Sold by: Global Market Insights Inc.
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The car audio market participants include Sony Corporation, Panasonic Corporation, Pioneer Corporation, Harman International Inc., Premium Sound Solutions, Bose Corporation, and JVC Kenwood Corporation.
Overview
The latest study conducted by Global Market Insights Inc. claims that the ** global car audio market size ** could exceed USD 20 billion by 2032. The market growth is driven by the growing consumer inclination toward in-car entertainment and information systems. As per credible sources, nearly 99% of the newly sold vehicles in the US are equipped with infotainment systems.
Pivotal product benefits such as improving audio quality, increased availability of car audio systems, easy installation, reduced installation time, and supporting an increase in car’s value, would contribute to the car audio industry expansion in the coming years.
Some of the fields available in report -
| Required Fields | Format |
|---|---|
| Market Size in 2022 | USD 10 Billion |
| Value Projection by 2032 | USD 20 Billion |
| **Compound Annual Growth Rate (CAGR) ** | 5% |
| ** Passenger Vehicles segment in 2022** | USD 15 Billion |
| ** Voice Recognized type segment in 2032** | USD 10 Billion |
| ** OEM segment in 2032** | USD 12 Billion |
| ** Speaker Segment in 2022** | 45% market share |
| ** Asia Pacific Market in 2032** | 6% CAGR |
| No. Of Tables | 915 |
| Figures & Charts | 43 |
| No. Of Report Pages | 340 |
| Countries covered in the report | U.S., Canada, UK, France, Italy, Germany, Russia, China, India, Japan, South Korea, Mexico, Brazil, Colombia, UAE, South Africa, Saudi Arabia. |
| Segments covered | Sales Channel, Component, Sound Management, Vehicle, Make |
| Companies covered in the report | Sony Corporation, Panasonic Corporation, Pioneer Corporation, Harman International Inc., Premium Sound Solutions, Bose Corporation, and JVC Kenwood Corporation. |
| Highlighting some of the major trends streamlining car audio industry growth through 2032 |
** Growing demand for car amplifiers**
The demand for amplifiers is gradually rising across portable audio devices equipped in cars. This can be credited to its ample benefits including the provision of cleaner sound, exceptional performance and power, and enhanced music experience. Besides, adding an amplifier in cars can improve the sound of being a power source to drive the speakers without draining them.
Various audio companies are going nine yards to develop new car amplifiers while the automobile behemoths are seeking the integration of effective amplifier systems to enhance the product portfolios. For instance, Harman expanded its range of car audio products with the launch of new Infinity 7005A amplifier to its aftermarket car accessories.
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** Rising passenger car sales**
The increasing sales of passenger cars across emerging economies such as the United States, Canada, the United Kingdom, and more would add impetus to the market dynamics. As per CEIC statistics, the passenger car sales in the United States was reported at more than 3.3 million units in 2021.
Ongoing developments in passenger car interiors, including the integration of premium infotainment systems, improved safety features like ADAS, and connectivity via Bluetooth and WiFi on smartphones would further prompt the product demand. As per the Insurance Institute for Highway, 95% of all registered vehicles in the United States will be equipped with most ADAS systems by 2043.
** Surging penetration of connected car systems**
With robust digitization deepening worldwide, automakers are seeking to integrate connected car audio systems in the now rolling out vehicles. This has prompted audio system providers to develop potential solutions for efficient driving experience and in-car entertainment. Citing an example, Cadence declared that its Tensilica HiFi DSP would now support Dolby Atmos for vehicles. As per reports, this move would turn out to be a huge-win for in-car entertainment systems.
On the other hand, Amazon Music announced getting ‘Car Mode’ service to make driving seamless and easy. The Car Mode would depict the Amazon Music interface with large text button, and easier access to Alexa. Such initiatives are expected to pave the way for more growth opportunities for car audio market landscape.
** A rise in demand for voice-recognized audio systems in India**
With the tech-savvy population and passenger car sales growing in the Indian sub-continent, it has become the latest traction to include voice-recognized car audio systems. According to the SIAM statistics, passenger vehicle sales in the country were up 26.7% in the fiscal year 2023.
Technological innovations in the space across the region would offer profitable business to audio system industry nationwide. To illustrate, Mihup and Harman opened partnership to enable voice-controlled conversation conversion agents in Tata Nexon and Altroz. As per reports, the product supports a blend of English and Hindi languages and can function without internet connectivity as well.
To sum up, ongoing developments in the automotive industry and growing inclination toward in-car entertainment and information systems would potentially fuel the demand for car audio systems across different regions.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Market Insights Inc.
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One unit grants access to the car audio market research report. The report covers market sizing, segmentation by component, sound management, vehicle type, and sales channel, plus regional data across North America, Asia Pacific, Latin America, and other regions, with forecasts through 2034.
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