The ballooning usage of electric vehicles (EVs) is one of the main factors driving the sales of acoustic vehicle alerting systems (AVASs) across the world. With rising pollution levels and the growing public awareness of the environmental pollution caused due to the usage of fossil fuel-powered vehicles, the popularity of electric vehicles is rising rapidly across the globe. Additionally, many governments are implementing policies aimed at promoting the deployment of electric vehicles, in order to mitigate the pollution levels.
Because of the aforementioned factors, the sales of electric vehicles are mushrooming around the world. According to many surveys, in 2019, more than 7.1 million electric cars were sold all over the world, registering a rise of more than 2 million from 2018. Furthermore, it is predicted that the total sales of electric cars will surpass 130 million by 2030. This would, in turn, push up the demand for AVASs.
Apart from the above-mentioned factors, the rapidly reducing prices of various electric vehicle components such as those used in the acoustic vehicle alerting systems is also fueling the demand for these systems across the globe. The prices of speakers, battery packs, amplifiers, and copper coils are predicted to reduce by more than 30% from 2019 to 2025. Furthermore, the prices of permanent magnets, which are ceramic ferrite-based materials, are predicted to decline by nearly 24% from 2019 to 2025.
The rising sales of acoustic vehicle alerting systems are propelling the advancement of the global acoustic vehicle alerting system market. The market attained a capacity of 24.7 million in 2019 and is now predicted to generate a revenue of $10,578.8 million by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would progress at a CAGR of 11.9% between 2020 and 2030.
Acoustic vehicle alerting systems are installed in various types of electric vehicles namely battery electric vehicles (BEVs), fuel cell electric vehicles (FCEVs), and plug-in hybrid electric vehicles (PHEVs). Out of these, the usage of these systems is predicted to be the highest in the BEVs in the forthcoming years. The rising implementation of favorable government policies regarding the deployment of BEVs is the main factor responsible for the soaring demand for the adoption of AVASs in these vehicles.
Globally, the acoustic vehicle alerting system market is predicted to exhibit the highest growth in the Asia-Pacific (APAC) region in the forthcoming years. The electric vehicle industry is currently registering the highest growth in China, with sales of over 90% of the global electric two-wheeler sales (15 million units of motorbikes, scooters, and mopeds) and nearly 50% of the worldwide sales of electric cars in 2019. Because of this reason, the demand for AVASs is currently the highest in APAC.
Hence, it can be safely concluded that the sales of AVASs would surge all over the world in the years to come, mainly because of the increasing deployment of electric vehicles across the globe, on account of the rapid environmental degradation because of the usage of conventional vehicles and the rising enactment of favorable government policies.
