The global Passenger electric vehicle sound generator market is expected to generate an absolute $ opportunity of more than US$ 241 million by the end of the forecast period, surpassing a valuation of US$ 324 million. Exterior sound generators are used in electric and hybrid vehicles to provide external sound because these vehicles are quiet and so pose a risk of collisions with pedestrians. Several governments are drafting and adopting new motor vehicle rules, including mandating the installation of electric vehicle sound generators in all electric and hybrid vehicles, in order to avoid such negative scenarios.
For example, the European Union developed a law in July 2019 that mandates the use of electric vehicle sound generators in all electric and hybrid vehicles marketed in EU member countries. The Chinese government issued new guidelines in September 2019 for the usage of acoustic vehicle warning systems in electric and hybrid vehicles. Such law, together with the growing usage of electric vehicles, opens up a plethora of options for electric vehicle sound generator makers. On this basis, the global electric vehicle sound generator market is expected to rise at a staggering CAGR of over 14% from 2019 to 2029.
Passenger Electric Vehicle Sound Generators Market: Key Takeaways
- From 2019 to 2029, the global electric vehicle sound generator market is expected to grow at a value CAGR of 14.5 percent, with a 3.9X increase in volume.
- Passenger vehicles will account for the largest part in terms of value, with an estimated value of US$ 263 million by the end of the projection period (2019-2029).
- By the conclusion of the forecast period, light commercial vehicles are predicted to increase at a volume CAGR of 14 percent, gaining 80 BPS.
- During the forecast period, the OEM sales channel is expected to account for the largest share in terms of value, with an absolute $ opportunity of more than US$ 227 million.
- By the conclusion of the forecast year, light commercial vehicles (LCV) and heavy commercial vehicles (HC) are expected to increase at volume CAGRs of 14 percent and 9.8 percent, respectively, creating an absolute $ potential of more than US$ 32 million.
- By the conclusion of the forecast period, the aftermarkets sales channel is expected to have grown at a value CAGR of more than 10% and will be worth more than US$ 20 million.
- By the end of the forecast period, Japan is predicted to have the largest share of the worldwide electric vehicle sound generator market, growing 2.4 times faster than North America.
- By the end of the projected period, APEJ is expected to have a significant market share in terms of value, with a gain of 980 BPS on its market share in terms of value.
“The global electric vehicle sound generator market will generate huge opportunities as governments in various countries introduce new motor vehicle regulations requiring the usage of electric vehicle sound generators while also expanding the adoption of electric vehicles,” says the report.
OEMs to Hold Maximum Share in Global Revenue Generation
Electric car sales have risen dramatically in the previous five years and are likely to continue to rise in the coming years. Furthermore, governments in a number of countries, including the United States and members of the European Union, have mandated the installation of electric vehicle sound generators in all new electric and hybrid vehicles, creating lucrative opportunities for original equipment manufacturers (OEM) of electric vehicle sound generators.
OEMs are expected to capture more than 4/5th of the worldwide electric vehicle sound generator market by the end of 2029, according to MR’s analysis.
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