In-vehicle Acoustic Sound Generator Market: Introduction
- Rise in preference toward electric vehicles among consumers across the globe is a prominent factor boosting the global in-vehicle acoustic sound generator market. In-vehicle acoustic generators are usually adopted in hybrid, electric, and plug-in hybrid vehicles, as these vehicles create very low sound during operation. The in-vehicle acoustic sound generators produce sound in order to alert the nearby cyclists, pedestrians, visually impaired individuals, and other road users about the vehicle’s presence.
Key Drivers of In-vehicle Acoustic Sound Generator Market
- Enactment of regulations pertaining mandatory installment of acoustic sound generator in vehicles is expected to drive the global in-vehicle acoustic sound generator market. For instance, the U.S. government has asked automakers to comply with new regulations mandating installment of electric vehicle acoustic generator by 2024. Moreover, similar regulations are being enacted across Europe and Japan. This, in turn, is offering lucrative opportunity for OEM players engaged in the in-vehicle acoustic sound generator market across the globe.
- According to Bloomberg New Energy Finance (BNEF), over 500 different electric vehicle models are expected to be available globally by 2024. Additionally, major strategies adopted by automakers such as investments & expansions, contracts & agreements, and new product launches, mergers & acquisitions have emerged as a key strategy among key players, as companies look to strengthen their service offerings in terms of electric vehicles and expand geographic market reach by offering their products.
- According to a report published by Bloomberg New Energy Finance (BNEF), electric vehicles are expected to contribute to around 10% of global passenger vehicle sales by 2025, which is estimated to increase to 28% in 2030 and 58% in 2040. The adoption of in-vehicle acoustic sound generator in electric vehicles is expected to offer lucrative opportunity to OEMs during the forecast period.
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Europe to account for prominent share of global in-vehicle acoustic sound generator market
- In terms of region, the global in-vehicle acoustic sound generator market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific is expected to account for a major share of the global in-vehicle acoustic sound generator market owing to increase in trend toward electric vehicles among consumers across the region. Additionally, government organizations across countries in Asia Pacific are providing various subsidies for consumers to purchase electric vehicles. For instance, the Government of China provides a subsidy of US$ 6,750 to US$ 14,000 to consumers on purchase of electric or hybrid vehicles; subsequently, the sale of electric passenger vehicles has increased significantly in the last couple of years. Sales of EVs are expected to continue to increase during the forecast period across Asia Pacific, thereby fueling the in-vehicle acoustic sound generator market across Asia Pacific.
Key Players Operating in In-vehicle Acoustic Sound Generator Market
The global in-vehicle acoustic sound generator market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global in-vehicle acoustic sound generator market are:
- Aptiv
- BMW AG
- Brigade Electronics
- Continental AG
- Daimler AG
- Delphi Technologies
- Denso Corporation
- Harman International
- Honda Motor Co., Ltd.
- Kendrion N.V.
- Kufatec GmbH & Co. Kg
- Mando-Hella Electronics Corp.
- Nissan Motor Company Ltd.
- Sound Racer
- STMicroelectronics
- Tesla Inc.
- Texas Instruments
- Volkswagen AG
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Global In-vehicle Acoustic Sound Generator Market: Research Scope
Global In-vehicle Acoustic Sound Generator Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
Global In-vehicle Acoustic Sound Generator Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Global In-vehicle Acoustic Sound Generator Market, by Product Type
- Treble Sound Generator
- Bass Sound Generator
Global In-vehicle Acoustic Sound Generator Market, by Sales Channel
- OEM
- Aftermarket
