Electric Vehicle Sound Generator Market Growth Opportunities, Industry Analysis

Posted by Arslan on March 11th, 2020

The global electric vehicle sound generator market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth. With SWOT analysis, the business study highlights the strengths, weaknesses, opportunities and threats of each electric vehicle sound generator market player in a comprehensive way. Further, the electric vehicle sound generator market report emphasizes the adoption pattern of the electric vehicle sound generator across various industries.

The electric vehicle sound generator market report highlights the following players:

• Delphi Technologies
• Denso Corporation
• Continental AG
• HARMAN International

The electric vehicle sound generator market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.

Surpassing a valuation of US$ 324 million, the global electric vehicle sound generator market is projected to create an absolute $ opportunity of more than US$ 241 Mn by the end of forecast period. Electric vehicle sound generators are used for external sound creation in electric & hybrid vehicles as these vehicles are quiet and thus pose a threat of accidents with pedestrians. In order to avoid such adverse situations, governments of several countries are developing & implementing new motor vehicle regulations and mandating installation of electric vehicle sound generators in all electric and hybrid vehicles.

For instance, in July 2019, European Union developed a regulation to make use of electric vehicle sound generators compulsory in all electric and hybrid vehicles sold in the member countries of EU. In September 2019, government of China implemented new guidelines regarding use of acoustic vehicle alerting systems for electric & hybrid vehicles. Such legislations along with the increasing adoption of the electric vehicles creates humongous opportunities for the manufacturers of electric vehicle sound generators. On this premise, global electric vehicle sound generator market is projected to grow at an astounding CAGR of more than 14% between 2019 and 2029.

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Global electric vehicle sound generator market is projected to grow at a value CAGR of 14.5% and it is anticipated to expand by 3.9X from 2019 through 2029. Passenger vehicles will hold maximum share in terms of value and are projected to be valued at US$ 263 million by the end of forecast period (2019 – 2029). Light commercial vehicles is expected to grow at a volume CAGR of 14% and will gain 80 BPS by the end o0f forecast period. OEM sales channel is projected to account for majority share in terms of value and is anticipated to create an absolute $ opportunity of more than US$ 227 Mn during the forecast period. Light commercial vehicles (LCV) & heavy commercial vehicles (HC) are projected to grow at a volume CAGR of 14% & 9.8% respectively and will collectively create an absolute $ opportunity of more than US$ 32 million by the end of forecast period.