The rising deployment of electric vehicles (EVs) all over the world is one of the major factors responsible for the mushrooming global demand for acoustic vehicle alerting systems. According to various reports, the sales of electric cars grew by more than 2 million from 2018 to 2019. Furthermore, it was found that more than 7.1 million electric cars were sold around the world in 2019. By 2030, the total electric car fleet is predicted to rise above 130 million.
With the rising deployment of EVs, because of the increasing concerns being raised over the escalating pollution levels and the rising implementation of several favorable government regulations, the requirement for various vehicle components such as acoustic vehicle alerting systems (AVASs) is surging around the world. Besides these, the rapidly falling costs of the various components and parts used in EVs are also fueling the sales of AVASs across the world.
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Because of the aforementioned factors, the sales of AVASs are rising around the world, which is, in turn, fueling the growth of the global acoustic vehicle alerting system market. According to the forecast of P&S Intelligence, a market research company based in India, the capacity of the market will grow at a CAGR of 11.9% between 2020 and 2030. Furthermore, the market is predicted to reach a valuation of ,578.8 million by 2030.
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 acoustic vehicle alerting system is currently the highest in APAC.
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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.