Pune, India, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global automotive amplifier market size was valued at USD 3.79 billion in 2022 and is expected to be worth USD 4 billion in 2023. The market is projected to reach USD 6.27 billion by 2030, recording a CAGR of 6.6% during the forecast period.
Automotive amplifiers are electronic components that increase the power of audio signals before sending them to a vehicle’s speakers. These amplifiers are being widely used by automakers as they can greatly enhance the sound quality of audio systems and improve the in-car experience of customers. The growing production of vehicles and rising demand for smart audio systems are expected to fuel the automotive amplifier market growth. Fortune Business Insights™ displays this information in a report titled, "Automotive Amplifier Market, 2023-2030."
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 6.6% | |
| 2030 Value Projection | USD 6.27 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 3.79 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 200 | |
Drivers & Restraints-
Rising Demand for EVs to Fuel Market Growth
Customers are looking for different ways to reduce their carbon footprint and making conscious decisions in this regard. The demand for electric vehicles has increased tremendously in recent years as they are not only energy-efficient but also help customers decrease their carbon footprints. As this trend continues to rise, more customers are increasing their preference for EVs that come with advanced audio systems. Many manufacturers are using various technologies to make amplifiers more compatible with EVs, thereby amplifying the market development. However, the rising presence of fake or counterfeit automotive amplifiers can impede the market progress.
COVID-19 Impact-
Supply Chain Disruptions During COVID-19 Pandemic Restrained Market Growth
The COVID-19 pandemic had a negative impact on the market progress as the volume of production and sales of vehicles dropped considerably during this period. This was due to the imposition of lockdowns and travel restrictions by governments across the world. Economic uncertainty was at an all-time high during this period, which made customers hesitant to invest in luxury items such as cars. Since a major part of the customers’ spending was directed toward buying essential goods, the sales of vehicles declined sharply, thereby slumping the demand for automotive amplifiers.
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Segments-
Rising Demand for Innovative Audio Systems to Accelerate Sales of Passenger Vehicles
Based on vehicle type, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment dominated the market in 2022 as there is a vast demand for vehicles that are equipped with high-end features, such as smart audio systems, which can elevate their in-car experience.
Premium Audio Packages Offered by OEMs to Boost Product Demand Among Customers
Based on sales channels, the market is divided into OEM and aftermarket. The OEM segment held the largest automotive amplifier market share in 2022 as OEMs are known to provide advanced audio packages that are a part of vehicles’ optional or higher trim levels. With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report offers an in-depth study of the market and highlights critical aspects such as leading services, key companies, and prominent applications of automotive amplifiers. Besides this, it delivers valuable insights into the latest market trends and vital industry developments. Besides the factors mentioned above, the report covers several factors that have contributed to the market's growth in recent years.
Regional Insights-
Asia Pacific to Dominate Market Due to Rising Production and Sales of Vehicles
Asia Pacific is predicted to capture the largest market share as the region is witnessing a strong rise in the production of vehicles every year. Asia Pacific is also one of the largest hubs of vehicle manufacturing. These factors are expected to speed up the regional market growth.
Europe is anticipated to hold the second-largest market share after Asia Pacific as the region has a strong presence of luxury vehicle manufacturers. They extensively use state-of-the-art audio systems to offer pleasant in-car experiences to customers.
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Competitive Landscape-
Panasonic Corporation to Dominate Market Due to Increased Focus on Research & Development
Panasonic Corporation is expected to hold a dominant position in the market as the company is constantly focusing on increasing its research & development efforts to launch cutting-edge vehicle technologies. Panasonic also has a vast distribution network and has partnered with several OEMs to cater to unique customer demands. These strategic initiatives have helped the firm maintain its dominance in the market
List of Key Players Covered in Automotive Amplifier Market Report:-
- Panasonic Corporation (Japan)
- STMicroelectronics (Switzerland)
- Texas Instruments (U.S.)
- NXP Semiconductors (Netherlands)
- Analog Devices (U.S.)
- Infineon Technologies (Germany)
- Sony Group Corporation (Japan)
- ELETTROMEDIA S.R.L (Italy)
- JLAudio (U.S.)
- Stillwater Designs (U.S.)
- Soundstream Technologies (U.S.)
- Rockford Corp (U.S.)
Automotive Amplifier Market Segmentation:-
By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel
- OEM
- Aftermarket
Key Industry Development:
July 2022: Sony India increased its product portfolio by launching the Mobile ES car amplifier accessories, XM-5ES, XM-4ES, and XM-1ES. These amplifiers, which claim to offer top-notch sound quality, provide convenient integration into vehicles, as asserted by Sony.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Impact of COVID-19 Pandemic on Global Automotive Amplifier Market
- Global Automotive Amplifier Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast - By Sales Channel
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
Toc Continued….
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