Acoustic Vehicle Alerting System Market: Overview
Government mandates are the key factors impacting the global acoustic vehicle alerting system market. Recently, EU’s legislation has mandated the installation of acoustic vehicle alerting systems (AVAS) in the new models of electric and hybrid cars introduced since July 2019. Not just the European Union, but the National Highway Traffic Safety Administration of the U.S. has introduced fake noise rules for their electric and hybrid vehicles.
The rising popularity of electric vehicles, necessitating the use of acoustic vehicle alerting system has encouraged the TMR analysts to conduct a detailed analysis of the global acoustic vehicle alerting system market. The report provides a holistic view of the market and highlights the key factors shaping the market’s growth throughout the forecast period.
Acoustic Vehicle Alerting System Market: Notable Developments and Competitive Analysis
A few prominent players dominate the acoustic vehicle alerting system market. These companies are strengthening their position in the market through strong distribution networks and the development of new products. Some of the new developments in the acoustic vehicle alerting system market are listed below:
- Bosch Engineering has recently opened a new acoustics test center in Abstatt. This center will provide a platform for the enhancement of vehicle acoustics. The close collaboration between Bosch Engineering and Bosch Group’s acoustical engineers has highly benefitted in the improvement of the NVH behavior of vehicles.
- ECTunes had introduced intelligent pedestrian warning system that generates a sound that mimics the vehicle’s speed. Building on the same concept, it has now developed full-range outdoor loudspeakers which is an off-the-shelf solution that can be integrated into vehicles.
- Harman International, a subsidiary of Samsung Electronics Co., Ltd setup its automotive electronics manufacturing plant in Pune, India as a part of its “Make in India” initiative. This plant is expected to triple its production capacity by the end of 2021.
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Prominent companies operating in the global acoustic alerting system market include:
- Mando-Hella Electronics
Acoustic Vehicle Alerting System Market: Key Drivers
The rising popularity of e-motorcycle is expected to be highly instrumental in the acoustic vehicle alerting system market’s growth. Competitive prices, easy availability, and low operating costs are expected to drive the sales for e-motorcycles. The rising environmental concerns and tax concessions will further encourage consumers to buy e-bikes.
Commercial vehicles are also expected to hold a major share in the market’s growth during the forecast period. This is mainly due to the new regulations laid down in Europe and the U.S. that mandates the installation of AVAS even in heavy vehicles such as buses and trucks. Moreover, progression in the automotive components market has also had a positive impact on the acoustic vehicle alerting system market’s growth.
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Acoustic Vehicle Alerting System Market: Regional Analysis
On the regional front, Asia Pacific is anticipated to display the fastest growth during the forecast period. This is mainly because of the growing automotive industry in the developing countries such as South Korea, Japan, India, and China. Moreover, the governments in this region are encouraging the adoption of electric vehicles. The market in Asia Pacific is followed by North America due to the presence of leading companies such as Tesla and Ford. The U.S. and Canada are expected to be the major contributors to growth in this region due to the new regulations laid down by the governments regarding the emission standards.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.