Surging Electric Vehicle Usage Propelling Sales of Acoustic Vehicle Alerting Systems

The ballooning usage of electric vehicles (EVs) is one of the main factors driving the sales of acoustic vehicle alerting systems (AVASs) across the world. With rising pollution levels and the growing public awareness of the environmental pollution caused due to the usage of fossil fuel-powered vehicles, the popularity of electric vehicles is rising rapidly across the globe. Additionally, many governments are implementing policies aimed at promoting the deployment of electric vehicles, in order to mitigate the pollution levels.

The rising sales of acoustic vehicle alerting systems are propelling the advancement of the global acoustic vehicle alerting system market. The market attained a capacity of 24.7 million in 2019 and is now predicted to generate a revenue of $10,578.8 million by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would progress at a CAGR of 11.9% between 2020 and 2030.

Globally, the acoustic vehicle alerting system market is predicted to exhibit the highest growth in the Asia-Pacific (APAC) region in the forthcoming years. The electric vehicle industry is currently registering the highest growth in China, with sales of over 90% of the global electric two-wheeler sales (15 million units of motorbikes, scooters, and mopeds) and nearly 50% of the worldwide sales of electric cars in 2019. Because of this reason, the demand for AVASs is currently the highest in APAC.

Hence, it can be safely concluded that the sales of AVASs would surge all over the world in the years to come, mainly because of the increasing deployment of electric vehicles across the globe, on account of the rapid environmental degradation because of the usage of conventional vehicles and the rising enactment of favorable government policies.

Source: P&S Intelligence

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store