Pune, India, July 24, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Car Audio Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2027 - COVID-19 Impact and by Component, and Geography”, the car audio market is expected to grow from USD 47.67 Bn in 2018 to USD 59.38 Bn by the year 2027. The market is estimated to grow at a CAGR of 3.3% from the year 2019 to 2027. The increasing demand for premium car audio systems, and increasing demand for in-car entertainment systems. However, the health and safety issues regarding the prolonged use of car audio devices is expected hinder the growth of the market.
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Increasing Popularity of Electric Vehicles Provides Lucrative Opportunities for Car Audio Market:
The increasing popularity of electric vehicles (EVs) presents significant opportunities for the car audio market. The transition to electric vehicles is driven by factors such as environmental concerns, government regulations, and advancements in battery technology. This shift opens up new avenues for the car audio market to cater to EV owners' specific needs and preferences. One of the key opportunities lies in developing audio systems specifically tailored for electric vehicles. EVs operate differently from traditional internal combustion engine vehicles, with reduced engine noise and quieter interiors. As a result, there is a growing demand for car audio systems that can compensate for the lack of engine noise and deliver an immersive audio experience without compromising the vehicle's energy efficiency.
Audio brands and manufacturers can seize this opportunity by developing audio systems that offer exceptional sound quality, efficient power consumption, and seamless integration with EVs' unique features and interfaces. By optimizing the audio experience in electric vehicles, car audio companies can enhance the driving experience and attract EV owners who prioritize audio quality and entertainment features. Electric vehicles often come equipped with advanced infotainment systems and connectivity options. This integration allows car audio systems to seamlessly integrate with these infotainment systems, providing enhanced audio playback, aftermarket car radios, connectivity features, and access to streaming services. By developing compatible audio systems and collaborating with EV manufacturers, car audio brands can offer seamless integration and a comprehensive entertainment experience for EV owners. The growing charging infrastructure for EVs presents opportunities for car audio manufacturers. Charging stations can be potential audio branding and advertising locations, allowing manufacturers to showcase their products and engage with consumers.
China has emerged as a leader in the car audio market, showcasing impressive growth and driving the industry forward. Several factors contribute to China's prominent position and influence on the market. First and foremost, China's vast population and increasing purchasing power have fueled the demand for car audio systems. As more individuals in China own cars, there is a growing desire to enhance their driving experiences with high-quality audio systems. This demand has significantly contributed to the expansion of the market. China's automotive industry is also a key driver of its market leadership. The country is the largest automobile market globally, with numerous domestic and international manufacturers operating within its borders. These manufacturers recognize the importance of incorporating advanced audio technologies into their vehicles to attract customers. Collaborations with premium car audio brands like Bang & Olufsen and Harman Kardon have become increasingly common in the Chinese market. This integration of high-quality audio systems in vehicles has further strengthened China's position in the market.
Moreover, China's focus on technological innovation has played a crucial role in its market leadership. The country has a thriving consumer electronics industry is known for its technological advancements. This expertise extends to the car audio sector, with Chinese manufacturers at the forefront of developing and implementing cutting-edge audio technologies. These advancements include digital signal processing, active noise cancellation, and integrated connectivity features. The adoption of these innovative technologies by Chinese consumers has contributed to the growth and prominence of the market in China. Furthermore, the aftermarket sector in China is highly active and caters to a diverse range of consumers. Car audio suppliers and retailers provide various options, from entry-level to premium audio systems, to meet various budgets and preferences. This availability of aftermarket solutions allows consumers to upgrade and customize their car audio systems according to their requirements and preferences.
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Global Car Audio Market Analysis: Competitive Landscape and Key Developments
Alpine Electronics, Inc.; Continental AG; Clarion Co., Ltd.; Harman International; Panasonic Corporation; Pioneer Corporation; Sony Corporation; Visteon Corporation; Hyundai Mobis; and Denso Ten are a few of the key companies operating in the car audio market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In September 2022, Mercedes-Benz AG and Qualcomm Technologies, Inc. announced a collaboration to use Snapdragon Digital Chassis solutions to bring the most advanced digital capabilities to future Mercedes-Benz vehicles. Mercedes-Benz is using Qualcomm Cockpit Platforms to power intuitive and intelligent infotainment systems. These next-generation systems will include highly intuitive AI experiences for in-car virtual assistance.
In March 2022, Acura MDX launched its new Type S version, which remained popular among car enthusiasts—made incredible efforts to design this fleet based on current consumer expectations. The car has a touchpad infotainment system with an amazing OLED display.
Global Car Audio Market: Segmental Overview
Based on component, the car audio market is segmented into head unit, speaker, amplifier. The head unit segment held the largest share of the market in 2018 and is anticipated to register the highest CAGR in the market during the forecast period.
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