Rising car sales along with growing demand for interior car accessories is driving the market growth. Growing customer preference for advanced entertainment solutions for better driving experience is further impacting the market growth positively. Also, the rise in per capita income, improvement in living of standard and increased spending on audio system especially by young population is further boosting the market growth. Moreover, technological advancement for development of innovative car stereo system is further pushing the market growth uphill.
The latest report by Value Market Research expects the Global Car Audio Market was valued USD XX billion in 2019 and is likely to reach at USD XX.X billion by 2026 with CAGR of X.X%.
2 WAY SPEAKER IS LEADING THE PRODUCT TYPE
2 way sound system is dominating the segment owing to its balanced sound quality and relatively cheap over the others is driving the segment growth. Technological advancement in terms of sound and product quality is another factor that propels the demand.
OEM DOMINATED THE SALES CHANNEL
By sales channel, OEM led the segment owing to rising considerable adoption of the audio system by different car manufacturing companies. Growing R&D activities and continuously launching new products into the market are another factor that fuelling the demand. In addition to these, rising demand of customized car audio system among youth surge the demand.
PASSENGER CARS DOMINATED THE APPLICATION SEGMENT
In 2019, passenger cars dominated the application segment by accounting maximum market share. Rise in sales of passenger cars is majorly driving the segment growth. Also, risen demand for SUV and sedan passenger cars owing to better seating arrangement, strong body architecture, relatively large cabin space and better affordability is driving its demand. This is again contributing significantly in segment growth.
ASIA PACIFIC EMERGED AS THE LEADING REGIONAL MARKET
Geographically, Asia Pacific dominated the market by accounting over 30% of the total market share in 2019. Rise in automotive sales, increased disposable income and increasing demand for in-car infotainment system especially in emerging countries such as China and India is driving the major market growth. Additionally, presence of important players is again fueling the regional market growth.
KEY PLAYERS OF THE MARKET
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 are the players ruling the car audio market.
As per this study, the Global Car Audio Market was valued at USD XX BN (by revenue) in 2021 and is anticipated to reach USD XX BN by 2028 with a CAGR of XX%.
Car audio system is used to provide in-car entertainment and information solution. It mainly consists of a head unit, speaker and amplifier to impart better audio quality to the listener. Some advanced car audio systems have additional features such as smartphone integration, USB connections, animated displays units, HD radio system, GPS navigation, hands-free calling, touch screen monitors and a parametric equalizer.
Growing automotive industry on account of rising car sales in major driver driving the market growth. Rise in disposable income, betterment in living standard and increased expenditure on automobile accessories to impart better comfort is further fueling the market growth. In addition to this, technological advancement for the development of innovative products is likely to boost the market penetration in the forecasting period. Rising R&D by key players for production of an advanced audio system to nullify the cutthroat competition is further pushing the market growth upwards.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of car audio.
The broad car audio market has been sub-grouped into product type, application and sales channel. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product Type
- 2 Way Speakers
- 3 Way Speakers
- 4 Way Speakers
By Sales Channel
- Commercial Cars
- Passenger Cars
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for car audio in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Car Audio Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the car audio market include 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. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.