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Global Car Audio Market Size worth over $15 Bn by 2030

  • Published Date: September 13, 2022

Car Audio Market size is anticipated to reach USD 15 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The report identifies the rapid deployment of in-vehicle entertainment in private and commercial vehicles to emerge as a leading factor boosting the market expansion. OEMs have been leveraging progressive technologies to introduce advanced, high-quality sound systems in the industry, helping consumers elevate their overall driving and riding experience.
 

Rising demand for high-quality sound experience to push the car amplifiers adoption

In terms of component type, the amplifier segment recorded a valuation of more than USD 1.5 billion in 2021, driven by growing number of automobile manufacturers deploying amplifiers in cars to offer cleaner and improved sound quality, more power, and better performance. Amplifiers allow the user to operate speakers at larger volumes without straining them. The emerging trends of listening to high-quality music at loud volumes may proliferate product adoption during the forecast period.
 

Increasing sales of low and mid-range vehicles

The manual sound management segment held over 55% of the car audio market share in 2021. The emerging middle-class populace and the advancing mid and low-range vehicle sales are set to create new growth prospects for the industry. In addition, the rising emphasis on improving the overall car experience coupled with the proliferating demand for cost-effective car audio systems may transform the market dynamics.
 

Rising cost-effective benefits of non-branded audio systems

The non-branded audio system segment accounted for around 35% of the revenue share in 2021. These audio systems are loaded with advanced sound quality features and offer cost-effective advantages over their premium range counterparts. Automobile and OEM manufacturers have been focusing on expanding their product portfolio and introducing high-quality sound systems at competitive prices, pushing the market growth trajectory from the non-branded audio system segment.
 

Browse key industry insights spread across 600 pages with 975 market data tables & 43 figures & charts from the report, “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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/car-audio-market
 

Growing instances of road mishaps may boost the demand in commercial vehicles

The car audio market from commercial vehicles is predicted to observe 5% growth rate till 2030 owing to the increasing commercial vehicle sales in developed markets such as Europe and North America. The surging road accidents have encouraged automobile manufacturers to integrate ADAS systems across commercial vehicles to ensure driver safety.
 

Availability at competitive price points to help the aftermarket segment to emerge as a prominent sales channel

The aftermarket segment is estimated to witness more than 6% CAGR through 2030. This growth is attributed to the increasing number of consumers transitioning towards aftermarket car audio due to their easy availability and cost-effective benefits. Leading aftermarket manufacturers have been offering services such as free shipping, discounted installation gear, free lifetime tech support, vehicle-specific instruction, etc., expected to dive into their popularity throughout the forecast timeframe.
 

Robust economic landscape to aid industry growth across North America

Regionally, the North American car audio market size was valued at USD 2.5 billion in 2021. The regional industry is fueled by increasing sales of high-end luxury vehicles and the surging demand for an elevated driving experience supported by advanced voice control features. The strong economic outlook and rising disposable incomes have fostered the deployment of next-gen audio systems, strengthening the industry outlook.
 

High-level technology integration to propel the strategic landscape

Leading shareholders in the car audio market include Sony Corporation, Pioneer Corporation, Panasonic Corporation, Harman International Inc., Bose Corporation, Premium Sound Solutions, and JVC Kenwood Corporation. These enterprises are focusing on expanding their product lines to deliver consumer-oriented products at competitive price points to safeguard their dominance in the market. For instance, in March 2022, Bose Corporation introduced GMC HUMMER EV, an all-electric pick-up speaker leveraging highly integrated sound enhancement technology. The product features a 14-speaker Bose surround sound system that offers subtle sound, providing a layer of audio texture to the vehicle's on-road performance.
 

Authors: Preeti Wadhwani, Prasenjit Saha