CHICAGO, June 25, 2024 /PRNewswire/ -- AVAS market is projected to grow from USD 1.2 billion in 2024 to USD 1.7 billion by 2030, at a CAGR of 6.4%, according to a new report by MarketsandMarkets. The AVAS market is driven by the increasing adoption of electric and hybrid vehicles, which are quieter than traditional internal combustion engine vehicles and require AVAS to ensure pedestrian safety. Regulatory mandates from governments and international bodies, such as the European Union's requirement for all new electric and hybrid vehicles to include AVAS, significantly boost market growth. The demand for advanced vehicular safety technologies, including AVAS, is also rising with the growth of urbanization and smart city initiatives. Additionally, technological advancements in sound engineering and artificial intelligence facilitate the development of more sophisticated and customizable alerting systems. The widespread adoption of AVAS is further driven by rising awareness about road safety and the focus on reducing traffic accidents involving vulnerable road users like pedestrians and cyclists.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=20863691
Browse in-depth TOC on "AVAS Market"
201 - Tables
90 - Figures
231 - Pages
AVAS Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 1.2 billion |
Estimated Value by 2030 | USD 1.7 billion |
Growth Rate | Poised to grow at a CAGR of 6.4% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Propulsion Type, Vehicle Type, Electric 2-Wheeler, Sales Channel, Mounting Position, and Region. |
Geographies Covered | Asia Pacific, Europe, and North America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing demand for customized solutions |
Key Market Drivers | Growing adoption of electric 2-wheelers |
E-scooter/Moped segment is estimated to hold the largest share during the forecast period.
Electric scooters and mopeds represent a burgeoning segment of the urban mobility landscape, offering a sustainable and convenient alternative to traditional gasoline-powered vehicles. These compact 2-wheelers are powered by electric motors, eliminating the need for gasoline and reducing harmful emissions, making them environmentally friendly options for urban commuters. With advancements in battery technology, electric scooters and mopeds boast impressive performance characteristics, including rapid acceleration, quiet operation, and extended range on a single charge. Benefits such as low operating and maintenance costs are the primary reasons for the rising adoption of electric scooters/mopeds. With the shift to electric 2-wheelers, road accidents have been growing due to the absence of sound in these vehicles. The soundless operation makes it harder for pedestrians to detect vehicles on the road. This has led to demand for AVAS systems in E2Ws. Companies such as OLA (India), Mahindra (India), and Gogoro (Taiwan) provide AVAS systems for their E-scooters/mopeds.
BEV segment is estimated to hold the largest share in the AVAS market during the forecast period.
Due to growing concerns about reducing emissions, the demand for BEVs is increasing worldwide. Previously, the low availability of charging stations and the high cost of EV batteries kept demand low. However, as EV battery costs have steadily decreased, the demand for BEVs has risen significantly. This increase is also driven by longer EV ranges and a growing global network of charging stations. In 2023, most of the top-selling EVs were BEVs. BEVs produce very little noise at low speeds, which can pose a risk to pedestrians. To enhance pedestrian safety, governments worldwide mandate the use of AVAS when BEVs are driven at low speeds. AVAS is essential for addressing this safety concern. BEVs are emission-free, and advancements in technology have boosted their sales, leading to greater adoption of AVAS systems in these vehicles. A BEV is powered by an electric battery that stores chemical energy. This rechargeable battery makes up about 70% of the vehicle's weight. Automakers are heavily investing in research and development to improve BEV efficiency. Companies like Tesla and Chevrolet have developed long-range batteries for these vehicles.
BEVs are available in multiple segments, including sedan, SUV, and hatchback. Many OEMs are launching BEVs to cater to market demand. BYD (China), Tesla (US), BMW (Germany), GAC Aion (China), and Volkswagen AG (Germany) are the pure EV companies topping sales, while OEMs such as SGMW (China), Li Auto (China), and Mercedes (Germany) are also offering tough competition to EV manufacturers. According to the Global EV Outlook 2024 report by the International Energy Agency (IEA), BEV sales experienced remarkable growth in 2023. China remained the largest market for BEVs, accounting for more than half of the global sales, while Europe demonstrated a rapid expansion in BEV adoption. The report also highlights that several countries, such as the US, Japan, the UK, France, and Germany, witnessed notable BEV sales growth during 2023. Further, OEMs such as Volkswagen (Germany), Ampere (France), Nissan (Japan), and Suzuki (Japan) have set targets to increase their BEV sales in the future. The surge in BEV sales is expected to significantly propel the AVAS market as governments mandate these safety systems, emphasizing the crucial role AVAS plays in pedestrian safety within the expanding electric vehicle landscape.
"North America is expected to have a significant share in the AVAS market by 2030."
