Portland, OR, April 04, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global in car audio system market generated $9.6 billion in 2022, and is estimated to reach $25.4 billion by 2032, witnessing a CAGR of 10.9% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Car Audio System Market Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $9.6 Billion |
| Market Size in 2032 | $25.4 Billion |
| CAGR | 10.9% |
| No. of Pages in Report | 289 |
| Segments Covered | Component, Manufacturer, Vehicle Type, Sales Channel, and Region |
| Drivers | The surge in the demand for installation of high-end audio systems |
| The growing trend of music streaming & audio entertainment | |
| The rise in the demand for in-car infotainment systems as they provide a range of features such as GPS navigation, internet connectivity, and audio entertainment | |
| The increase in penetration of connected cars | |
| Integration of the Internet of Things (IoT) and advanced driver assistance systems (ADAS) into in-car audio systems | |
| The rise in the demand for advanced sound systems in high-end cars | |
| The upsurge in sale of passenger cars | |
| Opportunities | Geographical expansions & technological advancements |
| Restraints | Inflated cost of in-car audio systems and cut-throat competition among key players |
| Availability of alternative audio sources |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic impacted the growth of the in-car audio system market in a significant way. The production and sales of cars slowed down, and this has had a knock-on effect on the audio system market.
- According to early market data, the global auto sales decreased by an estimated 14% year over year in 2020, roughly matching the International Energy Agency’s prediction of 15% despite a slow rebound over the course of the year. Sales in China fell by 71% in February 2020 and by April, sale in the U.S. and Europe fell by 47% and 80%, respectively.
- However, as consumers looked for entertainment options for road trips and the development of high-quality audio equipment for virtual meetings and video conferencing, the market had opportunities for growth.
The report offers a detailed segmentation of the global in car audio system market based on component, manufacturer, vehicle type, sales channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on component, the speaker segment held the largest share in 2022, accounting for nearly two-fifths of the global in car audio system market and would dominate the market in terms of revenue through 2032. The amplifier segment, however, is estimated to witness the fastest CAGR of 16.1% during the forecast period. The report also discusses the head unit, subwoofer, and others segments.
In terms of manufacturer, the branded segment captured the largest market share of more than three-fifths the global in car audio system market in 2022 and is expected to lead the trail during the forecast period. However, the non-branded segment is likely to achieve the fastest CAGR of 12.9% through 2032.
Based on vehicle type, the ICE segment held the largest share in 2022, accounting for four-fifths of the global in car audio system market and would dominate the market in terms of revenue through 2031. The EV segment, however, is estimated to witness the fastest CAGR of 14.4% during the forecast period.
Based on sales channel, the OEM segment held the largest share in 2022, accounting for more than two-thirds of the global in car audio system market and would dominate the market in terms of revenue through 2031. The aftermarket segment, however, is estimated to witness the fastest CAGR of 13.6% during the forecast period.
Based on region, the market in Asia-Pacific was the largest in 2022, accounting for nearly half of the global in car audio system market and is likely to maintain its dominance during the forecast period. The LAMEA market, however, is expected to manifest the highest CAGR of 15.5% from 2022 to 2032. The other regions analyzed in the study include Europe and North America.
Leading players of the global in car audio system market analyzed in the research include Panasonic Industry Co., Ltd., Sony group corporation, JVCKENWOOD Corporation, ALPS ALPINE CO., LTD., Bang & Olufsen, FORVIA Faurecia, Blaupunkt, Pioneer Corporation, HARMAN International, and JLAudio.
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The report analyzes these key players of the global in car audio system market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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