According to the new research report published by The Insight Partners, titled “Car Audio Market– North America and Europe Analysis and Forecast to 2025”, the global car audio market is expected to reach US$ 6.43 Bn in 2025, registering a CAGR of 4.2% during the forecast period 2017-2025.
A key trend which will predominantly affect the car audio market in the coming year is the integration of wireless technology with the car audio systems. Due to the increasing penetration of smartphones, and intensifying completion, the car audio manufacturers have been seen working towards the integration of advanced technologies, such as touch-screen, voice controlled and smartphone. However, due to the development of large number of mobile applications supporting the accessibility to the daily chores (inclusive of car functions, such as accessibility of car audio devices) the car audio industry is foreseen to tap into the increasing demand for more such facilities and also ensure that it is keeping pace with consumer expectation and preferences. In terms of revenue, company fitted car audio system captures larger share as compared to aftermarket car audio systems. However, the market for both company fitted and aftermarket audio systems are experiencing growth in terms of volume but company fitted audio system are expensive hence, it is expected to dominate.
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The key companies profiled in this report include Panasonic Corporation, Pioneer Corporation, Alpine Electronics, Inc., Kenwood Corporation, Harman International Industries, Inc., Clarion Co., Ltd., Sony Corporation, Delphi Automotive PLC, Bose Corporation, JL Audio Corporation, and Blaupunkt GmbH.
The global market for car audio has been segmented on the basis of component, which includes head unit, speakers, amplifiers and others. Further, the market is segmented on the basis of technology including, voice recognized and non-voice recognized audio system. Also, on the basis of accessibility type, the car audio market is segmented into smartphone controlled and manual controlled car audio system. Moreover, the market has also been categorized by make type into branded audio system and non-branded audio system, and regions (North America and Europe).
Key findings of the study:
North America is anticipated to account for the largest car audio market share and would register a CAGR of 6.3% in the forecast period.
The penetration of in-car entertainment or car audio system in North America is highly influenced by the investments made by the industry for the enhancement of its product offering. Moreover, as majority of the new car come already integrated with audio systems, the sale of cars in North America per annum is one of the key factors impact the growth of car audio systems in North America.
The branded car audio systems are anticipated to dominate the market owing to its increasing adaption by the manufacturers as well as the end-users. The inclination of the customers towards the branded car audio systems is majorly due to the quality and after sale services offered by these brands. Moreover, the increasing ability of the end-users to spend on the audio systems of the vehicles has also contributed towards the growth of the overall car audio market. The branded car audio systems are expected to hold more than 70% share of overall car audio market in 2027.
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