The rise in automotive sales and high demand of improved sound system is driving market growth. Increased per capita income, improved in the living of standard and increased expenditure on automobile accessories is further fueling the market growth. Also, technological advancement for improved and user-friendly audio system is likely to push the market growth upwards in the forecasting period. Moreover, rising penetration of IoT, rising number of tech-savvy car owners and high demand of high-end audio system is further boosting the market growth.
The latest report by Value Market Research expects the Global Car Stereo Market was valued at USD 30 billion in 2017 and is likely to reach USD 46.5 billion by 2024 with CAGR of 6%.
Aftermarket emerged as the leading application
In 2017, Aftermarket dominated the application segment and has accounted for over 45% of the total market share. Aftermarkets sales offer advantages such as superior performance, better customization, reliability, functionality and are relatively inexpensive is driving the segment growth.
Multimedia dominated the type segment
In 2017, Multimedia emerged as the leading type segment and has accounted for X.X% of the total market share. Owing to superior graphics such as GPS navigation, touchscreen display, Bluetooth usability, better audio quality, and convenient stereo controls are major factors driving the market growth.
North America led the regional market
Geographically, North America has dominated the market by accounting for over 33% of the total market share in 2017. The rise in sales of luxury vehicles along with high demand for the better audio system is driving the market growth in North America.
Key players in 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 prominent vendors of the market
As per this study the Global Car Stereo Market was valued USD 49.23 BN (by revenue) in 2021 and is anticipated to reach USD 76.5 BN by 2028 with a CAGR of 6.5%.
Car stereo system refers to a part of the automobile audio system that is embedded in the dashboard, often used for infotainment. It is alternatively known as an audio receiver or head unit. It includes CD player; touch screen displays, radio tuner, auxiliary inputs, amplifier, and equalizer. Some advanced car stereo systems have add-on features such as dashcam, Wi-Fi connectivity, Bluetooth and GPS navigation system.
Market Dynamics
Growing automotive industry on account of rising car sales in major driver driving the market growth. Rising adoption of IoT and the increased number of tech-savvy population is again driving the market growth. The rise in disposable income, betterment in living standard and increased expenditure on automobile accessories are 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.
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 stereo.
Market Segmentation
The broad car stereo market has been sub-grouped into type and application. 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 Type
- CD Receiver
- DVD Receiver
- Multimedia Receiver
By Application
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for car stereo 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 Stereo 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 stereo 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.
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