Latest industry analysis by Fact MR, predicts Electric Vehicle Sound Generator sales to swell at propelled CAGR through 2031, as automotive sales gradually recover across the world. The report is intended at presenting insights into hidden growth opportunities and challenges. It also offers recommendations to help businesses to prep for unforeseen challenges.
The report offers actionable and valuable market insights of Electric Vehicle Sound Generator. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Electric Vehicle Sound Generator Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Electric Vehicle Sound Generator market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Electric Vehicle Sound Generator
This newly published and insightful report sheds light on Market Insights of Electric Vehicle Sound Generator, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Electric Vehicle Sound Generator Market.
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,
Key Takeaways of Electric Vehicle Sound Generator Market
- 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.
- Aftermarkets sales channel is anticipated to grow at a value CAGR of more than 10% and will account for valuation of more than US$ 20 Mn by the end of forecast period.
- Japan is projected to hold maximum share in global electric vehicle sound generator market and is expected to grow 2.4X more than North America by the end of forecast period.
- APEJ is expected to hold substantial share in terms of value and it will gain 980 BPS on its market share in terms of value by the end of forecast period.
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“Global electric vehicle sound generator market will create enormous opportunities as governments of several countries are introducing new motor vehicle regulations to make compulsory use of electric vehicle sound generators, and at the same time increasing the adoption of electrical vehicles.”- Says the Fact.MR’s analyst
Manufacturers Focusing on Expansion of their Product Portfolio
Global electric vehicle sound generator market is highly competitive with few players accumulating majority of the share. Manufacturers are developing new products in order to increase their reach and maintain their position in the market. For instance, in September 2019, Kia Motors launched two hybrid vehicles XCeed and Ceed Sports-Wagon with its new virtual engine sound system.
Key Segments of the Electric Vehicle Sound Generator Market
Fact.MR’s study on the electric vehicle sound generator market offers information divided into four key segments— vehicle type, sales channel and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others (Electric Golf Carts, Quadricycles, Other NEVs)
- North America
- Latin America
- APEJ (Asia Pacific Ex. Japan)
- MEA (Middle East)
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Report Benefits & Key Questions Answered
- Electric Vehicle Sound Generator Company & brand share analysis: The report offers in-depth Electric Vehicle Sound Generator brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
- Electric Vehicle Sound Generator Historical volume analysis: The report offers a comparative analysis between historic sales of Electric Vehicle Sound Generator and projected sales performance for 2021-2031
- Electric Vehicle Sound Generator Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
- Electric Vehicle Sound Generator Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
- Post COVID consumer spending on Electric Vehicle Sound Generator: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power
More Valuable Insights on Electric Vehicle Sound Generator Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Electric Vehicle Sound Generator, Sales and Demand of Electric Vehicle Sound Generator, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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