The Acoustic vehicle alerting system (AVAS) is a sound emitting device accumulated in electric vehicle which introduces a lower level of sound than the unadventurous vehicle. These systems are utilized to safeguard the pedestrians by warning them connected the vehicle's existence. Owing to the effective augment in concern regarding environmental and passenger fortification, the governments of several regions are assisting the advancement of electric vehicles across the globe. Also, inherent application of AVAS in electric vehicles attached with growing sale of electric vehicles is projected to influence the growth of AVAS systems over the review years.
According to the report analysis, ‘Global Acoustic Vehicle Alerting System Market to reach USD 4071.41 Million by 2026’ states that according to the International Energy Agency (IEA) 2019, the worldwide electric car deployment has been increasing rapidly over the past ten years, the worldwide stock of electric passenger vehicle cars was passed by 5 million during 2018 with an augment of 63% from 2017. It was originate that over 45% of electric cars on China's road during 2018 that is 2.3 million associated to 39% across 2017. Similarly, the Europe registers for 24% of worldwide electric cars and United States with 22% across 2018. Not only has this, compulsory norms and regulations established by government around the worldwide regarding installation of AVAS in vehicles is generating a profitable opportunity for the growth of market over the forthcoming period. However, owing to the worldwide outbreak of COVID-19, the worldwide automobile industry is facing a stoppage owing to the lockdown in numerous countries that has limited the production of electric vehicles. Also, some of the foremost companies indulged in producing the Electric vehicles such as Nissan Motor Co., Kia Motors Corp., BMW AG, Daimler AG, and Tesla, Inc. have shut down their electric vehicle production amenities and cleaned their aim towards the manufacturing of personal protecting equipment. Therefore, such aspect is limiting the growth of market over the review years.
Whereas, worldwide Acoustic Vehicle Alerting System Market is worth approximately USD 425 Million during 2019 and is projected to increase with a healthy growth rate of more than 38.10% over the review period of 2019-2026. Although, the regional analysis of worldwide Acoustic Vehicle Alerting System market is measured for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. The North America is the leading/significant economy around the world in terms of market share due to the existence of auspicious government initiatives concerning implementation of AVAS systems in vehicles. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the review period of 2020-2026. Aspects such rising requirement for electric vehicles would generate the lucrative growth prospects for the Acoustic Vehicle Alerting System market around the Asia-Pacific economy. Therefore, in the coming duration, it is anticipated that the market of acoustic vehicle alerting will increase around the globe more effectively over the upcoming years.
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Global Acoustic Vehicle Alerting System Market
Ankur Gupta, Head Marketing & Communications