Market Overview:

The global automotive audio market reported a large market size in 2020 and is expected to expand significantly a rapid CAGR during the forecast period. Industry analysis indicates that demand for reliable products has been rising substantially, and their adoption across the transportation industry has been increasing in parallel due to changing market trends and consumption patterns, which is expected to support market growth over the forecast period.

Rapidly expanding digitalization has brought forward advanced technological developments and innovations in the automotive industry to enhance the performance of vehicles worldwide. Automotive audio equipment can be defined as an integrated Speaker system installed into passenger cars and commercial vehicles to offer in-vehicle entertainment and information to occupants. It can be controlled through manual buttons, voice commands or smartphone controls, and helps in increasing the focus on driver’s comfort by reducing engine noise during the journey and offering handsfree calling, navigation, and isolated diagnostics systems. Increasing focus on vehicle telematics and development of ADAS and Connected Car technology is expected to drive new opportunities for market growth.

Global Automotive Audio Market: Dynamics
Drivers:

Growing demand among people for new entertainment systems, rising technological advancements in speaker systems, and increasing demand among people have exponentially affected the growth curve of the market. Conventionally developed for installation in high-end luxury cars, automotive audio devices have found their way into affordable passenger vehicles, allowing the access of internet-based Content including podcasts, internet radio, and music. Automotive audio systems can be administered via steering wheel controls or voice and smartphone commands. Various components including head unit, amplifier, and speakers are increasingly gaining popularity in the market owing to better sound-quality, active noise control and interconnectivity with any home stereo. Increasing demand for aftermarket sound systems from major market players has led to product development and innovation to ensure survival in the global market. Furthermore, rapid changes in consumer lifestyle along with shifting inclination toward the usage of onboard infotainment systems in ride sharing services are anticipated to propel the market growth.

Restraints:

Major factors including high ownership and maintenance costs associated with premium automotive speakers and rising availability of alternative products will hamper the market growth to a certain extent during the forecasted period. Moreover, these vehicle systems are considered potential distraction for drivers, which may result in disasters on road. This is expected to further limit the revenue growth.

Market Insights:
Product Type Outlook:

The 2-way speaker segment occupied the largest share in the market and is expected to dominate other segments during the forecast period due to its compact size and low initial installment cost. Extensive ability of these automotive speakers to divide low and high-range frequencies with separate woofer and tweeter components for enhanced sound output, increasing purchase of multi-functional cars, and changing consumer preferences will further escalate the segment growth. 

Vehicle Type Outlook:

Passenger cars segment held largest share of approximately 72% in the market and will lead during the timeline owing to incrementing technological advancements in passenger vehicle interiors. Integration of enhanced safety features with ADAS, rising adoption of high-quality infotainment systems, and ability of interconnectivity through smartphones via WiFi and Bluetooth will further support the demand in market.

Application Outlook:

Based on application, the market is segmented into OEM and aftermarket. The OEM sales segment captured dominant market share in 2020 and will continue to hold its lead due to concentrated presence of several manufacturers across the globe. Rising competition has also ensured partnership and collaboration strategies coupled with development in design of customized speakers for varied automotive models launched in the market.

Global Automotive Audio Market: Regional Landscape

Asia Pacific occupies largest revenue share and is responsible for increasing development in the automotive audio market due to expanding transportation industry in the region that accounts for almost half of the world production of on and off-highway vehicle accessories. Development in electronic technology, rise in disposable income, and increased spending on leisure products have also affected the popularity of advanced car infotainment systems. Countries including China, Japan, and Korea dominate the market in terms of surplus manufacturing and consumption of automobiles and their parts due to the presence of several leading native firms. North America will also show potential growth in the market due to well-streamlined research facilities for integration of smart connectivity technology in audio systems.

Major Players in the Global Automotive Audio Market

Panasonic Corporation, Alpine Electronics, Inc., Sony, Kenwood, and Pioneer, Alpine Electronics Inc., B & W Group Ltd., Bose Corp., Clarion Co. Ltd., Continental AG, JVCKENWOOD Corp., Samsung Electronics Co. Ltd.

Global Automotive Audio Market: Segmentation

The global automotive audio market is primarily segmented into product type, nature, end user, distribution channel and region. This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028. The market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis.

 

The report includes a detailed view of the global Automotive Audio market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues. For this study, Reports and Data has segmented the global market based on different segments as follows.

Product Type Outlook (Revenue, USD Billion; 2018 – 2028)

  • 2-Way Speaker
    • Component
    • Coaxial
  • 3-Way Speaker
  • 4-Way Speaker

Vehicle Type Outlook (Revenue, USD Billion; 2018 – 2028)

Component Outlook (Revenue, USD Billion; 2018 – 2028)

  • Head Unit
  • Amplifier
  • Speaker
  • Others

Technology Outlook (Revenue, USD Billion; 2018 – 2028)

  • Voice Recognized Audio System
  • Non-Voice Recognized Audio System

Sales Channel Outlook (Revenue, USD Billion; 2018 – 2028)

  • OEM
  • Aftermarket

Regional Outlook (Revenue, USD Billion; 2018 – 2028)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa

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