Global Automotive Horns and Fanfares Market 2018-2022
About Automotive Horns and Fanfares
Automotive Horns and Fanfares are sound- making devices and are integral component of every motor vehicle. Horns and fanfares are used to alert pedestrians, and other approaching vehicles, especially in hazardous situations, to avoid accidents.
Technavio’s analysts forecast the global automotive horns and fanfares market to grow at a CAGR of 4.10% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive horns and fanfares market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of automotive horns and fanfares.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Horns and Fanfares Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive horns and fanfares market: FIAMM COMPONENTI ACCESSORI, HELLA, Mitsuba, Robert Bosch, UNO Minda
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Introduction of Silent Horn System. Vehicular noise is the major cause of noise pollution in the urban areas. Horns, which are used to alert other drivers in the vicinity, disturb the other fellow drivers, pedestrians, passengers, and people living nearby. Sound levels greater than 120 decibels (dB) can cause hypertension and insomnia diseases. This problem can be solved by using simple infrared light emitting diodes (IR LEDs) and receivers. This infrared communication system, which is used in television remotes, can generate and transmit a silent horn sig”
According to the report, one of the major drivers for this market is Rise in global automotive sales. The sales of automotive horns and fanfares are closely related to the growth of the passenger and the commercial vehicles market, as these vehicles are equipped with either horns or fanfares. The passenger vehicle segment is the largest contributor to the global automotive horns and fanfares market. The global passenger car sales increased by 3.97% in 2016, with SUVs and crossovers accounting for maximum sales, especially in the Chinese and US markets. In 2016, The European passenger car market recorded an increase of around 6%. Similarly, in the US, the sales of passenger vehicles increased by 4%, in 2016.
Further, the report states that one of the major factors hindering the growth of this market is Gradual increase in annual wages, leading to a decline in profit margins. In the automotive industry, OEMs have been taking up the liability for most of the price pressure and the warranty costs from the demand side in the past. However, the situation has changed in the last five years, with OEMs now transferring liabilities to tier-1 suppliers and, in turn, to component manufacturers. This has resulted in cost optimization in the industry.
FIAMM COMPONENTI ACCESSORI, HELLA, Mitsuba, Robert Bosch, UNO Minda