Increasing production of electric and hybrid vehicles across the globe is anticipated to drive the growth of the market in the coming years
Electric vehicle sound generators are also referred to as acoustic vehicle alerting systems (AVAS). They are essentially devices generating sound and are fitted to hybrid, electric and plug-in hybrid vehicles to emit vehicle running sound at high and low speeds to warn cyclists, pedestrians, visually impaired individuals and other road users about vehicle presence.
Persistence Market Research has come up with a new enticing study on electric vehicle sound generators which speaks about latest trends, developments and opportunities in the global market. It also emphasizes on the future market scenario by including forecast analysis for a period of eight years, from 2017 till 2025. The research study covers various drivers and challenges that are influencing the growth of the global electric vehicle sound generator market and their respective magnitudes across regions. In the dynamically changing scenario, according to us, the global electric vehicle sound generator market is expected to grow at a meteoric value CAGR of 26.3% throughout the period of forecast. The global market for electric vehicle sound generators was valued at about US$ 33 Mn in 2017 and is estimated to touch a valuation of more than US$ 214 Mn by the end of the assessment period. Increasing sales of electric vehicles, low product price, favorable regulations and low noise generation are few of the factors expected to trigger the sales of electric vehicle sound generators across various vehicle types and regions in the globe.
The growth of the global electric vehicle sound generator market is also influenced by the automotive component industry. As per our analysis, global automotive component market is expected to rise at a healthy rate in the coming years owing to increasing demand for light weight vehicles (for efficient fuel consumption and operating efficiency). The growing sales of components in the automotive industry is supported by stable demand in developed countries in Europe and emerging economies in Asia Pacific region. According to research, global market for automotive components will have a moderate impact on the growth of the target market (electric vehicle sound generator market).
Passenger cars to account for a major chunk in the global electric vehicle sound generator market
The use of electric vehicle sound generators has been largely observed in passenger cars since past several years. The volume of passenger vehicles using electric vehicle sound generators is increasing at an exponential rate and is expected to continue to rise in the coming years. The passenger cars segment is highly lucrative segment and is being tapped by players involved in electric vehicle sound generators. In 2017, the value attained by passenger cars segment reflected the revenue generated by passenger cars with respect to adoption of electric vehicle sound generators. However, by the end of the period of assessment, this segment is likely to witness a stellar CAGR value of more than 26% and thereby, dominate the global market by vehicle type.
LCVs to significantly push the sales of electric vehicle sound generators in the coming years
Light commercial vehicle (LCV) segment is anticipated to trigger seals of sound generators during the forecast period. This segment is the second largest with respect to market share and value. It is also projected to expand at a substantial growth rate with respect to volume during the assessment period.
Illuminating a global perspective
A recent market analysis on global electric vehicle sound generator market has been carried out by Persistence Market Research that has systematically presented numerous facts and figures in its in-depth publication on global electric vehicle sound generator market. It covers several facets of the global market across key regions around the globe. A global market representation is depicted which will enable the reader to get a detailed glimpse of the global market based on which new strategies can be devised and executed based on the target audience. This report gives an in depth analysis on the various factors present in the global market which have an influence over the market expansion.
Various opportunities and trends are also sketched which will decide the future prospects in the electric vehicle sound generator market along with drivers that have a direct influence over the growth of the market. Analysis on market restraints is also included in this research study that can assist in chalking out detours to avoid hurdles in the market and plan an organized growth path for the coming years. A holistic approach just a click away, is what the research delivers.
A unique research methodology
A unique research process is followed at Persistence Market Research which is used to draw conclusions with the help of accurate statistical representations. Primary and secondary research are the two main arms of the research methodology applied here. Secondary research gives a direction to carry out further research based on the well-defined market definition. Primary interviews are conducted to gain deep insights on the market segments. Key acumen from market observers, opinion leaders and subject matter experts are also gleaned and the data points so obtained are cross verified during every primary interview thus ensuring the validated data to achieve a near 100% accuracy.
Know your competition
Decisions are always dependent upon situations, which can change due to any factor in the market, competition being one such aspect. A separate section on competitive scenario is available in the global electric vehicle sound generator market research report which analyzes the key market players involved in the market activities. Information on the various products and services (product portfolio), distribution channels, expansion in various geographies, growth strategies, marketing plans and promotion tactics, mergers and acquisitions taking place or taken place in the recent past, etc., are few the many important aspects that are analyzed about the key players present in the global electric vehicle sound generator market.
Why should you enquire about this research report?
The global electric vehicle sound generator market research report delivers valuable insights and the credibility of the research report lies in this actionable intelligence that it provides, which can be used to establish a global footprint. Just a click away, the reader can avail information on any segment, any region and any technology. Real time analysis has increased the weightage of the research giving an all-inclusive angle to the market study which assists the viewers in chalking important corporate strategies pertaining to price, place and promotion along with regional forecasts.
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