North America comprises developed countries such as the US and Canada. The region is a hub for many renowned OEMs known for delivering quality and high-performance vehicles. OEMs in North America, such as Tesla (US) and GM (US), focus on the development of faster, cleaner, and high-performance EVs. The US is among the top EV markets in the world. The country gives a USD 7,500 grant to new EV buyers up to a certain extent. States such as California have mass-popularized EVs and taxed ICE vehicles significantly. This has led to a case where some states are fully EV-enabled and ready in the country while others are not. Canada is also working on increasing EV demand. Relevant laws are being made to support Canadian EV manufacturers and promote demand in their domestic market. The US has also announced a regulation to increase the EV market share to 50% by 2030 and asked OEMs to start preparing for an all-electric future. The growing demand for EVs, coupled with the AVAS mandate in the region, is expected to drive the AVAS market.
However, an increasing number of EVs on the road would require stringent safety norms to ensure the safety of pedestrians. According to the study published by the International Journal of Environmental Research and Public Health in 2020, hybrid electric vehicles (HEVs) have a higher rate of pedestrian and bicyclist crashes than internal combustion engine (ICE) vehicles during certain low-speed maneuvers. Hence, the US formulated a regulation that 50% of the hybrid and EVs produced on or after September 1, 2020, must be equipped with a sound emitting system. BMW (Germany), Nissan (Japan), Volkswagen (Germany), and Daimler (Germany) are the leading OEMs in the US that have launched EVs nationwide. Top-selling EVs in the US are the Tesla Model S, Chevy Volt, Nissan Leaf, and Ford Fusion Energy PHEV. Tesla is already developing acoustic vehicle alerting systems, which will be installed in its Model 3. Such proactive initiatives by OEMs and encouraging government regulations to install acoustic vehicle alerting systems are expected to drive the market in this region.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=20863691
AVAS Market Dynamics:
Drivers:
- Growing adoption of electric 2-wheelers
Restraints:
- Inconsistent speed range regulation
Opportunities:
- Increasing demand for customized solutions
Challenge:
- Compliance with sound standardization mandates
Key Market Players AVAS Industry:
Prominent players in the AVAS market include Robert Continental AG (Germany), Hella GMBH & CO. KGAA (Germany), Kendrion N. V. (Netherlands), Harman International (US), and Denso Corporation (Japan)
The break-down of primary participants is as mentioned below:
- By Company Type: Tier I - 42%, and Tier II - 40%, OEMs - 18%
- By Designation: C- Level Executives - 57%, Directors - 29%, and Others - 14%
- By Region: North America - 39%, Europe - 33%, and Asia Pacific - 28%
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=20863691
AVAS Industry Recent Developments:
- In December 2020, Ford Motor Company partnered with Harman International for its Mustang Mach-E 1400. The vehicle is equipped with Harman's HALOsonic eESS technology, alongside Harman's AVAS speakers.
- In April 2020, Volvo Car Group and Zhejiang Geely Holding collaborated with Harman International for the Polestar 2 car's AVAS technology. It was the Group's first car to feature AVAS technology.
- In February 2020, Hyundai Motor Company and Harman International partnered on the world's first road noise cancellation system. RANC system reduces unwanted noise by up to 50%. It is powered by Harman's HALOsonic suite of noise cancellation technologies.
AVAS Market Size - Key Benefits of Buying the Report:
- The report will help market leaders/new entrants with information on the closest approximations of revenue numbers for the overall AVAS market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
- The report also helps stakeholders understand the current and future pricing trends of AVAS.
This report provides insights on:
- Analysis of key drivers (Favorable government policies for implementing acoustic vehicle alerting systems, Booming electric vehicle market, Growing emphasis on pedestrian safety, Growing adoption of electric 2-wheelers), restraints (Inconsistent speed range regulation), opportunities (Rapid growth of micro-mobility sector, Increasing demand for customized solutions), and challenges (Compliance with sound standardization mandates).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the AVAS market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the AVAS market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the AVAS market.
- Competitive Assessment: In-depth assessment of market ranking, growth strategies, and service offerings of leading players like Continental AG (Germany), Hella GMBH & CO. KGAA (Germany), Kendrion N. V. (Netherlands), Harman International (US), and Denso Corporation (Japan) among others in AVAS market.
Related Reports:
Electric Commercial Vehicle Market - Global Forecast to 2030
Electric Vehicle Market - Global Forecast 2030
Electric Scooter Market - Global Forecast to 2030
Get access to the latest updates on AVAS Companies and AVAS Industry Growth
About MarketsandMarkets:
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/avas-market-worth-usd-1-7-billion-by-2030-marketsandmarkets-302181390.html
