North America and Europe Car Audio Market to Reach US$ 6.43 Billion at CAGR of 4.2% by 2025 | The Insight Partners
The North America and Europe Car Audio Market is expected to grow from US$ 4.64 Bn in 2017 to US$ 6.43 Bn by 2025 at a CAGR of 4.2% between 2017 and 2025.
Automotive industry throughout the globe is evolving and adopting advanced technological developments and innovations, along with increased focus on driver’s comfort and safety. The car audio market is also witnessing several developments in the 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.
Car Audio Regional Markets
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Market Insights
Voice recognized market in North American region is expected to grow with the highest CAGR
Demand for superior driving experience with advance voice controlled assistants such as Siri and Cortana while driving is fueling the demand for voice recognized car audio system. However, in coming years the voice recognized car audio technology would enable the system to ignore intrusive off-axis suspension or speakers, which would further enable the passengers to communicate simultaneously with the system as well as other passengers without any worry. However, market is still in emerging stage and have comparatively less market size than non-voice recognized audio devices. All these factors are expected to create more demand for voice recognized car audio system and fuel the growth of car audio market. Car audio system manufacturers are looking at voice recognized audio system as the most lucrative feature to add in the car audio system during the forecast period.Smartphone controlled market expected to blossom at a rapid pace and fuel the growth of car audio market
Smartphones over the year have become a key integral of our lifestyle and therefore, most of the technologies discovered go hand in hand with the growth of smartphone penetration across the globe. Most of the company fitted audio system these days comes with bluetooth and other wireless controlled stereo system. Most vehicles manufactured after 2013 allowed drivers to communicate with smart phones after connecting audio devices via Bluetooth. Streaming audio via internet radio application on both iPhone and Android devices have become very common, and the product aftermarket gear is pushing the envelope beyond that in addition. This trend is expected to complement the growth of car audio market
Car Audio Market by Make Type
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North America and Europe Car Audio Market: Strategic Insights
Market Size Value in US$ 4.64 Billion in 2017 Market Size Value by US$ 6.43 Billion by 2025 Growth rate CAGR of 4.2% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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North America and Europe Car Audio Market: Strategic Insights
| Market Size Value in | US$ 4.64 Billion in 2017 |
| Market Size Value by | US$ 6.43 Billion by 2025 |
| Growth rate | CAGR of 4.2% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Market initiative was observed as the most adopted strategy in global car audio market. Few of the recent strategies by some of the players in car audio market landscape are listed below-
2017: Acura NSX choose Clarion Corporation of America to build its high-end audio systems.
2017: Panasonic was selected by Volkswagen to provide Panasonic’s Fender Premium Audio System in Volkswagen Tiguan SUV.
2017: HARMAN partnered with CANTON, Germany to provide custom-made High-End Audio Solution for ŠKODA Kodiaq.
2017: HARMAN collaborated with Conexant Systems, Inc. to provide high-end comprehensive audio and voice solutions for voice-enabled devices manufacturers.
Global Car Audio- Market Segmentation
By Component
- Speaker
- Head Unit (including Audio Visuals)
- Amplifier
- Others
By Technology
- Voice Recognized
- Non-Voice Recognized
By Accessibility Type
- Smart Phone Controlled
- Manual Controlled
By Make Type
- Branded
- Non-Branded
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- U.K
Company Profiles
- Alpine Electronics, Inc.
- Clarion Co., Ltd.
