Pune, India, March 08, 2022 (GLOBE NEWSWIRE) -- Car Audio Market size is projected to reach USD 13.52 billion by 2028 and exhibit a CAGR of 6.3% during the forecast period. The rising demand for premium audio systems and advancements in wireless audio technology are projected to fuel the market growth. Fortune Business Insights has presented this information in its report titled, Car Audio Market, 2021-2028. The market size stood at USD 8.56 billion in 2020 and USD 8.82 billion in 2021.
Additionally, the rising adoption of the Internet of Things (IoT), smart voice assistant, and advanced driver assistance system (ADAS) is also predicted to flourish growth for the market.
Industry Development:
October 2021: Harman announced that HARMAN’s facility in Lodz, Poland has been approved as a 3rd Party Lab (3PL) for Android Auto Projection (AAP) certifications. This will enable HARMAN to certify head-units developed by its automaker customers, streamlining product development and deployment.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.3% |
| 2026 Value Projection | USD 13.52 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 8.56 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | By Component Type, By Technology, By Geography |
| Growth Drivers | Growing Demand For Premium Audio Systems Is Anticipated To Drive Market Growth |
| The rising traffic congestion, especially in metro cities, directly increases the number of hours spent in cars, increasing the use of audio systems in automobiles. | |
| Innovations in Wireless Audio Technology Are Expected To Fuel Market Growth |
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Drivers & Restraints:
Rising Technological Advancements in Wireless Audio Technology to Foster Market Growth
The increasing demand for premium audio systems due to soaring traffic congestion by numerous vehicles is projected to be a key factor influencing the global car audio market growth. Additionally, the rising innovations and advancements in wireless audio technology are projected to favor market growth. The demand for voice assistants, such as Siri, Google, and Cortana, to aid the driver while driving is rising and favoring the market growth. For instance, Apple Inc. announced developing wireless audio technology called ‘IronHeart’ in October 2021 that could control functions, including seats, radio, speedometer, and climate-change system.
However, the health issues due to excessive use of audio devices may hinder the market growth.
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COVID-19 Hampered the Market Growth
The shutdowns and closures of manufacturing plants due to implementation of strict curfews and lockdowns have significantly affected the market growth. The high unemployment and frequent mass layoffs by companies resulted in lower purchasing power, which declined the demand for vehicles during the pandemic. The low available workforce and supply chain disruptions have severely impacted the market growth. However, vehicle sales are rising as the market is returning to pre-pandemic levels. The market is expected to flourish in the coming years.
Segmentation:
Component Type, Technology, and Region are Studied
On the basis of component type, the market is trifurcated into the speaker, amplifier, and head unit. On the basis of technology, the market is bifurcated into non-voice recognized audio systems and voice recognized audio systems. Geographically, the market is classified into Asia Pacific, Europe, North America, and the rest of the world.
Report Coverage-
- It highlights market’s major players and recent industry developments.
- It assesses the different strategies adopted by key players to garner growth.
- It assimilates the different market segments.
- It covers regional analysis of the market.
- It describes the impact of the coronavirus pandemic on the market.
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Regional Insights:
Improving Income Levels & Rising Urbanization to Fuel Growth in Asia Pacific
Asia Pacific is anticipated to hold the largest car audio market share. The high population and improving personal disposable income levels in India, South Korea, and China are anticipated to fuel the region’s market growth. The growing urbanization and expanding automotive industry across the region are also expected to boost the market growth. Moreover, the rising passenger car manufacturers in the region are also fueling the market growth.
Europe is projected to emerge dominant in the market. The rising adoption of upgraded car audio systems over company-fitted stereo systems is projected to boost the market growth.
North America is expected to grow with the highest CAGR in the coming years. U.S. is a prominent region in North America due to the presence of car audio manufacturers. The increasing globalization, low interest, and low inflation environment are helping the market expand. The rising adoption of voice-operated audio systems is also complementing the region’s market growth.
The rest of the world is likely to exhibit moderate growth in the coming years due to expanding automotive industry and improving income levels.
Competitive Landscape:
Major Players Adopt Innovative Strategies to Expand
The market is fairly fragmented and comprises several key players. The major market players focus on technological advancements through continuous research and development. They emphasize new product launches to garner growth in the market and improve their market positions. Recently, Harman’s facility, based in Lodz, Poland, received a 3rd party lab (3PL) approval in October 2021 for Android Auto Projection (AAP) certifications. With this, Harman can certify head units manufactured by their automotive clients, thereby enhancing product deployment and development.
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List of Major Market Players:
- Alpine Elctronics Inc. (Tokyo, Japan)
- Harman International (Connecticut, U.S.)
- Sony Corporation (Tokyo, Japan)
- Bose Corporation (Massachusetts, U.S.)
- Pioneer Corporation (Tokyo, Japan)
- Blaupunkt GmbH (Hildesheim, Germany)
- Panasonic Corporation (Osaka, Japan)
- JL Audio (Florida, U.S.)
- JVC Kenwood Corporation (Kanagawa, Japan)
- Clarion Co., Ltd. (Saitama, Japan)
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Car Audio Market (in Value)
- Impact of COVID-19
- Global Car Audio Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Component Type
- Head Unit
- Amplifier
- Speaker
- Market Analysis, Insights and Forecast – By Technology
- Voice Recognized Audio System
- Non-Voice Recognized Audio System
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
ToC Continue…
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