The global Electric Motor Horn Market Size 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 Billion in 2022 and reach an estimation of around US$ 56.3 Billion by 2032.
An electric motor horn is a type of horn that uses an electric motor to produce a loud and distinctive sound. These horns are commonly used in automotive applications, such as cars, trucks, and motorcycles.
The global market for electric motor horns is expected to grow steadily in the coming years, driven by several key factors. One of the main drivers of growth in the market is the increasing demand for safety features in vehicles. As consumers become more safety-conscious, the demand for horns that are loud and attention-grabbing is expected to grow.
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In addition, the rising popularity of electric and hybrid vehicles is expected to drive growth in the market for electric motor horns. Unlike traditional vehicles that have a loud engine noise, electric and hybrid vehicles are much quieter, making it more difficult for pedestrians and other drivers to hear them on the road. This is creating a need for horns that are specifically designed for electric vehicles, which can produce a loud and attention-grabbing sound without relying on engine noise.
Another factor driving growth in the market is the increasing adoption of advanced driver assistance systems (ADAS) in vehicles. These systems rely on sensors and cameras to detect potential hazards and provide warnings to drivers. Electric motor horns can be integrated with these systems to provide an audible warning to the driver, helping to improve safety on the road.
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.
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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
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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 (ESOMAR certified 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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