Selbyville, Delaware, Sept. 19, 2022 (GLOBE NEWSWIRE) --
The car audio market is expected to record a valuation of USD 15 billion by 2030, according to the latest research study by Global Market Insights Inc.
The report identifies the proliferation of vehicle-to-vehicle communication and connected car technologies as a prominent factor supporting the industry expansion. The ongoing advancements in vehicle technologies have encouraged tech players globally to innovate Advanced Driver Assistance Systems (ADAS) loaded with smart functionalities such as head display units, proximity sensors, and audio-visual systems. For instance, in September 2022, Harman International, an expert in audio entertainment technology and the Samsung subsidiary, announced the acquisition of Caaresys, a developer of vehicle passenger monitoring systems powered by low-emission contactless radar. The acquisition will allow Harman to provide in-cabin passenger monitoring systems with enhanced capabilities to detect humans, kids, and pet using radar-based sensing.
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Rising demand for high-quality sound experience
The car audio market from DSP component type segment is predicted to observe 5% growth rate till 2030. The fast-paced integration of digital signal processors (DSPs) in cars to smooth out frequency response issues and differences in acoustics and to deliver a high-quality music experience will aid the segment growth. Besides, the ability of these systems to offer accurate crossover settings may help them gain momentum in the forthcoming years.
Rapid integration of cost-effective sound management systems
The manual segment in the car audio market is set to register substantial gains through 2030. The implementation of several government mandates focused on limiting noise pollution levels may boost segment expansion. In addition, the rapid deployment of affordable sound management systems in mid and low-range vehicles to elevate the overall driving and ride experience will provide significant impetus to the industry.
Growing emphasis on ensuring driver safety to increase product deployment
The car audio market from commercial vehicle segment is poised to exhibit a notable CAGR through 2030. The increasing frequency of road accidents in recent years has raised concerns about driver safety, fueling the deployment of advanced car audio systems such as ADAS in commercial vehicles. Moreover, extensive usage of commercial fleets for carrying passengers, transporting goods, and other business purposes will enhance the segment expansion.
Technological innovations to streamline the growth of non-branded audio systems
The non-branded car audio system is projected to witness significant growth during the forecast period owing to the increasing low and mid-range vehicle sales and the subsequent demand for low-cost audio systems. The availability of these products at competitive rates in the market due to the escalating efforts by leading OEMs and new entrants to deliver advanced audio systems loaded with remarkable features will create new growth prospects for the industry.
Low-cost product availability to help aftermarket came forth as a major revenue pocket
The report identifies the aftermarket segment to emerge as a prominent sales channel during the forecast timeframe. The rising technological breakthroughs in car audio systems, in covalence with their low-cost availability, will impel product sales. Besides, the increasing focus of major product manufacturers to expand their aftermarket distribution channels will aid the segment progression.
Growing R&D investments across the European region
The Europe car audio market accounted for about 25% of the revenue share in 2021. Regional players are consistently focusing on leveraging advanced technologies to foster new product innovations, stimulating the market outlook. Additionally, the considerable rise in research & development activities backed by investments in order to meet the evolving consumer demands for car audio will push the regional growth trajectory in the forthcoming years.
Novel innovations to provide a competitive edge in the industry
Key companies oprating in the car audio market are Sony Corporation, Pioneer Corporation, Panasonic Corporation, Harman International Inc., Bose Corporation, Premium Sound Solutions, and JVC Kenwood Corporation. These leaders are focusing on introducing novel products in the market to meet the requirements of the expanding customer base. For instance, in May 2022, Alpine Electronics Inc. launched a new Hi-Fi audio system featuring a sub-woofer, an amplifier, a portable digital audio player, an audio processor, and tweeters to deliver a better car audio experience to its customers. The audio system also incorporates a master clock management system which will perfectly sync the audio output and playback.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Car Audio Market
3.1 Introduction
3.2 Industry ecosystem analysis
3.3 Impact of Russia Ukraine war on the industry
3.4 Technological & innovation landscape
3.4.1 AI and Voice assistants
3.4.2 Innovations in head display units
3.5 Regulatory landscape
3.6 Investment portfolio
3.7 Price trend analysis, by region
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 North America
3.8.1.1.1 High demand for onboard entertainment solutions in cars
3.8.1.2 Europe
3.8.1.2.1 Increasing popularity of autonomous cars
3.8.1.3 Asia Pacific
3.8.1.3.1 The strong electronics sector in the region is boosting the R&D associated with car audio
3.8.1.4 Latin America
3.8.1.4.1 The developing economic conditions are resulting in the increased demand for sophisticated car audio solutions
3.8.1.5 MEA
3.8.1.5.1 The increasing demand for luxury cars is fueling the demand for advanced audio systems
3.8.2 Industry pitfalls & challenges
3.8.2.1 High costs associated with premium car audio speakers
3.8.2.2 High availability of counterfeit products
3.8.2.3 Health and safety issues regarding prolonged use of car audio devices
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
About Global Market Insights Inc.
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.
