According to the new research report published by The Insight Partners, titled “Car Audio Market - Global Analysis and Forecast to 2027”, the global car audio market was valued at US$ 47,678.0 Mn in 2018 to US$ 59,383.8 Mn by the year 2027; it is expected to grow at a CAGR of 3.3% from 2019 to 2027.
The automotive industry throughout the globe is evolving and adopting advanced technological developments and innovations, along with an increased focus on driver’s comfort and safety. The car audio market is also witnessing several developments in technology, such as voice-enabled audio systems and smartphone-controlled audio systems. Further, with the development of ADAS and connected cars technology, the car audio market is experiencing a drastic change with companies focusing on their product development to efficiently compete with their rivals. In terms of revenue, the company fitted a car audio system that captures a 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 the company fitted audio system are expensive; hence, it is expected to dominate. Further, most of the OEMs provide branded audio systems resulting in the larger share for branded audio systems than non-branded audio systems. These OEMs partners with varied car audio manufacturers for their different car models, depending on the technology and cost.
Additionally, the smartphone operated is witnessing a high growth rate as compared to manually operated audio systems attributed to the increasing penetration of smartphones and the availability of better internet services. Although, the market for voice recognized audio system is in its infancy, but it is expected to grow at a high CAGR due to rising concern for driver safety and ease of use.
Based on geography, APAC is projected to grow at a very high pace during the forecast period. Car audio applications in Asian economies are expected to boom at an exponential rate owing to the increasing number of car production. The sales of premium cars are also growing in the region with the rising disposable income in rapidly growing economies such as India, China, and South Korea. The top companies operating in the field of car audio include Alpine Electronics, Clarion, Continental AG, Sony Corporation, Panasonic Corporation, Denso Ten, Harman International, Hyundai Mobis, Pioneer Corporation, and Visteon Corporation. Various other companies operating in the market and are coming up with advance car audio solutions, which is helping the market for car audio to expand over the years in terms of revenue.
Car Audio Market — Geographic Breakdown, 2019
Car Audio Market to 2027 - Global Analysis and Forecasts by Component (Head Unit, Speaker, Amplifier)
Car Audio Market Share Report - Outlook & Forecast 2027
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Source: The Insight Partners Analysis
The report segments the global car audio market as follows:
Global Car Audio Market – By Component
- Head Unit
- Speaker
- Amplifier
Global Car Audio Market – By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
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