Electric Vehicle Sound Generator Market to Witness Steady Growth at 6.3% CAGR during 2017 – 2025
Persistence Market Research has analyzed several factors of the electric vehicle sound generator market from a global perspective and has skilfully presented the insights based on these aspects in its new research publication titled “Electric Vehicle Sound Generator Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)”. The analytical research study covers various trends, developments, restraints and challenges faced by electric vehicle sound generators that have impacted the growth of the global market for electric vehicle sound generators. The report covers analysis on each and every segment of the electric vehicle sound generator market thus giving a realistic market scenario which can be used to assess future moves from a strategic standpoint.
Current and Future Scenario of Global Electric Vehicle Sound Generator Market
According to Persistence Market Research (PMR), the global market for electric vehicle sound generators is anticipated to reach an extensive milestone by the end of the year of assessment. In 2017, the global market for electric vehicle sound generators was valued at a little under US$ 34 Mn and is expected to reach a value higher than US$ 214 Mn by the end of the year of assessment (2025). This billion dollar milestone is due to the fast growth of the market across the globe, and is projected to expand at an exponential value CAGR of 26.3% throughout the period of assessment (2017-2025).
Increasing Sales of Electric Vehicles to Largely Impact the Growth of the Global Market
The demand for electric vehicles is a crucial aspect fuelling the adoption of electric vehicle sound generators. With respect to conventional vehicles, electric vehicles offer several advantages, for instance, zero emission of harmful gases, decreased noise generation and enhanced fuel efficiency. According to PMR research, sales of electric vehicles is expected to expand at a CAGR of over 20% ten years down the line. In addition, the growth of electric vehicles is supported by governments of various regions that are taking initiatives and are striving to reduce air pollution by making rules regarding the usage of conventional vehicles. They are also supportive with respect to use of hybrid vehicles as they are encouraging their adoption by offering several incentives and subsidies to owners of such vehicles. For instance, Chinese government offers a subsidy of US$ 6,750 to US$ 14,000 to customers on every purchase of hybrid or electric vehicle depending on the size of the battery pack.
Acoustic Comfort – a Key Product Differentiator
Automakers are ensuring that their products match the prestige, class as well as comfort of any top end conventional vehicle. With respect to conventional vehicles, companies are offering technologies that shape and muffle the sound of the exhaust, while on the other hand, OEMs rely on developing a unique emission sound for their vehicles that acts as their signature. This trend is prominent in luxury, premium and sports category of vehicles. Demand for these technologies is high in the aftermarket also. Acoustic comfort is a future hotspot in electric vehicles, which can push the growth of the electric vehicle sound generator market as customers opting for big brands such as Tesla, Mercedes, Toyota and Audi are looking for futuristic and appealing sounds. Key brands such as Audi have already introduced and installed customized computerized frequencies in their upcoming models such as in Audi R8 e-tron. Providers of acoustic technology can look forward to partnering with automakers in order to develop customized sound frequencies for electric vehicles to gain competitive advantage in the global market.
Persistence Market Research on Electric Vehicle Sound Generators
PMR has included analysis of various segments of the global electric vehicle sound generator market. This includes analysis on various vehicle types, sales channel and region.
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In case of vehicle type, passenger cars have owned the entire market and is the largest segment with respect to market valuation. With respect to sales channel, OEMs are the most lucrative. OEM segment is projected to expand at a high value CAGR during the forecast period. In region category, Japan is anticipated to be the largest region and is expected to highly contribute to the growth of the global market in the coming years.
Competitive Landscape of Global Electric Vehicle Sound Generator Market
The research report on global electric vehicle sound generator market includes analysis on key players in the market such as Delphi Technologies, Denso Corporation, Continental AG, Denso Corporation, HARMAN International, Nissan Motor Company Ltd., Tesla Inc., Daimler AG, Volkswagen AG, KUFATEC GmbH & Co. KG, Kendrion N.V., Sound Racer, BMW AG, Honda Motor Co., Ltd., and Mando-Hella Electronics Corp.