In 2022, the global electric motor horn market was valued at USD 35.1 billion and is expected to grow to USD 37 billion in 2023. According to Future Market Insights, the market is projected to expand at a robust CAGR of 9.1% from 2023 to 2033, reaching an estimated USD 88.4 billion by 2033.
This growth is driven by factors such as rising disposable incomes and technological advancements, which are expected to shape market trends significantly. Additionally, supply and demand dynamics, along with government initiatives aimed at boosting consumer purchasing power, will further contribute to the market’s expansion.
However, challenges such as a shortage of technical expertise and fluctuations in raw material prices may hinder growth. The COVID-19 pandemic, which disrupted supply chains and caused widespread economic slowdowns, has also impacted the market. These challenges may continue to influence the market’s development in the coming years.
In-Depth Market Analysis: A Complete Report
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.
Key Players
- 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
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global electric motor horn market providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global electric motor horn market is segmented based on 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) and Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa).
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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