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Electric vehicle sound generator systems create artificial sound to alert pedestrians about the presence of electric vehicle and hybrid vehicles. Electric vehicle sound generators enable pedestrians to detect nearly-silent electric vehicles. A large part of the demand comes from original equipment manufacturers' because of the government rules and regulation. Owing to the nature of the electronic devices used in different types of electric vehicles such as BEV, BHEV, and HEV, the sound they make is small or even negligible, especially when they are driving at a low speed of less than 20 kilometers per hour. Therefore, the use of electric vehicle sound generators is a key mechanism to ensure the safety of pedestrians and cyclists. Many aspiring participants are establishing new partnerships and strategic cooperation with original equipment manufacturers, which raises the bet on new technologies in the electric vehicle sound generator market. In addition, auto parts suppliers are focusing on introducing technologies that allow automakers to integrate custom sound generators. This development has intensified the intensity of competition in the electric vehicle sound market. For instance, Audi have introduced and installed customized computerized frequencies in their upcoming models such as in Audi R8 e-tron. Electric vehicle sound generator manufacturer 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.
COVID-19 Impact analysis
The manufacturers in electric vehicle sound generator industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the manufacturers worldwide. Industry executives are anticipating manufacturing slowdowns, either because nations have shuttered industries to slow the spread of coronavirus or because the workers have tested positive. Many components and parts for manufacturing of electric vehicle sound generator come from China, the US and some parts of Europe. Manufacturing disruptions in China and the US could contribute to a significant fall in the market over the next one or two years. Moreover, new orders for electric vehicle in the U.S. were down by around 12% in April 2020 compared to the previous year. Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing electric vehicle sound generator are typically procured in US dollars, which results in increased component cost
Top Impacting Factors
The electric vehicle sound generator trends are as follows:
Rise in demand for electric vehicle
The demand for electric vehicles is a key aspect that driving the growth of electric vehicle sound generator market. Compared with traditional cars, electric cars have many advantages, such as zero emission of harmful gases, reduced noise and improved fuel efficiency. In addition, the growth of electric vehicles has been supported by local governments, which are taking measures to reduce air, and sound pollution by enacting rules on the use of traditional vehicles. They are also encouraging the adoption of hybrid vehicles by offering several incentives and subsidies to owners of such vehicles. For instance, the Chinese government offers a subsidy of US$ 6,750 to US$ 14,000 to customers on every purchase of hybrid or electric vehicles depending on the size of the battery pack. Also, Indian government is providing subsidy on purchase of electric vehicle, and no fee on registration. Thus, the rise in the demand for electric vehicle will directly impact the market of electric vehicle sound generator.
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Questions answered in the electric vehicle sound generator research report:
Key Market Segments
Key Market Players