- HARMAN International
- JVC Kenwood Corporation
- Panasonic Corporation
- Pioneer Corporation
- Sony Corporation
- Delphi Automotive PLC
- Bose Corporation
- JL Audio Corporation
- Blaupunkt GmbH
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, by Accessibility, and by Make Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia
Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 9
2 Introduction 11
2.1 Scope of the Study 11
2.2 The Insight Partners Research Report Guidance 11
3 Key Takeaways 13
4 Car Audio Market Landscape 16
4.1 Market Overview 16
4.2 Market Segmentation 17
4.2.1 Car Audio Market - By Component 18
4.2.2 Car Audio Market - By Technology 19
4.2.3 Car Audio Market - By Accessibility Type 19
4.2.4 Car Audio Market - By Make Type 19
4.2.5 Car Audio Market - By Geography 19
4.3 PEST Analysis 20
4.3.1 North America PEST Analysis 20
4.3.2 Europe PEST Analysis 23
5 Car Audio Market - Key Industry Dynamics 26
5.1 Key Market Drivers 26
5.1.1 Innovation in the automotive industry 26
5.1.2 Rising penetration of smart phones 26
5.1.3 Increasing adoption of branded/Premium car audio systems 26
5.1.4 Burgeoning online car audio aftermarket 27
5.2 Key Market Restraints 28
5.2.1 Longer product development cycle 28
5.2.2 Noise and Power consumptions issues 28
5.3 Key Market Opporunities 29
5.3.1 Smart car audio system 29
5.4 Future Trends 29
5.4.1 Speaker-less Car Audio 29
5.5 Impact Analysis of Drivers and Restraints 30
6 Car Audio Market Analysis - By Component 31
6.1 Overview 31
6.2 Head Unit 32
6.2.1 Overview 32
6.2.2 Head Unit Market Revenue and Forecasts to 2025 (US$ Bn) 32
6.3 Amplifier 34
6.3.1 Overview 34
6.3.2 Amplifier Market Revenue and Forecasts to 2025 (US$ Bn) 34
6.4 Speaker 36
6.4.1 Overview 36
6.4.2 Speaker Market Revenue and Forecasts to 2025 (US$ Bn) 36
6.5 Others 37
6.5.1 Overview 37
6.5.2 Car Audio Others Market Revenue and Forecasts to 2025 (US$ Bn) 37
7 Car Audio Market Analysis - Technology 39
7.1 Overview 39
7.2 Voice Recognized Audio System 40
7.2.1 Overview 40
7.2.2 Voice Recognized Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 40
7.3 Non-Voice Recognized Audio System 41
7.3.1 Overview 41
7.3.2 Non-Voice Recognized Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 42
8 Car Audio Market Analysis - Accessibility 43
8.1 Overview 43
8.2 Smartphone Controlled 44
8.2.1 Overview 44
8.2.2 Smartphone Controlled Market Revenue and Forecasts to 2025 (US$ Bn) 44
8.3 Manual Controlled 46
8.3.1 Overview 46
8.3.2 Manual Controlled Market Revenue and Forecasts to 2025 (US$ Bn) 46
9 Car Audio Market Analysis - Make Type 48
9.1 Overview 48
9.2 Branded Audio System 50
9.2.1 Overview 50
9.2.2 Branded Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 50
9.3 Non-Branded Audio System 52
9.3.1 Overview 52
9.3.2 Non- Branded Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 52
10 Car Audio Market - Geographical Analysis 54
10.1 North America Car Audio Market Revenue and Forecasts to 2025 54
10.1.1 Overview 54
10.1.2 North America Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 54
10.1.3 North America Car Audio Market Breakdown by Key Countries 57
10.1.3.1 U.S. Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 59
10.1.3.2 Canada Car Audio Market Revenue and Forecasts to 2025 (US$ Bn) 61
10.1.3.3 Mexico Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 63
10.1.4 North America Car Audio Market Breakdown by Components 65
10.1.5 North America Car Audio Market Breakdown by Technology 66
10.1.6 North America Car Audio Market Breakdown by Accessibility Type 67
10.1.7 North America Car Audio Market Breakdown by Make Type 68
10.2 Europe Car Audio Market Revenue and Forecasts to 2025 69
10.2.1 Overview 69
10.2.2 Europe Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 69
10.2.3 Europe Car Audio Market Breakdown by Countries 72
