Acoustic Vehicle Alerting System Market to See Massive Growth by 2030

The rising deployment of electric vehicles (EVs) all over the world is one of the major factors responsible for the mushrooming global demand for acoustic vehicle alerting systems. According to various reports, the sales of electric cars grew by more than 2 million from 2018 to 2019. Furthermore, it was found that more than 7.1 million electric cars were sold around the world in 2019. By 2030, the total electric car fleet is predicted to rise above 130 million.

With the rising deployment of EVs, because of the increasing concerns being raised over the escalating pollution levels and the rising implementation of several favorable government regulations, the requirement for various vehicle components such as acoustic vehicle alerting systems (AVASs) is surging around the world. Besides these, the rapidly falling costs of the various components and parts used in EVs are also fueling the sales of AVASs across the world.

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For example, it is predicted that the cost of speakers, amplifiers, copper coils, and battery packs will reduce by more than 30% from 2019 to 2025. Furthermore, the cost of the permanent magnet, which is basically a ceramic ferrite material, that consists of strontium, a ceramic binder, and iron oxide, is predicted to fall by nearly 24% from 2019 to 2025. The falling costs of these materials are causing a sharp decline in the costs of AVASs. 

Because of the aforementioned factors, the sales of AVASs are rising around the world, which is, in turn, fueling the growth of the global acoustic vehicle alerting system market. According to the forecast of P&S Intelligence, a market research company based in India, the capacity of the market will grow at a CAGR of 11.9% between 2020 and 2030. Furthermore, the market is predicted to reach a valuation of $10,578.8 million by 2030. 

Acoustic vehicle alerting systems are installed in both four-wheelers and two-wheelers. Between the two, the usage of these systems is predicted to rise rapidly in four-wheelers in the coming years. The mushrooming requirement for electric cars in the North American and European countries is pushing up the sales of the acoustic vehicle alerting systems. Moreover, the implementation of regulatory compliance regarding the integration of AVASs in four-wheelers in various countries by 2021 is powering the demand for these systems.

Globally, the acoustic vehicle alerting system market is predicted to register huge expansion in the Asia-Pacific (APAC) region in the coming years. China is currently home to the world’s biggest electric vehicle industry, with sales of over 90% of worldwide electric two-wheeler sales (15 million units of motorbikes, scooters, and mopeds) and nearly 50% of the global sales of electric cars in 2019. Due to this reason, the demand for AVASs is shooting-up in China.

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Hence, it can be safely said that the sales of acoustic vehicle alerting systems will soar all over the world in the forthcoming years, mainly because of the rising deployment of electric vehicles and the increasing requirement for safety systems in vehicles, due to the soaring incidence of road accidents. 

Demand for Shared Mobility in India to Expand at a CAGR of Over 56.8% Through 2030

“By 2050, it is projected that India will have added 416 million urban dwellers.”, the United Nations (UN) had said in its 2018 World Urbanization Prospects report. With such an influx of people from rural areas into cities and the latter’s own increasing population, urban areas are becoming increasingly crowded. Cities like Mumbai, Delhi, and Bengaluru are already notorious for their alarming traffic congestion due to an increasing number of vehicles on the limited road area.

Shared Mobility in India

Apart from merely causing road congestion, automobiles have also made these cities some of the most polluted in the world. A CNN report published in February 2020 had said that India is home to 21 out of the 30 most-polluted cities in the world. As a result of the dual problems caused by automobiles, P&S Intelligence expects the Indian shared mobility market revenue to increase to $3,952.8 million by 2025 from $1,025.8 million in 2019, at an explosive 56.8% CAGR between 2020 and 2025.

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Of the numerous shared mobility services available in the country — two-wheeler sharing, ride hailing, ride sharing, car rental, bus/shuttle service, and carsharing — ride hailing services witness the highest demand. They are being heavily used for traveling from the home to the office/college and markets and visiting family members and acquaintances. Moreover, the entry of automakers into the ride hailing space has widened the access to these services. Another service that is gaining widespread popularity in the country is two-wheeler sharing, as it is convenient, fast, and cost-effective.

