Electric Vehicle Sound Generator Market 2022
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).
This Persistence Market Research (PMR) study offers analysis and forecast for the global electric vehicle sound generator market between 2019 and 2029. The electric vehicle sound generator market study considers 2018 as the base year, with market values estimated for 2019, and forecast developed for the duration of 2019-2029. Compound average growth rate (CAGR) has been represented from 2019 to 2029.
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The study covers various perspectives of the global electric vehicle sound generator market, including market dynamics, value chain, pricing analysis, competition analysis, regional and segmental growth comparison, and macroeconomic as well as segment-level projections in a comprehensive manner. Increasing investments, development of EVs, and policy support are expected to play a pivotal role in the growth of the electric vehicle sound generator market.
The report analyzes the electric vehicle sound generator market at global and regional levels, through market segmentation on the basis of key parameters such as vehicle type, sales channel, and region. The primary objective of the report is to offer key insights on market updates, competition positioning, growth rates, and other relevant information and statistics in a suitable manner to the readers or various stakeholders in the electric vehicle sound generator market. Subsequently, the study aims to analyze the most recent trends, dynamics, and potential strategies in the global electric vehicle sound generator market.
The report is structured to allow readers to develop a thorough understanding of the electric vehicle sound generator market. It begins with market definitions, which are followed by the market background, market dynamics, and market analysis by key segments, regional analysis, and competition landscape. Each section covers a qualitative and quantitative assessment of the electric vehicle sound generator market on the basis of facts, historical developments, and key opinions collected from industry participants through dedicated interviews and trends in the electric vehicle sound generator market.
Key Companies –
- 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.
- Mando-Hella Electronics Corp.
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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.
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Key Questions Answered in the Electric Vehicle Sound Generator Market Report
- How has the electric vehicle sound generator market evolved over the past five years?
- How is the electric vehicle sound generator market expected to take shape in terms of volume and value during the study period?
- What are the prevailing market dynamics in the electric vehicle sound generator market?
- What are the competition developments and trends in the electric vehicle sound generator market?
- What are the underlying macroeconomic and industry factors impacting the growth of the electric vehicle sound generator market?
- Which are the key challenges, opportunities, and improvement factors for electric vehicle sound generator market players?
- What are the market positioning and key strategies of key manufacturers as per the electric vehicle sound generator market taxonomy?
- How is the competition structured in the electric vehicle sound generator market and how has it evolved over the past few years?
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