Electric Vehicle (EV) Sound Generators Market: Overview
Expanding global outlook of electric vehicles (EV) is a key enabler as well as accelerator for the strides in the electric vehicle (EV) sound generators market. Copious efforts by industry players of all hues in mainstreaming of electric vehicles on the back of governments’ supports in various parts of the world has spurred on development initiatives of original equipment (OEM) manufacturers. A large part of the demand comes from the focus on OEMs in imparting high safety to these electric vehicles. By the nature of the electronics used in different types of electric vehicles such as BEV, BHEV, and HEVs, these emit low to negligible sound, particularly when they run on low speed of less than 20 km per hour. Hence, the use of EV sound generators is a crucial mechanism to ensure the safety of pedestrians and cyclists.
The study offers a critical assessment of all growth drivers, new avenues in emerging markets, trends supporting the growth of the top regional markets, and key impediments to market stakeholders. The research details the changing competitive dynamics by offering insights on how the shares of the leading players will change during the assessment period of 2020 - 2030
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Electric Vehicle Sound Generators Market: Key Trends
Rise in the trend of electrification of the transportation industry is a key driver for the growth of the EV sound generators market. OEMs particularly of passenger vehicles have been reaping large revenue gains. The stringent implementation of government regulations pertaining to safety of EVs’ operation has spurred on the demand for sound generator systems among automakers. Further, the growing aftermarket sales in some of the developed nations, such as in Japan and the U.S., has also bolstered the prospects of the EV sound generators market.
Installation of advanced sound generators in new electric vehicles, notably in hybrids ones, is boosting the growth of the EV sound generators market. Of all the segments, OEMs have been tapping colossal revenue gains in recent years.
Growing number of battery-powered light commercial vehicles has fueled the prospects in the EV sound generators market. Growing number of financial initiative by governments from time to time has added momentum to the overall market expansion.
Electric Vehicle Sound Generators Market: Competitive Analysis and Key Developments
Numerous aspiring players are forging new partnerships and getting into strategic collaborations with OEMs has upped the ante for new technologies in the EV sound generators market. Several players are focusing on new product developments to gain a stronghold in the EV sound generators market. Further, automotive part suppliers are focusing on unveiling technologies that allow automakers to incorporate customized sound generators. Such developments intensify the intensity of competition in the EV sound generators market.
Several players have ramped up their investments on research and development activities to meet the demands for end-use industries in addition to automotive, such as industrial requirements. Some of the well-entrenched players in the EV sound generators market are:
- KUFATEC GmbH
- Volkswage AG
- Denso Corporation
- Nissan Motor Co. Ltd.
- Tesla Inc.
- HARMAN International
- BMW AG
- Continental AG
- Mando Hella Electronics Corp
- Delphi Technologies
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Electric Vehicle Sound Generators Market: Regional Assessment
Some of the regions contributing to the overall revenues in the EV sound generators market are North America, Europe, Asia Pacific, the Middle East and Africa, Latin America, and Japan. Of all the regional markets, Asia Pacific has seen a remarkable rise in revenue potential for OEM over the past few years. This is on account for the fast pace of commercialization of electric vehicles, especially in India and China. Further, substantial governments support for adopting EVs in transportation industry has spurred the demand for sound generator mechanism for passenger vehicles in recent years.
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.