Proliferation of Electric Passenger Car Parc to Bolster Demand for Electric Vehicle Sound Generators
Global automotive vehicle market is currently undergoing disruptive changes with the introduction and rapid commercialization of electric vehicles. Electric vehicles are being adopted hastily as they offer competitive advantages over conventional vehicles such as zero emissions and optimised energy efficiency. In addition, governments of several countries are offering various incentive schemes such as tax credit and rebates to encourage customers to buy electric vehicles over conventional vehicles in order to reduce environment pollution.
For instance, government of China offers a subsidy of US$ 6,750 to US$ 14,000 to customers on purchase of electric or hybrid vehicle. As a result, electric passenger car parc has increased substantially in the last couple of years and it is expected to grow at a faster rate over next ten years. Electric vehicle sound generators are installed in electric vehicles for alerting presence of the vehicle to pedestrians in order to avoid accidents. Increasing Demand for electric passenger cars is the most crucial factor expected to drive the demand for electric vehicle sound generators. In the global electric vehicle sound generator market, passenger car vehicles are projected to create an absolute $ opportunity of more than US$ 193 million and are poised to be valued at more than US$ 263 million by the end of forecast period (2019 – 2028), predicts the report published by Fact.MR.
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OEMs to Hold Maximum Share in Global Revenue Generation
Global electric vehicle sales have increased significantly since last five years, and are expected to increase in the upcoming years. In addition, governments of several countries such as US & members of European Union have now mandated installation of electric vehicle sound generators in all new electric & hybrid vehicles which creates lucrative opportunities for the original equipment manufacturers (OEM) of electric vehicle sound generators. In Fact. MR’s report, it is projected that OEMs are set to grab more than 4/5th share of the global electric vehicle sound generator market by the end of 2029.
Asia Pacific is poised to Outperform Other Regions
Electric vehicle sound generators are increasingly being adopted by the leading electric vehicle manufacturers. Countries in Asia Pacific such as Japan & China which are some of the largest electric automotive manufacturing countries in the world are expected to hold maximum share in the global electric sound generator market. Asia Pacific has emerged as a global manufacturing hub for electric vehicles. In addition, efforts taken by the governments of the countries in the region to boost adoption of electric vehicles such as government of India approved electric vehicle incentive schemes worth US$ 1.4 billion, makes the region more suitable for manufacturers of electric vehicle sound generators. Asia Pacific is expected to grow at a value CAGR of ~15% and it is expected to hold market share of more than 60% in terms of value by the end of 2029, reveals Fact. MR’s report.
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Product Development to be an Important Stimulator for Electric Vehicle Sound Generator Market
After the installation of electric vehicle sound generators are made mandatory by several governments, key automotive component industry leaders are entering the electric vehicle sound generator market and introducing new products in the segment in order to achieve strong position in the market. For instance, in October 2019, a German automotive part supplier Hella KGaA Hueck & Co. launched Acoustic Vehicle Alert System (AVAS) and in July 2017, manufacturer of electromagnetic components for industrial and automotive applications Kendrion N.V. launched external sound generators that can produce customized engine sounds for electric and hybrid vehicles.
Electric Vehicle Sound Generator Market - Scope of the Report
Fact.MR recently published a market study on the global market for electric vehicle sound generator. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the electric vehicle sound generator market structure. The market study presents exclusive information about how the electric vehicle sound generator market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the electric vehicle sound generator market in the forecast period.
The study is relevant for stakeholders in the electric vehicle sound generator market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the electric vehicle sound generator market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the electric vehicle sound generator market. It also offers actionable insights based on future trends in the electric vehicle sound generator market. Furthermore, small businesses and new entrants in the electric vehicle sound generator market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Electric Vehicle Sound Generator Market
Fact.MR’s study on the electric vehicle sound generator market offers information divided into four key segments— vehicle type, sales channel and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Fact.MR’s Electric Vehicle Sound Generator Market Report
- Which regions will continue to remain the most profitable regional markets for electric vehicle sound generator market players?
- Which factors will induce a change in the demand for electric vehicle sound generator during the assessment period?
- How will changing trends impact the electric vehicle sound generator market?
- How can market players capture the low-hanging opportunities in the electric vehicle sound generator market in developed regions?
- Which companies are leading the electric vehicle sound generator market?
- What are the winning strategies of stakeholders in the electric vehicle sound generator market to upscale their position in this landscape?
Electric Vehicle Sound Generator Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the electric vehicle sound generator market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the electric vehicle sound generator market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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