(MENAFN- GlobeNewsWire - Nasdaq) The global automotive horn systems market has grown due to rise in vehicle production & sales, stringent safety regulation, technological advancement, rise in awareness of road safety, and an upsurge in aftermarket sales.
Wilmington, Delaware, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Automotive Horn System Market by Product Type (Air Horn and Electric Horn), Vehicle Type (Passenger Cars and Commercial Vehicles), Horn Shape (Flat, Spiral and Trumpet), and Sales channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the automotive horn system market was valued at $0.7 billion in 2023, and is estimated to reach $1.8 billion by 2033, growing at a CAGR of 9.9% from 2024 to 2033.
Prime Determinants of Growth
The demand for automotive horn systems is linked to vehicle production and sales. As the automotive industry expands and more vehicles are manufactured and sold globally, the need for horn systems increases proportionally. Innovations in horn technology, such as digital horns and integration with advanced driver assistance systems (ADAS), enhance the performance and effectiveness of horn systems. Technological advancements drive market growth by providing consumers with more reliable and efficient horn solutions. Furthermore, the rise in consumer awareness about road safety and the importance of audible warning signals in preventing accidents stimulates demand for automotive horn systems. Consumer preferences for enhanced safety features in vehicles further drive market growth.
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The electric horn segment is expected to grow faster throughout the forecast period.
By product type, the electric horn segment is anticipated to experience faster growth in the automotive horn systems market during the forecast period due to the fact that electric horns are often preferred by automotive manufacturers due to their ability to comply with stringent noise regulations. These horns are designed to produce loud and clear sounds while meeting regulatory requirements, making them suitable for use in various markets worldwide. Electric horns are known for their reliability and durability compared to traditional mechanical horns. They have fewer moving parts, reducing the risk of mechanical failure and ensuring consistent performance over time. This reliability is essential for vehicle safety and contributes to the preference for electric horns among manufacturers and consumers.
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The passenger cars segment is expected to grow faster throughout the forecast period.
By vehicle type, the passenger cars segment is anticipated to experience faster growth in the automotive horn systems market during the forecast period, due to fact that passenger vehicles represent the largest segment of the automotive market, with significantly higher production and sales volumes compared to commercial vehicles and two-wheelers. This sheer volume translates to a greater demand for automotive components, including horn systems. Passenger vehicles represent the largest segment of the automotive market, with significantly higher production and sales volumes compared to commercial vehicles and two-wheelers. This sheer volume translates to a greater demand for automotive components, including horn systems.
The trumpet horn segment is expected to grow faster throughout the forecast period.
By horn shape, the trumpet horn segment is anticipated to experience faster growth in the automotive horn systems market during the forecast period due to fact that the trumpet horns are known for producing a louder and more distinct sound compared to flat and spiral horns. Their design allows for better sound projection, making them more effective in alerting other road users and enhancing road safety. Many consumers prefer trumpet horns due to their superior sound quality and reliability. This preference translates into higher demand for trumpet-shaped horns in both the original equipment manufacturer (OEM) and aftermarket segments.
The Aftermarket segment is expected to grow faster throughout the forecast period .
By sales channel, the aftermarket segment is anticipated to experience faster growth in the automotive horn systems market during the forecast period, due to fact that many vehicle owners in the aftermarket look forward to upgrading their horn systems to more advanced or specialized models. This includes digital horns, multi-tone horns, and louder or more distinctive horns that offer better performance and personalization options. As vehicles age, the likelihood of horn system failure increases. The aftermarket serves a large population of older vehicles that require maintenance and replacement parts to ensure continued functionality and safety.
North America to maintain its dominance by 2033
By region, North America is expected to maintain its dominance in the automotive horn systems market by 2032 owing to the fact that North America, particularly the U.S., has a long-established and mature automotive industry. Major automakers such as Ford, General Motors, and Chrysler have substantial production facilities in the region, leading to a consistent and high demand for automotive components, including horn systems. The North American market is known for its rapid adoption of new technologies. Innovations in horn systems, such as digital horns and advanced multi-tone systems, are more readily adopted in this region, contributing to the market's growth.
Leading Market Players:
Denso Corporation Fiamm Componenti Accessori - FCA Hella GmbH & Co. KGaA Horns Unlimited Klaxon Signals Ltd. Minda Industries Ltd. Mitsuba Corporation Robert Bosch GmbH Sanfeng Auto Parts Co., Ltd. UNO Minda Group
The report provides a detailed analysis of these key players in the global automotive horn systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry News
In December 2022, Valeo Service India launched the PIAA Horn under the co-branding name of PIAA Valeo Horn Set in the electronic and accessories segment. Leveraging their extensive dealer network, the product has reached even the remotest parts of the country and has received a positive response at the ground level due to its high quality and distinct sound. This launch marks Valeo's entry into the electronic and accessories business segment, and it is expected to pave the way for the introduction of additional related PIAA products in the future. In November 2022, Bosch launched a digital horn, marking a significant innovation in automotive horn technology. Unlike traditional electromechanical horns, Bosch's digital horn leverages advanced electronics to produce sound. This technology offers precise control over the sound characteristics, including tone, volume, and pattern, ensuring a consistent and reliable performance. The digital horn is designed to be more durable and less susceptible to wear and tear since it has fewer mechanical components. In May 2024, Uno Minda, a prominent player in the automotive components industry, launched Clarton's premium C80 trumpet horn to the Indian aftermarket. The C80 trumpet horn is renowned for its superior sound quality, robust build, and reliable performance. Clarton, a reputable European horn manufacturer, has engineered the C80 model to deliver a loud, clear, and distinctive tone that ensures effective communication and safety on the road.
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