Surpassing a valuation of US$ 324 million, the global electric vehicle sound generator market is projected to create an absolute $ opportunity of more than US$ 241 Mn by the end of forecast period. Electric vehicle sound generators are used for external sound creation in electric & hybrid vehicles as these vehicles are quiet and thus pose a threat of accidents with pedestrians. In order to avoid such adverse situations, governments of several countries are developing & implementing new motor vehicle regulations and mandating installation of electric vehicle sound generators in all electric and hybrid vehicles.
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For instance, in July 2019, European Union developed a regulation to make use of electric vehicle sound generators compulsory in all electric and hybrid vehicles sold in the member countries of EU. In September 2019, government of China implemented new guidelines regarding use of acoustic vehicle alerting systems for electric & hybrid vehicles.
Such legislations along with the increasing adoption of the electric vehicles creates humongous opportunities for the manufacturers of electric vehicle sound generators. On this premise, global electric vehicle sound generator market is projected to grow at an astounding CAGR of more than 14% between 2019 and 2029,
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Key Takeaways of Electric Vehicle Sound Generator Market
- Global electric vehicle sound generator market is projected to grow at a value CAGR of 14.5% and it is anticipated to expand by 3.9X from 2019 through 2029.
- Passenger vehicles will hold maximum share in terms of value and are projected to be valued at US$ 263 million by the end of forecast period (2019 – 2029).
- Light commercial vehicles is expected to grow at a volume CAGR of 14% and will gain 80 BPS by the end o0f forecast period.
- OEM sales channel is projected to account for majority share in terms of value and is anticipated to create an absolute $ opportunity of more than US$ 227 Mn during the forecast period.
- Light commercial vehicles (LCV) & heavy commercial vehicles (HC) are projected to grow at a volume CAGR of 14% & 9.8% respectively and will collectively create an absolute $ opportunity of more than US$ 32 million by the end of forecast period.
- Aftermarkets sales channel is anticipated to grow at a value CAGR of more than 10% and will account for valuation of more than US$ 20 Mn by the end of forecast period.
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- Japan is projected to hold maximum share in global electric vehicle sound generator market and is expected to grow 2.4X more than North America by the end of forecast period.
- APEJ is expected to hold substantial share in terms of value and it will gain 980 BPS on its market share in terms of value by the end of forecast period.
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.
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Manufacturers Focusing on Expansion of their Product Portfolio
Global electric vehicle sound generator market is highly competitive with few players accumulating majority of the share. Manufacturers are developing new products in order to increase their reach and maintain their position in the market. For instance, in September 2019, Kia Motors launched two hybrid vehicles XCeed and Ceed Sports-Wagon with its new virtual engine sound system.
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