Seeing the rising adoption of both these services, shared mobility companies, especially ride hailing companies, are investing in scooter and motorcycle sharing companies and expanding their service portfolio. For instance, Uber, one of the largest ride hailing companies in the world and India, invested in Neutron Holdings Inc. (Lime), an electric scooter and bike sharing company, in 2018. With this move, the scooters offered by Lime can be directly booked on Uber’s app.

Currently, the Indian shared mobility market is most prosperous in the southern region of the country owing to the presence of numerous urban areas here, including Bengaluru, Chennai, and Hyderabad. All these cities have a huge working population, which uses shared mobility almost daily for the commute between the home and office. Similarly, North India also witnesses a high usage of these services, which are especially popular in the Delhi/National Capital region, which also includes Gurgaon, Noida, Ghaziabad, and Faridabad.

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Therefore, with the rising demand for cost-effective urban transit, along with the increasing awareness on saving the environment, more people in the country are expected to adopt these services and shun their private vehicles.

On-Demand Logistics Market its Future Outlook and Trends

These days, home delivery of almost every product and even some services is possible. While the trend of delivering things at one’s doorstep has been around since a long time, in today’s world, people are also demanding faster delivery services. With the emergence of platforms including Amazon, Flipkart, and several other applications for delivering a variety of products, such as food items, clothes, books, groceries, furniture, and home décor, people are able to choose whatever products they like and get the desired item, at most, within a week. In order to provide better customer service, online shopping platforms have started offering one-day delivery, where the product reaches buyers within a span of 24 hours.

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One-day delivery and/or same-day delivery can realistically be offered to local customers, with people living in urban areas being the major beneficiaries of such services. In the retail industry, the term, on-demand logistics, is used for referring to the ability of providing same-day or faster-than-usual delivery to local customers. Valued at $9.1 billion in 2019, the global on-demand logistics market is predicted to generate revenue of over $75.0 billion by 2030, advancing at a 21.1% CAGR during the forecast period (2020–2030).

On-Demand Logistics Market Report 2021

Furthermore, online logistics companies provide on-demand transportation solutions for individual customers as well. These companies cater to all the goods movement in full-load as well as partial-load capacities at reasonable prices and convenient time. Unlike the convenient brokers offering transportation services, on-demand logistics service providers create the overall cost structure and charge based on the distance to be traveled. These services use light commercial vehicles (LCV) and medium/heavy commercial vehicles (M/HCV) to deliver goods to customers.

While the demand for on-demand logistics services might have reached a slight saturation point in developed countries, the requirement is growing swiftly in developing nations. The surging adoption of smartphones and access to internet are leading to a rise in online activities, including the booking of on-demand logistics services. Moreover, people in emerging economies are spending more on luxurious products because of the increase in their disposable income. This is why the on-demand logistics market growth in Asia-Pacific (APAC) would be a lot faster than in North America and Europe.

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Hence, the concept of on-demand logistics is primarily gaining popularity due to the growth of the e-commerce industry.

Boom Expected in India Electric Scooter Market in Future

The Indian electric scooter and motorcycle market will experience a 57.9% CAGR during the forecast period (2020–2025), on account of the high government subsidies, favorable regulatory policies, stringent emission norms, and entry of leading two-wheeler manufacturers in the country. Moreover, the rising environmental concerns, dipping lithium-ion (Li-ion) battery prices, increasing advancements in Li-ion batteries, and planned set up of manufacturing units will help the market reach $grow from a sale of 152.0 thousand units in 2014to 1,080.5 thousand units by end of 2025.

India Electric Scooter Industry Scope

The regulatory environment and subsidies will go a long way in facilitating the Indian electric scooter and motorcycle market growth. The tax exemptions, financial incentives, and purchase rebate shave made these two-wheelers more viable for customers. Moreover, The government of India proposed a plan in 2019 to allow the sale of only electric two-wheelers from March 2025 onward. Moreover, the implementation of the Bharat Stage-VI (BSVI) emission norms from 1st April 2020 has boosted the production and sales of these electric vehicles (EVs).

