Silent But Safe: Analyzing Key Trends and Growth Prospects in the Acoustic Vehicle Alerting System Market
As the adoption of electric vehicles (EVs) shoots up, the production of acoustic vehicle alerting systems (AVAS) will also surge exponentially. It is being speculated that the total number of electric cars might reach around 130 million by 2030. The rapid shift to these new-energy vehicles can be primarily owed to the rising consciousness about the high air pollution levels. To control the emission of toxic vehicular pollutants, governments and international regulatory bodies are implementing policies supporting the adoption and production of EVs.
In the coming years, automobile manufacturers will start installing AVASs in four-wheelers at a higher rate than in two-wheelers. This will be due to the rapid adoption of light-duty trucks and electric cars owing to the reduction in their prices, innovations in features, and easy availability of several models. In the developed economies of Europe and North America, AVASs will be extensively integrated into four-wheelers, whereas in emerging economies like India and China, most pieces of AVAS equipment will be installed in two-wheelers.
Browse Full Report Acoustic Vehicle Alerting System Market Historical Data & Forecasts
According to P&S Intelligence, the Asia-Pacific (APAC) region will be the largest user of AVASs in the world owing to the large-scale adoption of EVs in the emerging economies of India and China. These nations view EVs as a suitable alternative to conventional vehicles and an effective way to achieve energy security, as these nations are highly dependent on oil imports for their energy requirements. The region is also home to several EV and component manufacturers, including those that provide AVASs. Among the APAC nations, China registers the highest sales of AVAS components because it is the world’s leading producer and user of EVs.
Thus, the rapid shift toward EVs and strong support of governments for developing new technologies will boost the adoption of AVAS in the foreseeable future.