10.2.3.1 France Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 74
10.2.3.2 Germany Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 76
10.2.3.3 Italy Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 78
10.2.3.4 Spain Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 80
10.2.3.5 U.K Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 82
10.2.4 Europe Car Audio Market Breakdown by Component 84
10.2.5 Europe Car Audio Market Breakdown by Technology 85
10.2.6 Europe Car Audio Market Breakdown by Accessibility Type 86
10.2.7 Europe Car Audio Market Breakdown by Make Type 87
11 Industry Landscape 88
11.1 Market Initative 88
11.2 Merger and Acquisition 89
11.3 New Development 89
12 Competitive Landscape 91
12.1 Competitive Product Mapping 91
12.2 Market Positioning -Top 5 Players Ranking for North America and Europe 92
13 Car Audio Market - Key Company Profiles 93
13.1 Alpine Electronics, Inc. 93
13.1.1 Key Facts 93
13.1.2 Business Description 93
13.1.3 Financial Overview 95
13.1.4 SWOT Analysis 96
13.1.5 Key Developments 99
13.2 Clarion Co., Ltd. 100
13.2.1 Key Facts 100
13.2.2 Business Description 100
13.2.3 Financial Overview 101
13.2.4 SWOT Analysis 101
13.2.5 Key Developments 105
13.3 HARMAN International 106
13.3.1 Key Facts 106
13.3.2 Business Description 106
13.3.3 Financial Overview 107
13.3.4 SWOT Analysis 107
13.3.5 Key Developments 111
13.4 JVC Kenwood Corporation 112
13.4.1 Key Facts 112
13.4.2 Business Description 112
13.4.3 Financial Overview 113
13.4.4 SWOT Analysis 114
13.4.5 Key Developments 117
13.5 Panasonic Corporation 118
13.5.1 Key Facts 118
13.5.2 Business Description 118
13.5.3 Financial Overview 120
13.5.4 SWOT Analysis 121
13.5.5 Key Developments 124
13.6 Pioneer Corporation 127
13.6.1 Key Facts 127
13.6.2 Business Description 127
13.6.3 Financial Overview 129
13.6.4 SWOT Analysis 129
13.6.5 Key Developments 131
13.7 Sony Corporation 133
13.7.1 Key Facts 133
13.7.2 Business Description 133
13.7.3 Financial Overview 134
13.7.4 SWOT Analysis 135
13.7.5 Key Developments 136
13.8 Delphi Automotive PLC 138
13.8.1 Key Facts 138
13.8.2 Business Description 138
13.8.3 Financial Overview 139
13.8.4 SWOT Analysis 140
13.8.5 Key Developments 142
13.9 Bose Corporation 143
13.9.1 Key Facts 143
13.9.2 Business Description 143
13.9.3 Financial Overview 144
13.9.4 SWOT Analysis 145
13.9.5 Key Developments 148
13.1 JL Audio Corporation 149
13.10.1 Key Facts 149
13.10.2 Business Description 149
13.10.3 Financial Overview 150
13.10.4 SWOT Analysis 151
13.10.5 Key Developments 154
13.11 Blaupunkt GmbH 155
13.11.1 Key Facts 155
13.11.2 Business Description 155
13.11.3 Financial Overview 155
13.11.4 SWOT Analysis 156
13.11.5 Key Developments 157
14 Appendix 159
14.1 About The Insight Partners 159
14.2 Glossary of Terms 160
14.3 Methodology 162
14.3.1 Coverage 163
14.3.2 Secondary Research 163
14.3.3 Primary Research 164
14.4 Contact Us 165
14.5 Disclaimer 166
List of Tables
Table 1: North America Car Audio Market Revenue and Forecasts to 2025 - By Components (US$ Mn) 65
Table 2: North America Car Audio Revenue and Forecasts to 2025 - Technology (US$ Mn) 66
Table 3: North America Car Audio Revenue and Forecasts to 2025 - Accessibility Type (US$ Mn) 67
Table 4: North America Car Audio Revenue and Forecasts to 2025 - Make Type (US$ Mn) 68
Table 5: Europe Car Audio Market Revenue and Forecasts to 2025 - By Components (US$ Mn) 84
Table 6: Europe Car Audio Revenue and Forecasts to 2025 - Technology (US$ Mn) 85
Table 7: Europe Car Audio Revenue and Forecasts to 2025 - Accessibility Type (US$ Mn) 86
Table 8: Europe Car Audio Revenue and Forecasts to 2025 - Make Type (US$ Mn) 87
Table 9: Glossary of Terms, Car Audio Market 160
List of Figures
Figure 1: Europe Car Audio Market, Revenue (US$ Mn), 2016 & 2025 13