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Additionally, the falling prices of Li-ion batteries will act as a catalyst for the Indian electric scooter and motorcycle market growth. At present, most of the EV manufacturers import Li-ion batteries from South Korea, China, and Japan due to the scarcity of raw materials and an underdeveloped value chain. The import of batteries leads to high costs, and domestic production will reduce them. Owing to these reasons, most of the Li-ion battery developers in India are focusing on the development of batteries and related systems within the country.

Geographically, Karnataka and Delhi are two of the fastest-growing states in the Indian electric two-wheelers market due to the surging government support, escalating environmental concerns, rising preference for clean and green vehicles, and soaring popularity of two-wheeler sharing services. Uttar Pradesh and Tamil Nadu are expected to hold comparatively larger shares in the market during the forecast period. The maximum demand for such EVs is generated from the tier 1 and tier 2 cities of these states.

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Thus, the presence of a conducive regulatory framework and availability of an array of scooter and motorcycle models will propel market growth in the coming years.

Boom Expected in Automotive Head-Up Display Market in Future

With more than 1.3 million people dying in vehicle crashes every year, as per the World Health Organization (WHO), the focus on making road transportation safer has increased massively in the recent past. What is disheartening is that most of these accidents are caused not by a failure of vehicle systems but by humans themselves. The key reasons because of which automobiles crash are over-speeding, not paying attention to the road while driving, talking on the phone while driving, reckless driving, and not keeping enough distance from the vehicle in front.

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As a result, the need for systems and software that can aid people while driving is rising, and many countries have mandated their adoption in automobiles. This is a key reason because of which P&S Intelligence expects the automotive head-up display market to witness rapid growth in the years to come. These systems are to become a key component of vehicles integrated with advanced driver-assistance systems, which offer tire pressure data, drowsiness monitoring, parking assist, adaptive cruise control, blind-spot detection, lane departure warning, adaptive front lighting, night vision, and driver monitoring functionalities.

Due to such efforts, “Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase.”, the International Energy Agency (IEA) says in its Global EV Outlook 2020 report. In PEVs, head-up displays aren’t just needed to display the ADAS data, but the data of the vehicle itself, including battery charge level, battery temperature, and charging status. Thus, with the International Renewable Energy Agency (IRENA) projecting the number of electric cars in operation to touch 200 million by 2030, the demand for head-up displays can be expected to skyrocket.

In the coming years, Asia-Pacific (APAC) will be the largest automotive head-up display market because of the rising automobile sales, including those of PEVs, in the region. In addition, China, South Korea, Japan, and India are among the top 10 vehicle producers owing to the cost-effectiveness of labor and raw materials and less-strict environmental regulations. These advantages have attracted many European and North American automakers to set up their plants in the region.

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Hence, with the rising production of automobiles and increasing focus on road safety, the demand for head-up displays will keep booming around the world.

Automotive Sensor Sales Set to Shoot-Up in China in Coming Years

The rising implementation of stringent government regulations and policies regarding greenhouse gas emissions and the enactment of policies that mandate the installation of safety systems in automobiles are causing a sharp surge in the demand for automotive sensors across the world. For example, many European countries have mandated the installation of driving assistance features and systems such as lane keeping assist systems, intelligent speed assistance systems, tire pressure monitoring, emergency stop signal, and advanced emergency braking in automobiles.

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The mushrooming adoption of advanced driver assistance system (ADAS) sensors in vehicles is massively boosting the sales of automotive sensors. Moreover, with the ballooning deployment of autonomous vehicles, the demand for automotive sensors is growing explosively. These vehicles are equipped with various advanced features such as natural language interface, speech recognition, driver monitoring, eye tracking, gesture recognition, and virtual resistance. Furthermore, the installation of ADAS that includes driver condition evaluation systems is fueling the sales of automotive sensors.

