The report covers a complete study of the electric vehicle sound generator market with an analysis of types of electric vehicle sound generators. The report summarizes the parent market - electric vehicle market, which is going to impact the growth of the electric vehicle sound generator market. It provides a brief description about how the electric vehicle sound generator market will perform in various regions around the world according to the previous performance and future potential in respective regions.
It is important to note that electric vehicles (EVs) have advanced significantly over this decade, owing in part to decreasing battery costs. Yet, EVs remain costlier than gasoline-fueled vehicles over their entire life. Electric vehicle sound generators enable pedestrians to detect nearly-silent electric and hybrid vehicles, allowing automakers to meet global governmental safety legislations for EV/HEVs.
According to the market estimates, the global electric vehicle sound generator market will witness a significant CAGR of 15% during 2019 – 2029. The most obvious benefit of crafting sounds for EVs is safety. Government in the U.S. has asked automakers to comply with new regulations mandating external EV sound signatures by 2020, and there are similar regulations in Europe and Japan. Therefore, the global market for electric vehicle sound generator for OEM appears promising, mainly driven by North America and Japan. Besides, battery costs and prices of EVs are declining. If these trends continue, electric vehicles will be cost-competitive with gasoline vehicles over their lifetime, ensuring strong growth potential for the electric vehicle sound generator market.
Increasing EV Sales Squarely Influencing Market Growth
The demand for electric vehicles is a crucial aspect fuelling the adoption of electric vehicle sound generators. With respect to conventional vehicles, electric vehicles offer several advantages such as zero-emission of harmful gases, decreased noise generation, and enhanced fuel efficiency. According to PMR research, sales of electric vehicles are expected to grow at a CAGR of ~20%, ten years down the line.
In addition, the growth of electric vehicles is supported by governments of various regions that are taking initiatives and striving to reduce air pollution by making rules regarding the usage of conventional vehicles. They are also encouraging the adoption of hybrid vehicles by offering several incentives and subsidies to owners of such vehicles. For instance, the Chinese government offers a subsidy of US$ 6,750 to US$ 14,000 to customers on every purchase of hybrid or electric vehicle depending on the size of the battery pack.
Passenger Cars Hold Major Share in Revenue Generation
In case of vehicle type, passenger cars have dominated the entire market, and have significant market valuation. With respect to sales channel, OEMs are lucrative. Furthermore, the OEM segment is projected to expand at a high value CAGR during the forecast period. Japan is anticipated to be a substantial region and is expected to highly contribute to the growth of the global market in the coming years.
Acoustic Comfort - A Key Product Differentiator
OEMs are ensuring that their products match the class, prestige as well as comfort of any luxury vehicle. With respect to conventional vehicles, companies are offering technologies that shape and muffle the sound of the exhaust, while on the other hand, OEMs rely on developing a unique emission sound for their vehicles that acts as their signature. Aforementioned trend is prominent in luxury, premium, and sports categories of vehicles.
Additionally, demand for these technologies is robust in the aftermarket. Acoustic comfort is a future hotspot in electric vehicles, which can push the growth of the electric vehicle sound generator market as customers opting for big brands such as Tesla, Mercedes, Toyota, and Audi are looking for futuristic and appealing sounds.
Electric Vehicle Sound Generator Market – Competitive Landscape
In the global electric vehicle sound generator market, the companies have been investing significantly to bolster the EV market and associated arenas. Among them, many manufacturers are developing lighter electric vehicle sound generators, which consume less power and environmentally-friendly solutions. The research study includes analysis on key players in the electric vehicle sound generator market such as Delphi Technologies, Denso Corporation, Continental AG, Denso Corporation, HARMAN International, Nissan Motor Company Ltd., Tesla Inc., Daimler AG, Volkswagen AG, KUFATEC GmbH & Co. KG, Kendrion N.V., Sound Racer, BMW AG, Honda Motor Co., Ltd., and Mando-Hella Electronics Corp.
