Expanding global outlook of electric vehicles (EV) is a key enabler as well as accelerator for the strides in the electric vehicle (EV) sound generators market. Copious efforts by industry players of all hues in mainstreaming of electric vehicles on the back of governments’ supports in various parts of the world has spurred on development initiatives of original equipment (OEM) manufacturers. A large part of the demand comes from the focus on OEMs in imparting high safety to these electric vehicles. By the nature of the electronics used in different types of electric vehicles such as BEV, BHEV, and HEVs, these emit low to negligible sound, particularly when they run on low speed of less than 20 km per hour. Hence, the use of EV sound generators is a crucial mechanism to ensure the safety of pedestrians and cyclists.
The study offers a critical assessment of all growth drivers, new avenues in emerging markets, trends supporting the growth of the top regional markets, and key impediments to market stakeholders. The research details the changing competitive dynamics by offering insights on how the shares of the leading players will change during the assessment period of 2024 – 2030.
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Electric Vehicle Sound Generators Market: Key Trends
Rise in the trend of electrification of the transportation industry is a key driver for the growth of the EV sound generators market. OEMs particularly of passenger vehicles have been reaping large revenue gains. The stringent implementation of government regulations pertaining to safety of EVs’ operation has spurred on the demand for sound generator systems among automakers. Further, the growing aftermarket sales in some of the developed nations, such as in Japan and the U.S., has also bolstered the prospects of the EV sound generators market.
Installation of advanced sound generators in new electric vehicles, notably in hybrids ones, is boosting the growth of the EV sound generators market. Of all the segments, OEMs have been tapping colossal revenue gains in recent years.
Growing number of battery-powered light commercial vehicles has fueled the prospects in the EV sound generators market. Growing number of financial initiative by governments from time to time has added momentum to the overall market expansion.
Electric Vehicle Sound Generators Market: Competitive Analysis and Key Developments
Numerous aspiring players are forging new partnerships and getting into strategic collaborations with OEMs has upped the ante for new technologies in the EV sound generators market. Several players are focusing on new product developments to gain a stronghold in the EV sound generators market. Further, automotive part suppliers are focusing on unveiling technologies that allow automakers to incorporate customized sound generators. Such developments intensify the intensity of competition in the EV sound generators market.
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Several players have ramped up their investments on research and development activities to meet the demands for end-use industries in addition to automotive, such as industrial requirements. Some of the well-entrenched players in the EV sound generators market are:
- KUFATEC GmbH
- Volkswage AG
- Denso Corporation
- Nissan Motor Co. Ltd.
- Tesla Inc.
- HARMAN International
- BMW AG
- Continental AG
- Mando Hella Electronics Corp
- Delphi Technologies
Electric Vehicle Sound Generators Market: Regional Assessment
Some of the regions contributing to the overall revenues in the EV sound generators market are North America, Europe, Asia Pacific, the Middle East and Africa, Latin America, and Japan. Of all the regional markets, Asia Pacific has seen a remarkable rise in revenue potential for OEM over the past few years. This is on account for the fast pace of commercialization of electric vehicles, especially in India and China. Further, substantial governments support for adopting EVs in transportation industry has spurred the demand for sound generator mechanism for passenger vehicles in recent years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
