LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive horns and fanfares market predicts a CAGR of above 4% during the period 2018-2022.
The report segments the global automotive horns and fanfares market by vehicle type, including passenger vehicles and commercial vehicles and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive horns and fanfares market, according to Technavio automotive researchers:
- Rise in global automotive sales: a major market driver
- Introduction of Silent Horn System: emerging market trend
- APAC dominated the global automotive horns and fanfares market with 54% share in 2017
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Rise in global automotive sales: a major market driver
The sales of automotive horns and fanfares are closely related to the growth of the passenger and the commercial vehicles market, as they are equipped with either horns or fanfares. In the global automotive horns and fanfares market, the passenger vehicle segment is the largest contributor. In 2016, the global passenger car sales increased by 3.97%. Similarly, the European passenger car market recorded an increase of around 6%. In countries such as the US, the sales of passenger vehicles increased by 4%, in 2016.
In recent years, the economic growth of BRIC nations has fueled the growth of the auto industry. Several of the global vehicle manufacturers are shifting their focus to these countries, owing to the intense competition among the players and saturated markets. This creates a prospect for various automotive horns and fanfares players to promote their products and solutions across emerging markets.
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Introduction of Silent Horn System: emerging market trend
In the urban areas, vehicular noise is the major cause of noise pollution. Horns, which are used to alert other drivers in the vicinity, disturb the other fellow drivers, pedestrians, passengers, and people living nearby. Sound levels that are greater than 120 decibels (dB) can lead to hypertension and insomnia diseases. This issue can be solved by using simple infrared light emitting diodes (IR LEDs) and receivers. This infrared communication system, which is usually used in television remotes, can produce and transmit a silent horn signal outside the vehicle in all directions, thus replacing the traditional horn system.
According to a senior analyst at Technavio for research on automotive components, “With the help of logic gates, the sensors installed on all the sides of the other vehicles detect infrared signal and alert the required driver, as they are connected to LEDs and buzzers, which are placed near the driver seat. The direction of the sound produced inside the vehicle will be the same as the horn signal. The Silent Horn System can be made compatible with the existing horn system. So, both the normal sound horn and the silent horn can be used by the driver together depending on the situation.”
Global market opportunities
In terms of regional dominance, APAC led the global automotive horns and fanfares market, followed by EMEA and the Americas in 2017. The global automotive horns and fanfares market in APAC is expected to grow at a higher rate compared with EMEA. By 2022, APAC is expected to continue dominating the market and register positive growth.
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