Rapid commercialization of electric vehicles for energy efficiency and lower emissions is increasing the demand for electric vehicle sound generators. Projecting the market growth at an exponential CAGR of more than 14%, a new Fact.MR study provides a comprehensive analysis of the electric vehicle sound generator market. Key factors attributing to this rising demand include the favorable government incentives, and the need to minimize accidents with pedestrians.
“Global electric vehicle sound generator market will generate highly lucrative opportunities as governments are setting up new motor vehicle regulations to make the use of electric vehicle sound generators mandatory, and simultaneously increasing the adoption rates of electrical vehicles,” opines Fact.MR in its new research study.
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Electric Vehicle Sound Generator Market – Key Takeaways
- Passenger vehicles will continue to account for a major market share throughout the forecast period.
- Japan will remain a leading regional market for electric vehicle sound generators growing 2.4x in comparison to North America.
- Aftermarket sales channel would witness a strong growth outlook.
- Adoption in light commercial vehicles (LCVs) will demonstrate a massive 14% CAGR.
- The OEM sales channel will continue to account for majority share in terms of market value through 2029.
Electric Vehicle Sound Generator Market – Key Driving Factors
- Rising proliferation of electric vehicles on a global scale a primary factor favoring market growth.
- Government incentives for electric vehicles including tax credits and rebates are significantly contributing towards the growth of market.
- Regulations making the installation of electric vehicle sound generators mandatory drive the escalating demand, which remains a major market growth driver.
- Increasing range of product options for customized sound profiles is bolstering market growth.
Electric Vehicle Sound Generator Market – Key Constraint
- Costs of installation and maintenance associated with electric sound generators, and lack of standardization in products are key challenges for the industry.
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The key players in the electric vehicle sound generator market are Delphi Technologies, Mando Hella Electronics Corp, Denso Corporation, Honda Motor Co. Ltd., Continental AG, BMW AG, HARMAN International, Sound Racer, Nissan Motor Co. Ltd., Kendrion N.V., Tesla Inc., KUFATEC GmbH and Co. KG, Daimler AG, and Volkswage AG, among others. The leading players are trying to invest in research and development endeavors, to meet the needs of industrial and automotive applications. Further, the players are launching products to generate customized sound profiles to cater to consumer demands.
About the Report
This 170-page study offers readers a comprehensive market forecast of the electric vehicle sound generator market. Global, regional and country-level analysis of the latest industry trends impacting the electric vehicle sound generator market is covered in this Fact.MR study. The report offers compelling insights on electric vehicle sound generator market on the basis of vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, and others), sales channel (OEM and aftermarket), across six regions (North America, Latin America, Europe, Japan, APEJ, and MEA).