PRESS RELEASE: Electric Motor Horn Market to Generate US$ 56.3 Bn Revenue in 2032 to Avoid Increasing Collisions and Deaths by Road Accidents – Future Market Insights, Inc.
NEWARK, Del: The global electronic motor horn market is anticipated to grow at a robust CAGR of around 5.7% during the forecast period from 2022 to 2032. The global market is expected to be valued at US$ 35.1 Bn in 2022 and reach an estimation of around US$ 56.3 Bn in 2032. The growth of the market is attributed to the surging use of electric motor horns in the automotive industry owing to the surging road safety awareness among people is set to push the market.
As per the analysis done by Future Market Insights, the electric motor horn market is expected to bolster sales due to the ongoing expansion of the automotive sector and the rising production of new vehicles. These are some of the prominent factors propelling the growth in the global market. Electronic motor horns are referred to as a machine that can efficiently convert electric energy into mechanical energy. On the basis of principles of electromagnetism, these horns function efficiently in order to create noises that are developed due to mechanical energy. These horns are widely utilized in automobiles including trucks, cars, motor vehicles, and buses as an alerting device. They also function as safety devices so that they can alert pedestrians and various other vehicles of the automobile’s approach to preventing collisions and accidents.
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Key Takeaways
The prevalence of the increasing number of road accidents in both developed and developing countries all over the world is set to bolster growth in the global electric motor horn market over the projected years. The ability of electric motor horns to effectively avoid collision by altering the surrounding vehicles and pedestrians is anticipated to bode well for the global market.
According to recent reports by the World Health Organization (WHO), every year, approximately 1.3 million people die from road accidents as a result of road traffic crashes globally and more than half of all road traffic deaths are among motorcyclists, cyclists, and pedestrians.
The WHO report further mentions that around 93% of road accidents take place in middle- and low-income countries worldwide. Driven by the aforementioned factors, the global market is projected to grow at a considerable pace in the next decade.
Competitive Landscape
Key industry players in the market are heavily investing in research and development activities in order to introduce cutting-edge products and cater to the increasing demand from customers all around the world. The prominent market players are also concentrating on mergers and acquisitions with various local companies to gain access to their technology, as well as co-develop new products. Meanwhile, a few start-up companies are aiming to raise funds from government bodies for the development of innovative products.
More Insights into the Electric Motor Horn Market
Asia Pacific is anticipated to dominate the global electric motor horn market by generating the largest market share during the evaluation period. The growth is also attributed to the increasing production and sales of automobiles across emerging economies including India and China are anticipated to drive growth in the market. In addition to that, surging demand for HCVs on the back of the expansion of the transportation and construction industries is set to aid growth.
According to India Brand Equity Foundation (IBEF), in FY21, the annual production of automobiles in India was calculated at around 22.65 million between April and October 2021 when around 13 million vehicles were produced in the country. IBEF further mentioned that sales of passenger cars surged by 26.6% in CY21 to 3.08 million units in the country. The trend is expected to continue in the future owing to high disposable income and rapid urbanization, thereby pushing the Asia Pacific market.
North America is expected to remain in the second position on the basis of its share during the projection period. Increasing demand for flat-type horns across the United States and Canada is considered one of the prominent factors that would propel sales of electric motor horns in the next decade.
The growth in the electric motor horn market is expected to propel attributed to the surging awareness among people about the negative impact of carbon emissions on the environment. According to the U.S. Energy Information Administration, electric, plug-in hybrid, and hybrid vehicles collectively held about 11% of the light-duty vehicle sales in the fourth quarter of 2021 in the U.S. Therefore, the ever-increasing demand for electric and hybrid vehicles across North America is likely to fuel the market.
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Key Segments Profiled in the Electric Motor Horn Industry Survey
By Product Type:
Flat Type
Spiral Type
Trumpet
By End-use Vehicles:
Passenger Cars
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)
By Sound Pressure/Volume:
Up-to 110 dB
110 dB to 118 dB
Greater than 118 dB
By Sales Channel:
Original Equipment Manufacturers (OEM)
Aftermarket
By Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa
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