The global electric motor horn market growth in 2022 was US$ 35.1 billion and is estimated to be US$ 37 billion in 2023. Future Market Insights has mentioned in its reports that the electric motor horn market will expand at a CAGR of 9.1% between 2023 and 2033, totaling around US$ 88.4 billion by 2033.
Growth in disposable income and technological improvements will greatly impact electric motor horn market trends. Dynamics of supply and demand will also, therefore, affect the development of the electric motor horn market. Government initiatives are also taken that will benefit citizens and boost their purchasing power will aid Electric Motor Horn Market in growing.
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Electric motor horn market’s expansion would be hampered by a lack of technical expertise and fluctuation of raw material prices. The COVID–19 pandemic outbreak, which led to lockdowns, has also hampered supply chain activities, putting a stop to electric motor horn market.
Key Takeaways from the Market Study
- Global electric motor horn market grew at a CAGR of 8.6% between 2017 and 2022.
- Electric motor horn market in India forecasts a market share of 5.10%.
- North America is expected to have a market share of 33.1%.
- United States consists of the major portion of the market at a value share of 28%.
- Under product type, flat-type horns are usually mounted on a vehicle’s front or rear bumper with a market share of 72.1%.
- Under end-use vehicles, passenger cars hence can see robust growth in their market with a market share of 68%.
“Rise in the number of road accidents is considered to be one of the major factors of the electric motor horn market”, comments a Future Market Insights analyst.
Market Competition
Leading players are investing huge sums in research and development activities to introduce cutting-edge products and cater to the surging demand from customers worldwide. They are also focusing on mergers and acquisitions with local companies to gain access to their technology and co-develop new products. Meanwhile, a few start-up companies are aiming to raise funds from government bodies for the development of innovative products.
- In June 2023, DENSO Corporation announced it plans to launch a pilot program in July at its Hirose Plant that uses an SOEC*1(Solid Oxide Electrolysis Cell), a DENSO-developed device that produces green hydrogen through electrolysis of high-temperature steam, to help power and increase the sustainability of its manufacturing operations. The trial will incorporate a verification test using the produced green hydrogen in a prototype power card*2 line.
- In December 2022, DENSO Corporation, a leading mobility supplier, announced changes to its organizational structure, executives’ responsibilities, and personnel, effective.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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