, propulsion, and sales channel.

Vehicle Type:

• Passenger Vehicles: This segment dominated the market in 2022, driven by the increasing adoption of electric passenger cars. As consumers seek environmentally friendly transportation options, the demand for EVs equipped with AVAS has risen significantly.
• Commercial Vehicles: The commercial vehicle segment is also experiencing growth, particularly with the rise of electric buses and delivery trucks. The need to ensure pedestrian safety in urban areas where these vehicles operate has necessitated the integration of AVAS.
• Two-Wheelers: Electric two-wheelers, such as scooters and motorcycles, are gaining popularity, especially in densely populated regions. The incorporation of AVAS in these vehicles is essential to alert pedestrians of their presence.

Propulsion:

• Battery Electric Vehicles (BEV): BEVs, which rely solely on electric power, are inherently silent, making AVAS crucial for pedestrian safety. The growing popularity of BEVs has significantly contributed to the demand for AVAS.
• Plug-in Hybrid Electric Vehicles (PHEV): PHEVs combine internal combustion engines with electric propulsion. While they produce noise when the engine is running, they operate silently in electric mode, necessitating the inclusion of AVAS.
• Hybrid Electric Vehicles (HEV): Similar to PHEVs, HEVs can operate in electric mode, during which they are quiet. The integration of AVAS in HEVs ensures they meet safety standards during silent operation.

Sales Channel:

• Original Equipment Manufacturer (OEM): The OEM segment held the largest market share in 2022. Vehicle manufacturers are integrating AVAS during the production process to comply with regulatory mandates and enhance safety features.
• Aftermarket: The aftermarket segment caters to existing EVs that were produced without AVAS. As regulations become more stringent, vehicle owners are retrofitting their vehicles with AVAS to adhere to safety standards.

Regional Analysis

Asia-Pacific:

Asia-Pacific dominated the AVAS market in 2022, with countries like China and Japan leading the charge in EV adoption. China's aggressive push towards electrification, supported by government incentives and a robust manufacturing sector, has propelled the demand for AVAS. Japan's commitment to automotive safety and technological innovation has also contributed to the widespread implementation of AVAS in vehicles.

Europe:

Europe accounted for a significant share of the AVAS market, driven by stringent environmental regulations and a strong emphasis on road safety. The European Union's mandate for AVAS in new EVs has accelerated adoption across member countries. Additionally, the region's focus on reducing carbon emissions has spurred the growth of the EV market, subsequently boosting the demand for AVAS.

North America:

North America, particularly the United States, has witnessed substantial growth in the AVAS market. Government regulations, such as those enforced by the NHTSA, require AVAS in new EVs to enhance pedestrian safety. The increasing consumer shift towards sustainable transportation options has further fueled the demand for AVAS in the region.

Conclusion

The global Acoustic Vehicle Alerting System market is poised for significant growth, driven by the rapid adoption of electric vehicles and heightened awareness of pedestrian safety. Regulatory mandates across various regions have necessitated the integration of AVAS in EVs, compelling manufacturers to innovate and comply with safety standards. As technology advances and consumer demand for sustainable transportation rises, the AVAS market is expected to continue its upward trajectory, playing a crucial role in the future of automotive safety.