LONDON--(BUSINESS WIRE)--The global electric vehicle sound generator system market will grow at a CAGR of almost 42% during the forecast period, according to the latest market research report by Technavio. A key factor driving the market’s growth is the rising sales of electric vehicles. The sales of electric vehicles have started picking up since 2014. The most important factors contributing to the increase in their adoption are government initiatives to promote their use. The demand for electric vehicles is nurtured by various benefits and perks provided by governments, increased consumer awareness, stringent carbon emission norms to reduce the average CO2 emission of vehicles and increase in collaboration among foreign and regional players.
Technavio’s latest market research report on the global electric vehicle sound generator system market 2018-2022 provides an analysis of the most important trends anticipated to impact the market outlook during the forecast period. Technavio foresees an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing focus on improving EV charging infrastructure as one of the key emerging trends in the global electric vehicle sound generator system market:
Growing focus on improving EV charging infrastructure
OEMs offer home-based charging solutions with the purchase of EVs. However, the availability of public fast-charging facilities remains a challenge. The adoption rate of electric vehicles in a region is directly proportional to the number of charging stations available on the road. Attractive incentives for EV chargers and purchase of EVs are expected to boost EV charger installations and attract OEMs and private organizations to invest in the development of charging infrastructure to increase EV sales.
“At present, the charging stations in China have slow charging and take multiple hours to charge 80% of the battery. However, a fast charging station will charge 80% of the battery in half an hour. The government of China is also focusing on developing more fast-charging stations. This will significantly reduce the time spent on charging the vehicle,” says a senior analyst at Technavio for research on automotive components.
Electric vehicle sound generator system market - segmentation analysis and forecast
This market research report segments the global electric vehicle sound generator system market into the following applications (electric cars and electric CVs) and key regions (the Americas, APAC, and EMEA).
The electric cars segment held the largest market share in 2017, accounting for nearly 96% of the market. This application segment is expected to project steady growth during the forecast period.
The Americas contributed to the largest share of the global electric vehicle sound generator system market in 2017, accounting for a market share of nearly 38%. The market share occupied by this segment is expected to increase by almost 4% by 2022.
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