Electric Vehicle Sound Generator Market Key Development 2019 – 2029

Posted by Divakar on January 7th, 2020

The global sales of electric vehicle sound generators are set to reach new heights as these play a crucial role in road safety. Electric vehicle sound generators warn cyclists, pedestrians, and other road users about the presence of an electric vehicle through sound, amidst ongoing traffic.

Persistence Market Research (PMR) forecasts that the global electric vehicle sound generator market will witness an impressive CAGR of ~15% during 2019 – 2029. The electric vehicle sound generator market is assessed to fourfold its value over the period of projection, riding on the surging sales of electric vehicles.

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Key Takeaways – Electric Vehicle Sound Generator Market

• Manufacturers of electric vehicle sound generators continue to make progress in developing products with higher reliability and robust operation behavior. However, the overall industry still needs to overcome several challenges to accelerate growth and scale electric vehicles in a sustainable way.
• PMR finds lucrative growth avenues for the passenger cars segment against the backdrop of growing penetration of compact cars across the globe and significant utilization of electric vehicle sound generators in these.
• Volume of passenger vehicles using electric vehicle sound generators is increasing at an exponential rate and the momentum is set to continue in the coming years.
• New model launches by key U.S.-based brands, including Tesla, are supporting the growth of the electric vehicle sound generator market.
• Norway remains significantly ahead of other markets and appears on its way to mass-market adoption. Prominent markets such as France, Germany, and the U.K. still have to gain momentum.
• North America and Japan are crucial helms deciding the fate of the automotive industry and acting as a future driver for the electric vehicle sound generator market growth.

It is believed that the penetration rate of electric vehicles has expanded to nearly 2.2% in 2018 from 0.4% in 2014, registering a growth of more than fifty percent a year. The ongoing consensus suggests that the electric vehicle sound generator market will see solid growth over the following years. However, certain factors such as regulatory guidelines, and subsidiary limitations will continue to arrest the market growth to a large extent.

Passenger Cars Hold Key to Attractive Opportunities

In terms of competition scenario, few prominent market participants dominate the electric vehicle sound generator market with notable stakeholders being Delphi Technologies, Denso Corporation, and HARMAN International. Many manufacturers of electric vehicle sound generators are developing lighter electric vehicle sound generators that consume less power, making them environmentally-friendly solutions. In the global market space, the passenger cars segment seems lucrative, and is projected to be tapped by players involved in the value chain of the electric vehicle sound generator market.

Relative Cost-competitiveness of Electric Vehicles to Remain Crucial

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, offering an encouraging environment. If these trends continue, electric vehicles will become cost-competitive with gasoline vehicles early over their lifetime, mirroring strong growth potential for the electric vehicle sound generator market.

Government Subsidies to Aid Market Growth

At a macro level, the growth of electric vehicles is supported by governments of various countries, as they strive to reduce air pollution with stringent regulations on 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. Consequently, this factor is anticipated to benefit electric vehicle sound generator market in the foreseeable future. In the long-run, the global value chain of the electric vehicle sound generator market is projected to observe a rise in the number of product manufacturers and component innovators.

More About the Report

This PMR study offers an extensive analysis of the global market for electric vehicle sound generator, examined for a decade-old projection period (2019 – 2029). The market has been assessed on the basis of the type of vehicles such as passenger cars and commercial vehicles, and the type of sales channel such as OEMs and aftermarket. The report also provides deep-dive analysis of regional markets, followed by an exhaustive competition analysis.

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