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Car Audio Market Size By Component Type (Speaker {2-Way Speaker [Component, Coaxial], 3-Way Speaker [Component, Coaxial], 4-Way Speaker}), Amplifier, DSP), By Sound Management (Voice Recognized, Manual), By Make Type (Branded/Premium Audio System, Non-Branded Audio System), By Vehicle Type (Passenger Car, Commercial Vehicle), By Sales Channel (OEM {Speaker, Amplifier, DSP}, Aftermarket {Speaker, Amplifier, DSP}), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5335
  • Published Date: Sep 2022
  • Report Format: PDF

Industry Trends

Car Audio Market size surpassed USD 10 billion in 2021 and is anticipated to witness around 5% CAGR between 2022 and 2030.
 

The increasing technological developments in vehicle audio solutions driven by the robust electronics industry outlook in regions such as China, India, and Japan is likely to transform the car audio business dynamics. According to the latest IBEF estimations, the electronics manufacturing sector in India is expected to record US$ 520 billion, with the regional OEMs market revenue is likely to reach USD 131 billion by 2025. A rapid upsurge in commercial vehicle sales owing to the improving economic landscape and rising disposable incomes will create new growth prospects for the market.
 

Car Audio Market

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Increasing product integration across high-end luxury cars

With respect to the component type, the speaker segment is poised to project noteworthy growth trends, with global sales exceeding 30 million units in 2021. The increasing sales of high-end luxury cars and rapid deployment of advanced audio equipment in these vehicles will foster product adoption. Automobile manufacturers and tech giants globally have been focusing on developing speakers with cutting-control mechanisms and superior sound quality. In addition, the surging demand for 2-way component speakers due to their compact size and lower installation costs to boost the industry expansion.
 

Improving technological expertise to propel the sales of voice-recognized audio systems

In terms of sound management, the car audio market size from voice-recognized segment is set to register approximately 7% growth rate from 2022 to 2030. The rapid integration of voice-controlled assistants led by the growing emphasis on elevating the overall driving experience push the demand for voice-recognized sound management systems. Increasing technological innovations will also help foster product demand.
 

Rapid inclination towards reliable products to aid the growth of the branded/premium audio system segment

Based on make type, the branded/premium audio system segment accounted for more than USD 6 billion revenue in 2021 and is speculated to register substantial progression during 2022 to 2030. The segment expansion can be attributed to the integration of several customization features focused on offering a premium sound, control, and car commute experience. The rising popularity of connected car equipment and a growing customer inclination toward reliable brands to gain aural satisfaction is expected to spur the demand for branded/premium audio systems.
 

Availability of internet-based content to contribute to the popularity of passenger vehicles

Regarding the vehicle type, the passenger vehicle segment will cross USD 10 billion by 2030. The high adoption rate of technologically advanced sound systems in SUVs and sedan passenger cars to elevate the overall vehicle experience may accelerate the growth of the car audio market. Passenger vehicles have been gaining immense traction on account of the availability of integrated internet-based content, including music, internet radio, and podcasts, augmenting the market expansion.
 

Emerging customization trends to support the expansion of OEM segment

Car Audio Market Share, By Sales Channel

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With respect to the sales channel, the OEM segment held 60% of the car audio market share in 2021. The proliferating demand for customized speakers and audio systems in specific car models is likely to garner lucrative growth in the car audio industry. Besides, the increasing strategic exchanges and collaborations among leading audio system suppliers and car manufacturers to develop and deploy vehicle-specific sound systems will positively influence the market outlook.
 

Presence of several industry participants in Asia Pacific

Asia Pacific Car Audio Market Size

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The Asia Pacific region recorded sales of above 20 million units in 2021 and emerge as a major revenue pocket. The regional market is recognized by the prominence of several new and established passenger and commercial car manufacturing firms in countries such as China, Japan, and South Korea. Additionally, the escalating efforts by regional OEMs towards offering progressive car audio systems to automaking firms and consumers alike may help the regional industry statistics.
 

New product development to define the strategic outlook

The principal companies operating 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 organizations have been focusing on building strategic alliances with prominent OEMs to address the increased demand and deliver improved product offerings based on industry requirements.
 

Impact of COVID-19 on the business outlook

The onslaught of the COVID-19 pandemic significantly impacted the market dynamics, especially during the first half of 2020. The automotive wholesale market showcased a notable dip in revenues due to stringent lockdown measures and declining economic growth. The halted operations across industries dealing in non-essential commodities disrupted the entire supply chain, resulting in production delays and weakening demand among consumers and end-use industries. However, the gradual recovery of the economic outlook and eased restrictions across several economies are anticipated to help the industry recoup its path to recovery.
 

This car audio market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2030, for the following segments:

Market, By Component Type

  • Speaker
    • 2-way speaker
      • Component
      • Coaxial
    • 3-way speaker
      • Component
      • Coaxial
    • 4-way speaker
  • Amplifier
  • DSP
  • Others

Market, By Sound Management

  • Voice recognized
  • Manual

Market, By Make Type

  • Branded/Premium audio system
  • Non-branded audio system

Market, By Vehicle Type

  • Passenger vehicle
  • Commercial vehicle

Market, By Sales Channel

  • OEM
    • Speaker
    • Amplifier
    • DSP
    • Others
  • Aftermarket
    • Speaker
    • Amplifier
    • DSP
    • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The market size of car audio crossed USD 10 billion in 2021 and is anticipated to depict a CAGR of over 5% from 2022 to 2030, driven by rising technological advancements.

The speaker segment recorded sales of over 30 million units in 2021 and is likely to project significant growth trends due to the increasing demand for high-end luxury cars and the rapid deployment of advanced audio equipment across these vehicles.

The OEM segment held over 60% of the market share in 2021 and is expected to record an appreciable valuation through 2030, owing to the proliferating demand for customized speakers and audio systems in specific car models.

Major shareholders in the car audio industry include Sony Corporation, Pioneer Corporation, Panasonic Corporation, Harman International Inc., Bose Corporation, Premium Sound Solutions, and JVC Kenwood Corporation, among others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 1018
  • Countries covered: 16
  • Pages: 600

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