The International Energy Agency (IEA) forecasts that the global stock of plug-in hybrid electric vehicles (PHEV) (trucks) and battery electric vehicles (BEV) (trucks) will rise from 228 units in 2020 to 900,264 units by 2030 and 30,872 units in 2020 to 860,942 units by 2030, respectively. The IEA also predicts that the global PHEV (cars) and BEV (cars) stock would surge from 3,346,713 units in 2020 to 44,355,904 units by 2030 and 6,850,327 units in 2020 to 79,975,992 units by 2030, respectively. The rising electric vehicle (EV) sales is fueling the requirement for acoustic vehicle alerting systems (AVAS).
Moreover, the declining cost of automobile components, such as speakers, amplifiers, copper coils, and battery backs, will help the acoustic vehicle alerting system market display a healthy value CAGR of 11.9% during 2020–2030. According to P&S Intelligence, 24.7 million AVAS were installed in electric two-wheelers and passenger cars in 2019. The market is expected to generate $10,578.8 million revenue by 2030. AVAS has become an integral part of EVs because it concerns pedestrian safety, especially of the more-vulnerable sections, such as aged people, children, blind people, and individuals with partial vision.
In recent years, manufacturers have launched new and improved AVAS components for automobile original equipment manufacturers (OEMs) and aftermarket entities. For instance, in June 2019, Nissan Motor Co. Ltd. contracted Studio Man Made Music and Danni Venne to conceptualize the sound for the AVAS to be installed in Nissan Leaf and other upcoming EVs. This step was taken in accordance with the National Highway Traffic Safety Administration (NHTSA) regulations to keep EV and hybrid vehicles’ pedestrian safety quotient at par with their internal combustion engine models.
Similarly, in July 2019, sound experts of Daimler AG designed an identifiable note for Mercedes EVs at its acoustic test facility at the Mercedes-Benz Technology Centre in Sindelfingen, Germany. This note has been created in adherence to the European Union (EU) directive that propounds that any new EV in Europe must feature an acoustic warning up to a speed of 20 km/h. Other companies working toward the creation of advanced AVAS components are Mando Corporation, Honda Motor Co. Ltd., Renault–Nissan–Mitsubishi Alliance, Robert Bosch GmbH, Volkswagen AG, and DENSO CORPORATION.
Globally, Asia-Pacific (APAC) led the acoustic vehicle alerting system market in the recent past, and it is expected to retain its dominance in the upcoming years. This can be ascribed to the burgeoning demand for EVs in developing countries, such as India and China, owing to the rising government focus on mitigating environmental issues and reducing their dependence on oil imports. As China is one of the leading producers of EVs in the world, it has emerged as the largest consumer of AVAS in the region.
Whereas, Europe is expected to adopt AVAS components at the highest rate in the foreseeable future owing to the burgeoning EV and hybrid vehicle sales and increasing implementation of government regulations that mandate the inclusion of such components. For instance, the EU plans to phase out ICE-driven vehicles to mitigate greenhouse gas emissions and reduce oil imports. Many European nations aim to ban ICE-powered automobile sales between 2030 and 2040.
Therefore, the booming EV sales and plunging automobile component prices will fuel the adoption of AVAS globally.
