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Car Audio System Market Overview
Car audio system is used for entertainment and facilitating the communication for the person sitting in the car. Demand of in-car entertainment for greater driving experience along with more comfort for the driver and the occupants is rising globally. To enhance the brand experience and comfort of the driver, automakers focus toward deploying advanced audio systems in the cars. Owing to these facts, the global car audio system market is projected to witness noteworthy growth during the forecast period (2020–2030).
Based on car type, the car audio system market is categorized into economy, executive, and luxury. The economy category contributed significant revenue in the market during the historical period (2014–2019). It is mainly due to the significant increase in the sales of economy passenger cars in recent years worldwide. However, the luxury car category is expected to witness the fastest growth during the forecast period.
Under sales channel, the car audio system market can be categorized into original equipment manufacturer (OEM) and aftermarket. Between these, the OEM category possessed significant share in the market, during the historical period. It is mainly due to rising sales of audio system–equipped cars, globally. Additionally, increasing research and development (R&D) activities by OEMs for developing latest audio systems and adoption of new audio car systems by car manufacturers are further supporting the higher share of the OEM category in the market.
Based on technology type, the car audio system market can be categorized into voice recognized and non-voice recognized. The voice recognized category is expected to witness faster growth during the forecast period, due to growing demand for superior car audio systems for more convenience and quick and easy access while driving, especially in high-end cars.
Geographically, the car audio system market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Among these geographies, APAC region is expected to exhibit significant growth during the forecast period, due to upsurge in the consumer spending on customized in-car entertainment systems for better experience along with expected increase in high-end car sales. Additionally, huge sales of cars in China, India, Japan, and other countries; rising per capita income; and demand for safety and entertainment features in the cars are further supporting the fast growth of the APAC market.
Car Audio System Market Dynamics
The major trend witnessed in the car audio system market is the launch of new features in entertainment systems and advanced audio systems. Increased competition among the major car audio system manufacturers to provide better experience to the customers is leading to the development and launch of new products in the market. For instance, Panasonic Corp. introduced Fender Premium Audio System, which is featured in Nissan TITAN 2019 for the first time.
The rise in the demand for cars with luxurious interiors and greater driving experience, along with the rising consumers’ expenditure on customized entertainment accessories of a car, is expected to drive the growth of the car audio system market. Car and audio system producers are witnessing huge demand of advanced audio systems globally, leading to increased investments in R&D of car audio systems. Hence, rise in demand for cars with luxurious entertainment systems by consumers and car manufacturers is a major growth driver of the market.
Car Audio System Market Competitive Landscape
Leading players in the global car audio system market are competing upon enhanced convenience for providing better driving experience to the end users. Some of the leading players in the market are Bose Corporation, Harman International Industries Inc., Onkyo Corporation, Alpine Electronics Inc., Sony Corporation, Pioneer Corporation, FUSION Entertainment Ltd.
The report covers country-wise car audio system market analysis. Some of the major countries covered in the report are the U.S., Canada, U.K., France, Germany, Russia, Italy, China, Japan, India, South Korea, Australia, Brazil, Argentina, Mexico, South Africa, Egypt, and U.A.E.
Car Audio System Market Segmentation
By Car Type
By Sales Channel
By Technology Type