Figure 2: North America Car Audio Market by Voice Recognized, Revenue (US$ Mn), 2016 & 2025 14
Figure 3: Car Audio Market Segmentation 17
Figure 4: Car Audio Market Segmentation 18
Figure 5: North America PEST Analysis 20
Figure 6: Europe PEST Analysis 23
Figure 7: Car Audio Market Impact Analysis of Driver and Restraints 30
Figure 8: Car Audio Market Breakdown by Component, 2016 & 2025(%) 31
Figure 9: Head Unit Market Revenue and Forecasts to 2025 (US$ Bn) 33
Figure 10: Amplifier Market Revenue and Forecasts to 2025 (US$ Bn) 35
Figure 11: Speaker Home Market Revenue and Forecasts to 2025 (US$ Bn) 37
Figure 12: Car Audio Others Market Revenue and Forecasts to 2025 (US$ Bn) 38
Figure 13: Car Audio Market Breakdown by Technology, 2016-2025 (%) 39
Figure 14: Voice Recognized Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 41
Figure 15: Non-Voice Recognized Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 42
Figure 16: Car Audio Market Breakdown by Accessibility, 2016-2025 (%) 43
Figure 17: Smartphone Controlled Market Revenue and Forecasts to 2025 (US$ Bn) 45
Figure 18: Manual Controlled Market Revenue and Forecasts to 2025 (US$ Bn) 47
Figure 19: Car Audio Market Breakdown by Make Type, 2016-2025 (%) 49
Figure 20: Branded Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 51
Figure 21: Non- Branded Audio System Market Revenue and Forecasts to 2025 (US$ Bn) 53
Figure 22: North America Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 55
Figure 23: North America Car Audio Market Shipment and Forecasts to 2025 (Mn Units) 56
Figure 24: North America Car Audio Market Revenue Breakdown by Key Countries, 2016 & 2025(%) 57
Figure 25: North America Car Audio Market Volume Breakdown by Key Countries, 2016 & 2025(%) 58
Figure 26: U.S. Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 59
Figure 27: U.S. Car Audio Market Shipment and Forecasts to 2025 (Mn Units) 59
Figure 28: Canada Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 61
Figure 29: Canada Car Audio Market Shipment and Forecasts to 2025 (Mn Units) 61
Figure 30: Mexico Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 63
Figure 31: Mexico Car Audio Market Revenue and Forecasts to 2025 (Mn Unit) 63
Figure 32: Europe Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 70
Figure 33: Europe Car Audio Market Shipment and Forecasts to 2025 (Mn Unit) 70
Figure 34: Europe Car Audio Market Revenue Breakdown By Key Countries, 2016 & 2025 (%) 72
Figure 35: Europe Car Audio Market Shipment Breakdown By Key Countries, 2016 & 2025 (%) 73
Figure 36: France Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 74
Figure 37: France Car Audio Market Shipment and Forecasts to 2025 (Mn Units) 74
Figure 38: Germany Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 76
Figure 39: Germany Car Audio Market Shipment and Forecasts to 2025 (Mn unit) 76
Figure 40: Italy Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 78
Figure 41: Italy Car Audio Market Shipment and Forecasts to 2025 (Mn Units) 79
Figure 42: Spain Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 80
Figure 43: Spain Car Audio Market Shipment and Forecasts to 2025 (Mn Unit) 80
Figure 44: U. K Car Audio Market Revenue and Forecasts to 2025 (US$ Mn) 82
Figure 45: U. K Car Audio Market Revenue and Forecasts to 2025 (Mn Unit) 82
Figure 46: Car Audio System Market Competitive Product Mapping 91
Figure 47: Car Audio System Market Positioning 92
The List of Companies
1. Alpine Electronics, Inc.
2. Clarion Co., Ltd.
3. HARMAN International
4. JVC Kenwood Corporation
5. Panasonic Corporation
6. Pioneer Corporation
7. Sony Corporation
8. Delphi Automotive PLC
9. Bose Corporation
10. JL Audio Corporation
11. Blaupunkt GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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