Electric Vehicle Sound Generator Market
Electric Vehicle Sound Generator Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Others (Electric Golf Carts, Quadricycles, Other NEVs)), By Sales Channel (OEM, Aftermarket), By Region - Global Market Insights 2019 to 2029
Analysis of Electric Vehicle Sound Generator market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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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.
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.
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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.
By Vehicle Type :
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others (Electric Golf Carts, Quadricycles, Other NEVs)
By Sales Channel :
By Region :
- North America
- Latin America
- APEJ (Asia Pacific Ex. Japan)
- MEA (Middle Eas
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Major Key players present in the global market are: Delphi Technologies, Denso Corporation, Continental AG, HARMAN International, Nissan Motor Company Ltd., Tesla Inc.
The global Electric Vehicle Sound Generator market is segmented on the basis of vehicle type, sales channel and region.