The Car Audio Market is expected to grow from US$ 4.64 Bn in 2017 to US$ 6.43 Bn by 2025 at a CAGR of 4.2% between 2017 and 2025.
A key trend which will predominantly affect the car audio market in the coming year is the integration of wireless technology with the car audio systems. Due to the increasing penetration of smartphones, and intensifying completion, the car audio manufacturers have been seen working towards the integration of advanced technologies, such as touch-screen, voice controlled and smartphone.
However, due to the development of large number of mobile applications supporting the accessibility to the daily chores (inclusive of car functions, such as accessibility of car audio devices) the car audio industry is foreseen to tap into the increasing demand for more such facilities and also ensure that it is keeping pace with consumer expectation and preferences. In terms of revenue, company fitted car audio system captures larger share as compared to aftermarket car audio systems.
However, the market for both company fitted and aftermarket audio systems are experiencing growth in terms of volume but company fitted audio system are expensive hence, it is expected to dominate.
What the report features:-
- Global analysis of Car Audio market from 2018 – 2025 illustrating the progression of the market.
- Forecast and analysis of Car Audio market by Dosage, Route of Administration and Application from 2018 – 2025
- Forecast and analysis of Car Audio market in five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America
Leading key market players mentioned in the report:-
Panasonic Corporation, Pioneer Corporation, Alpine Electronics, Inc., Kenwood Corporation, Harman International Industries, Inc., Clarion Co., Ltd., Sony Corporation, Delphi Automotive PLC, Bose Corporation, JL Audio Corporation, and Blaupunkt GmbH.
The global market for car audio has been segmented on the basis of component, which includes head unit, speakers, amplifiers and others. Further, the market is segmented on the basis of technology including, voice recognized and non-voice recognized audio system.
on the basis of accessibility type, the car audio market is segmented into smartphone controlled and manual controlled car audio system. Moreover, the market has also been categorized by make type into branded audio system and non-branded audio system, and regions (North America and Europe).
Key findings of the study:
North America is anticipated to account for the largest car audio market share and would register a CAGR of 6.3% in the forecast period.
The penetration of in-car entertainment or car audio system in North America is highly influenced by the investments made by the industry for the enhancement of its product offering. Moreover, as majority of the new car come already integrated with audio systems, the sale of cars in North America per annum is one of the key factors impact the growth of car audio systems in North America.
The branded car audio systems are anticipated to dominate the market owing to its increasing adaption by the manufacturers as well as the end-users. The inclination of the customers towards the branded car audio systems is majorly due to the quality and after sale services offered by these brands.
Moreover, the increasing ability of the end-users to spend on the audio systems of the vehicles has also contributed towards the growth of the overall car audio market. The branded car audio systems are expected to hold more than 70% share of overall car audio market in 2027.
Smartphones over the year have become a key integral of our lifestyle and therefore, most of the technologies discovered go hand in hand with the growth of smartphone penetration across the globe. Most of the company fitted audio system these days comes with bluetooth and other wireless controlled stereo system.
Most vehicles manufactured after 2013 allowed drivers to communicate with smart phones after connecting audio devices via Bluetooth. Streaming audio via internet radio application on both iPhone and Android devices have become very common, and the product aftermarket gear is pushing the envelope beyond that in addition.
This trend is expected to complement the growth of car audio market.
Demand for superior driving experience with advance voice controlled assistants such as Siri and Cortana while driving is fueling the demand for voice recognized car audio system. However, in coming years the voice recognized car audio technology would enable the system to ignore intrusive off-axis suspension or speakers, which would further enable the passengers to communicate simultaneously with the system as well as other passengers without any worry.
However, market is still in emerging stage and have comparatively less market size than non-voice recognized audio devices. All these factors are expected to create more demand for voice recognized car audio system and fuel the growth of car audio market.
Car audio system manufacturers are looking at voice recognized audio system as the most lucrative feature to add in the car audio system during the forecast period.
Reasons to Access the Report:
- Learn about the driving factors, affecting the market growth.
- Imbibe the advancements and progress in the market during the forecast period.
- Understand where the market opportunities lies.
- Compare and evaluate various options affecting the market.
- Pick up on the leading market players within the market.
- Envision the restrictions and restrains that are likely to hamper the market.
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