Key brands such as Audi have already introduced and installed customized computerized frequencies in their upcoming models such as in Audi R8 e-tron. Providers of acoustic technology should now look forward to strategic partnerships with automakers in order to develop customized sound frequencies for electric vehicles to gain competitive advantage in the global market.
This Persistence Market Research (PMR) study offers analysis and forecast for the global electric vehicle sound generator market between 2019 and 2029. The electric vehicle sound generator market study considers 2018 as the base year, with market values estimated for 2019, and forecast developed for the duration of 2019-2029. Compound average growth rate (CAGR) has been represented from 2019 to 2029. The study covers various perspectives of the global electric vehicle sound generator market, including market dynamics, value chain, pricing analysis, competition analysis, regional and segmental growth comparison, and macroeconomic as well as segment-level projections in a comprehensive manner. Increasing investments, development of EVs, and policy support are expected to play a pivotal role in the growth of the electric vehicle sound generator market.
The report analyzes the electric vehicle sound generator market at global and regional levels, through market segmentation on the basis of key parameters such as vehicle type, sales channel, and region. The primary objective of the report is to offer key insights on market updates, competition positioning, growth rates, and other relevant information and statistics in a suitable manner to the readers or various stakeholders in the electric vehicle sound generator market. Subsequently, the study aims to analyze the most recent trends, dynamics, and potential strategies in the global electric vehicle sound generator market.
The report is structured to allow readers to develop a thorough understanding of the electric vehicle sound generator market. It begins with market definitions, which are followed by the market background, market dynamics, and market analysis by key segments, regional analysis, and competition landscape. Each section covers a qualitative and quantitative assessment of the electric vehicle sound generator market on the basis of facts, historical developments, and key opinions collected from industry participants through dedicated interviews and trends in the electric vehicle sound generator market.
Electric Vehicle Sound Generator Market: Segmentation
Subsequent sections of the report provide value (‘000 US$) and volume (units) projections for the electric vehicle sound generator market on the basis of the aforementioned segments at a global level.
The global electric vehicle sound generator market values represented in these section have been agglomerated by collecting data and information at regional levels. The electric vehicle sound generator market information, along with key facts and insights, covers unique analysis frameworks such as absolute $ opportunity analysis, year-on-year growth trend comparison, market share, and attractiveness analysis for each of the sub-types covered in each segment of this electric vehicle sound generator market report.
The next section of the report presents a summarized view of the global electric vehicle sound generator market based on six prominent regions considered in the study. The section includes regional market position, growth potential, trends, and attractiveness analysis for each of these regions.
All the above sections evaluate the present market scenario and growth prospects in the global electric vehicle sound generator market, while the forecast presented in these sections assesses the market size in terms of volume and value.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global electric vehicle sound generator market is expected to develop in the future. Given the characteristics of the electric vehicle sound generator market, we triangulated the outcome of three different types of analysis- primary research, secondary research, and our own analysis. However, forecasting the market in terms of various segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the completion of the forecast exercise.
All the electric vehicle sound generator market segments and sub-segments have been analyzed on basis point share (BPS) to understand each individual segment’s relative contribution to the electric vehicle sound generator market growth. Another key feature of the electric vehicle sound generator market report is the analysis of all the key segments in the electric vehicle sound generator market, sub-segments, and regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the electric vehicle sound generator market.
In the final section of the electric vehicle sound generator market report, a competitive landscape of the electric vehicle sound generator market has been included to provide report audiences with a dashboard view categorized on the basis of providers present in the value chain, their presence in the electric vehicle sound generator market, and key differentiating factors and strategies. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers, specific to a market segment in the value chain of the electric vehicle sound generator market. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of the in-depth assessment of their capabilities and success in the electric vehicle sound generator marketplace. Detailed profiles of the providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the electric vehicle sound generator market.
Key Questions Answered in the Electric Vehicle Sound Generator Market Report