Besides the aforementioned factors, the rising adoption of electric vehicles is also propelling the sales of automotive sensors across the world. This is, in turn, driving the advancement of the global automotive sensors market. According to the forecast of P&S Intelligence, a market research company based in India, the valuation of the market will rise from $25,723.8 million in 2019 to $58,215.3 million by 2030. Moreover, the market is predicted to exhibit a CAGR of 7.4% between 2020 and 2030.

Pressure sensors, temperature sensors, oxygen sensors, position sensors, optical sensors, motion sensors, gas sensors, torque sensors, and level sensors are the most widely sold automotive sensors all over the world. Out of them, the sales of optical sensors are predicted to rise rapidly in the future years. Due to the increasing deployment of autonomous vehicles in several countries, the sales of automotive sensors will skyrocket around the world in the forthcoming years.

Body, chassis, powertrain, and advanced driver assistance systems (ADASs) are the major application areas of automotive sensors. Amongst these, the usage of automotive sensors is predicted to grow quickly in the ADASs in the future. This will be because of the fact that in various countries across the world, the government and regulatory authorities have made the installation of certain ADAS features mandatory in automobiles. Geographically, the sales of automotive sensors were the highest in Asia-Pacific (APAC) in the past.

In the coming years, the automotive sensors market is predicted to register the fastest growth in the Asia-Pacific region. In this region, the sales of these sensors are predicted to be the highest in China in the future years. This will be because of the increasing manufacturing capacity and the rapid implementation of advanced automotive technologies and innovations in vehicles. Additionally, the mushrooming deployment of electric vehicles in the country is propelling the sales of automotive sensors.

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Hence, it can be said with confidence that the demand for automotive sensors will rise enormously all over the world in the coming years, mainly because of the increasing deployment of autonomous and electric vehicles and the rising integration of ADAS in automobiles. 

Growth of the ADAS Market in United States

The need for increasing safety and security of vehicles, for the sake of both drivers and pedestrians, is increasing day by day all over the globe, including the U.S. As per the Association of Safe International Road Travel, over 38,000 people die in crashes every day on roadways in the U.S. In addition to this, about 4.4 million people are injured enough to need medical intervention. The country suffers from 50% more road crash deaths among all high-income countries, which further increases the cost of dealing with these situations. Because of these factors, the auto manufacturers are increasingly involved in coming up with advanced solutions that can increase the safety of vehicles. 

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One such solution is the integration of advanced driver assistance systems (ADAS) in cars. ADAS is utilized for describing the different safety features that are being integrated in vehicles to enhance driving experience by decreasing the severity and number of vehicle crashes. The system can warn the driver and further intervene for helping the driver to remain in control of the vehicle in case the possibility of an accident arises. In addition to this, if the accident cannot be avoided, ADAS can ensure that its severity is decreased. 

Attributed to such advantages, the U.S. ADAS market is expected to grow at a substantial rate in the near future. ADAS can be integrated in medium & heavy commercial vehicles, passenger cars, and light commercial vehicles. The system consists of a number of sensors, including laser sensor, ultrasonic senor, radar sensor, light detection and ranging sensor, and infrared sensor. Out of all these, the demand for radar sensors is predicted to be the highest in the coming years, which can be ascribed to the increasing applications in autonomous and connected vehicles and reducing cost of these sensors. 

ADAS includes a number of systems for making sure that the safety of vehicles is improved, such as adaptive front-lighting system, tire-pressure monitoring system, lane departure warning systems (LDWS), drowsiness monitoring system, adaptive cruise control system, parking assist system, and blind spot detection system. Out of all these, the demand for LDWS systems is projected to increase considerably in the years to come. The system is designed for alerting the driver when vehicle is leaving a detected lane and if the turn signal is not activated. This ensures that passengers and driver remain safe from crashes, such as striking a car in the adjacent lane. 

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In addition to this, introduction of innovative products by key companies in the domain and strict government regulations in the country are further expected to drive the demand for LDWS. Other than this, the U.S. ADAS market is predicted to grow in the coming years because of the emergence of multifunctional sensors in the market. The companies in the domain are further entering into partnerships and joint ventures for developing advanced systems. 

Hence, the demand for safety of roads is leading to the growing adoption of ADAS in the U.S.