The acoustic vehicle alerting system market is projected to generate $10,578.8 million revenue, ascribed to strict regulations to control emissions, and government initiatives in the form of grants and subsidies, tax rebates, and other non-financial advantages to encourage the adoption of electric vehicles. The AVAS is a major component in all types of electric vehicles, as it focuses on pedestrian safety, more specifically for vulnerable sections, such as blind people, children, the elderly population, and people with partial vision.
Numerous governments are implementing regulations for OEMs and aftermarket entities for the installation of AVASs in battery electric vehicles in the meantime.
Under the propulsion segment, BEV category is projected to lead the industry in the near future. Government initiatives in the form of financial incentives for developing and purchasing battery electric vehicles, and advancements in battery technology to fuel the adoption of automobiles, are projected to generate 70% of the plug-in electric vehicle sales in 2030.
Under the vehicle segment, the four-wheeler category is projected to witness faster growth in the coming years. It is ascribed to the fast adoption of light-duty electric cars and trucks, due to continuous advancements, decreasing prices, and the presence of various models of automakers. Developed countries such as Europe, and the U.S., the acoustic vehicle alerting system market will capture the four-wheeler category, more specifically in developing countries, such as India, and China.
Under the distribution channel segment, the OEM category generates substantial revenue due to the rising installation of AVAS components in electric vehicles, as per government regulations. However, the after-service market is expected to experience faster growth in the coming years. Under segmentation type by mounting, the integrated category is projected to witness faster growth in the near future, ascribed to government regulations in the major market, life's end of AVAS components, and natural wear and tear.
APAC is projected to hold the largest industry share and generate 80% of sales of the systems in 2030. It is ascribed to the rising demand for electric vehicles in emerging economies, such as India and China. The major share of electric two-wheelers and growing demand for such vehicles fuel the sales of AVAS in APAC. In addition, the rising penetration of major electric vehicle and component manufacturers in the region fuel the industry's growth
Presently, the Europe-based industry is in its nascent phase, and government regulations to secure hybrid and electric vehicles' inclusion of AVAS components fuel the industry's growth.
The EU plans to phase out the internal combustion of vehicles to decrease greenhouse emissions and dependency on oil imports. The worldwide rising demand for electric vehicles fuels the industry's growth. It is ascribed to the rising environmental concerns, and government initiatives to encourage the adoption of electric vehicles.
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