The anticipated size of the electric motor horn market in 2022 was USD 35.1 billion and is estimated to be USD 37 billion in 2023. An increase in road safety awareness is one of the major factors driving the electric motor horn market. 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 USD 88.4 billion by 2033.
Increasing use of electric motor horns in automotive owing to growing road safety awareness among people is set to push the market. Ongoing expansion of the automotive sector and increasing production of new vehicles are some of the major factors propelling growth in the global market.
Electric motor horns are referred to as a machine that can convert electric energy into mechanical energy. These horns function on the basis of principles of electromagnetism to create noises that are developed due to mechanical energy. These horns are extensively used in trucks, cars, motor vehicles, and buses as alerting devices. They function as a safety device to alert pedestrians and other vehicles of the automobile’s approach to prevent collisions and accidents.
| Attribute | Details |
|---|---|
| Projected Forecast Value (2022) | USD 35.1 billion |
| Projected Forecast Value (2023) | USD 37 billion |
| Projected Forecast Value (2033) | USD 88.4 billion |
| Growth rate | 9.1% CAGR |
| Forecast period | 2023 to 2033 |
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The global electric motor horn market grew at a CAGR of 8.6% between 2017 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 9.1% between 2023 and 2033.
Rise in the popularity of customized horns as can acquire due to the required or desired design, frequency, and intensity of the sound, and the growth in demand for electric horns over other horns inclusive of air horns owes to their longer life span thus influencing the electric motor horn market. Boost in the production and sales of new automotive vehicles and the expansion of the automotive sector thus, accelerates the growth of the electric motor horn market.
Initiatives are taken by the government and manufacturers for the decline in road accidents through the enhancement of the safety of the vehicle and implementation of stringent regulatory norms regarding the safety of vehicles and consumers also propel the electric motor horn market.
Increasing Number of Road Accidents
Increasing number of road accidents in both developed and developing countries across the globe is set to drive the global electric motor horn market growth in the forthcoming years. Ability of electric motor horns to avoid collision by altering the surrounding vehicles and pedestrians is also expected to bode well for the global market.
According to the World Health Organization (WHO), every year, around 1.3 million people die 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 further mentioned that approximately 93% of fatalities on roads occur 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.
Fusing of Electric Motor Horns
One of the most common problems associated with electric motor horns is blown fuses. These horns tend to operate with electric power and thus if there’s a blown fuse, the electricity is incapable of getting through and the horn will gradually stop working. Damaged wiring, overloaded circuit, and short circuits are some of the possible causes of a blown fuse.
Besides, expanded airbags in the car can also lead to a malfunctioned electric motor horn. Airbags often expand and disrupt the operation of these horns, thereby causing them to fail. Owing to the above-mentioned limitations, demand for electric motor horns may decline in the assessment period.
Asia Pacific is likely to remain at the forefront by generating the largest electric motor horn market share in the evaluation period. Increasing production and sales of automobiles across emerging economies such as India and China are expected to drive the regional market.
In addition, surging demand for HCVs on the back of the expansion of the transportation and construction industries is set to aid growth. The electric motor horn market in India forecasts a market share of 5.10% and in China, it is likely to expand at a CAGR of 6.1%.
North America is expected to remain in the second position in terms of share during the assessment period with a market share of 33.1% with the United States consisting of the major portion in the market at a value share of 28%. Surging demand for flat-type horns across the United States and Canada is one of the most significant factors that would propel sales of electric motor horns in the next decade.
Increasing awareness among people about the negative impact of carbon emissions on the environment is anticipated to create high demand for electric vehicles. According to the United States Energy Information Administration, electric, plug-in hybrid, and hybrid vehicles collectively held about 11% of the light-duty vehicle sales in the fourth quarter of 2022 in the United States. Thus, the ever-increasing demand for electric and hybrid vehicles across North America is likely to fuel the market.
Increase in the awareness in end-user verticals regarding eco-conscious living is thus accelerating the popularity of products that can be driven by electric motors, like electric cars, and electric machinery.
Europe’s electric motor market has also witnessed tremendous technological advancements in the past few years with a market share of 20.7%.
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Flat-type horns are the most fundamental and most common in the form of an electric motor horn as they are mainly made up of a simple metal sheet that is bent into a U-shape.
Two ends of the metal sheet are then brought together for creating the horn shape. Thus, this type of horn is usually mounted on the front or rear bumper of a vehicle with a market share of 72.1%.
Rise in demand for luxury and premium cars increases globally as the market for electric motor horns is assumed to grow. Rise in the adoption of passenger cars is, therefore, expected to fuel the market growth over the forecast period.
Passenger cars hence can see robust growth in their market with a market share of 68% and are thus becoming increasingly popular in the global electric motor horn market due to their perfect balance of performance, features, and affordability.
Some of the leading players operating in the global electric motor horn market include FIAMM Technologies, L.L.C., Robert Bosch GmBH, MARUKO KEIHOKI Co., LTD., Mitsuba Corp., Shanghai SIIC Transportation Electric Co., Ltd., UNO Minda Group, SEGER Horns, HELLA GmbH & Co. KGaA, Denso Corporation, Wolo Manufacturing Corp., Imasen Electric Industrial Co., Ltd., and Roots Industries India Limited among others.
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, 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.
Some of the new developments are-
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 37 billion |
| Market Forecast Value (2033) | USD 88.4 billion |
| Growth Rate | CAGR of 9.1% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Sound Pressure/Volume, End-use Vehicles, Sales Channel, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, China, Japan, South Korea, India, Bangladesh, Australia, New Zealand, GCC countries, South Africa, Israel |
| Key Companies Profiled | FIAMM Technologies, L.L.C.; Robert Bosch GmBH; MARUKO KEIHOKI Co., LTD.; Mitsuba Corp.; Shanghai SIIC Transportation Electric Co. Ltd.; UNO Minda Group; SEGER Horns; HELLA GmbH & Co. KGaA; Denso Corporation; Wolo Manufacturing Corp.; Imasen Electric Industrial Co., Ltd.; Roots Industries India Limited |
| Customization & Pricing | Available Upon Request |
The market in 2022 was valued at USD 35.1 billion.
The market is anticipated to be USD 88.4 billion by 2033.
In 2023, the market size is estimated to be USD 37 billion.
Asia Pacific is likely to remain at the forefront in the forecast period.
Blown fuses and fusing of electric motor horns are limiting the growth potential.
| Market Value for 2024 | USD 35,927.40 million |
|---|---|
| Market Value for 2034 | USD 1,86,450.62 million |
| Market CAGR from 2024 to 2034 | 17.9% |
| Market Size (2024) | USD 84,995.77 million |
|---|---|
| Market Anticipated Forecast Value (2034) | USD 571,809.04 million |
| Market Projected Growth Rate (2024 to 2034) | 21% CAGR |
| Projected Forecast Value (2023) | USD 37 billion |
|---|---|
| Projected Forecast Value (2033) | USD 88.4 billion |
| Growth rate | 9.1% CAGR |
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Electric Motor Horn Market
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