Automotive Audio System Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3630
Automotive Audio System Market size is anticipated to grow substantially over the forecast time period owing to rapid technological advancements and innovations in the automotive industry. The major automobile manufacturers including Audi, BMW, and Mercedes Benz are collaborating with sound system manufacturers to integrate advanced audio solutions into new vehicles. For instance, in August 2017, Audi announced its partnership with Bang & Olufsen to integrate 3D Audio system into Audi A8 sedan, which will contain around 23 speakers, giving a real-life audio experience to the users. Similarly, in March 2018, Panasonic Automotive Systems announced the launch of ELS Studio 3D premium audio system to be integrated into Aura cars with 16 speakers, allowing listeners to experience the feel of studio music. This increase in the demand for modern audio solutions by automotive manufacturers will drive the automotive audio system market growth.
The increasing need for a superior driving experience with voice-controlled assistance will augment the automotive audio system market growth. Bluetooth connectivity of mobile phones with sound system allows the users to control their music list and manage their playlist through voice-controlled applications. Siri, Cortana, Alexa, and Google Assistant are some of the most widely used voice-assisted applications for managing the user’s playlist. According to the survey conducted by Voicebot in 2018, around 77 million adults in the U.S. use voice assistants in their cars. Moreover, the manufacturers are engaged in developing voice-assisted music system, thereby driving the automotive audio system market growth. For instance, in January 2019, Spotify announced the launch of in-car music device with voice control assistance delivering music to users directly from its source platform.
Technological advancement & innovation in the automotive audio system market is the major factor augmenting the competition among players. The companies are engaged in introducing modern solutions that enhance sound performance and user convenience for playing their favorite playlists. Speakerless audio system is being widely adopted in the market due to its advanced features such as lower weight, reduced box volume, and low power consumption. For instance, in October 2017, Continental AG announced the launch of a speakerless audio system, Ac2ated Sound, for automobile vehicles to considerably reduce the weight of sound systems. The speakerless system generates sound through surface vibrations. The sound waves are generated by compact actuators, which are replacing the use of loudspeakers, thereby augmenting the automotive audio system market growth.
The increasing demand for amplifiers in a car music system for powerful sound quality will drive the automotive audio system market. The component is widely used to amplify low-power electronic audio signals such as the signal from radio receivers to a loud & clear sound output. Innovation in this field has brought the market to great heights. The automotive audio system market players are integrating their modern amplifier solutions in new vehicles to provide enhanced sound quality in vehicle music systems. For instance, in April 2015, Harman International Industries announced the integration of its Clari-Fi technology in Lexus NX. The technology automatically detects and improves the audio quality of all types of digitalized music sources. The sound system is powered by a 12-channel ML5 amplifier that delivers high-quality music experience to the passengers and driver.
The growing adoption of head unit displays in sound systems to improve human interaction is accelerating the automotive audio system market demand. The technological advancement in the display unit is growing rapidly with the integration of modern features including voice commands, touch panels, customization of playlists, and voice adjustments. Moreover, a rise in the usage of the device for navigation and making direct calls with Bluetooth connectivity to the cell phone will also drive the market growth. For instance, in July 2019, Sony Corporation announced the launch of XAV-AX7000 Car AV Receiver that includes high-power sound and smartphone connectivity features. The receiver features a display with an anti-glare capacitive touchscreen that allows the user to easily interact with the car’s audio system.
Rise in the disposable income and high spending capability of the citizens in North America will drive the automotive audio system market growth. An increase in sales of passenger cars in the U.S. is attracting the manufacturers in the market to establish their business base in the region. SUV and sedan cars are witnessing the increased installation of the modern audio system to provide enhanced in-car audio quality at an affordable range. The manufacturers are engaged in partnerships to develop advanced systems for the economic range of vehicles. For instance, in October 2019, Panasonic Corporation in collaboration with Fender Musical Instruments Corporation announced the launch of Fender premium audio system that delivers clarity at loud volume range with the energy of live music.
The key players in the automotive audio system market are Pioneer Corporation, Panasonic Corporation, Kenwood Corporation, Alpine Electronics, Inc., Harman International Industries, Inc., Sony Corporation, Clarion Co Ltd., Bose Corporation, JL Audio, and Blaupunkt GmbH. These companies are adopting various strategies and techniques to acquire a large customer base in the market. For instance, in November 2016, Samsung Electronics Co. Ltd. announced the acquisition of Harman International for USD 8 billion. This acquisition will allow the company to target the market with a wide range of audio solutions.
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