Value Market Research has recently published a report on the Global Car Audio Market. The report states that the global car audio market was valued at USD 22.5 BN in 2019 and is expected to touch USD 28.6 BN by 2026 with a CAGR of 6.50% during 2020-2026. The rise in the car sales has led to a growth of the automotive industry which is further driving the growth of the car audio market globally. Few other factors leading to the growth of the car audio market globally are the improved living standards, increased expenditure on automobile accessories and the rise in disposable income. Besides, the advancement in technology for the development of innovative products is also likely to boost the car audio market globally. The rise in R&D by key players for aiding the production of an advanced audio system in order to reduce competition is further pushing the market growth.
A car audio system is used in order to provide in-car entertainment and information solution. It mainly involves a head unit, speaker and amplifier which helps to impart better audio quality to the listener. Some advanced features are smartphone integration, USB connections, animated display units, HD radio systems, GPS navigation, hands free calling, touch screen monitors and parametric equalizers.
The report “Global Car Audio Market Report By Product Type (2 Way Speakers, 3 Way Speakers, 4 Way Speakers And Others), By Application (Commercial Cars And Passenger Cars), By Sales Channel (OEM And Aftermarket) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026” covers the global car audio market on the basis of product type, scar type, end use, geography and key players along with the estimated growth in opportunities and market value in the forecasted period.
By product type, 2-way speakers, 3-way speakers and 4-way speakers are the segments provided for the global car audio market as per the report. 2-way speaker is leading this type owing to the balance in sound quality and its inexpensiveness compared to other types. By application, commercial cars and passenger cars are the classifications of the global car audio market where passenger cars dominated this classification owing to the rise in sales and the rise in demand for SUV and sedan cars. Strong body architecture, better seating arrangement, relatively large cabin space and affordability are the features of passenger cars which have made it preferable in comparison to commercial cars. As per the report, OEM and aftermarket are the segments on the basis of sales channels of the global car audio market. OEM has been observed to lead this segmentation owing to the rise in considerable adoption of the audio system by different car manufacturing companies. The other factor leading to this dominance is the growth in R&D activities, continuous launch of new products and the rise in demand of customized car audio systems by the youth.
North America, Europe, Asia Pacific, Latin America and Middle East & Africa are the geographical segments of the global car audio market. Asia-Pacific has emerged as the leading segment due to the rise in automotive sales, increased in capita income and increased demand for advanced in-car infotainment systems along with the presence of key players in the region.
The Report Segments Global Car Audio Market -
By Product Type
Alpine Electronics, Inc., Blaupunkt GmbH, Bose Corporation, Clarion Co., Ltd., Delphi Automotive PLC, Harman International Industries, Inc., JL Audio, Kenwood Corporation, Panasonic Corporation, Pioneer Corporation and Sony Corporation.
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